Co-founder and general partner Ali Hamed describes his firm CoVenture as “a new type of venture firm, a service-focused firm” — and he’s announcing that it’s raised $3 million in funding.

For the most part, the money won’t go directly into startups, but rather to funding CoVenture’s operations. Hamed told me the firm employs 55 developers and designers in Lahore, Pakistan, and it offers their services to startups in exchange for equity.