Sri Lankan start ups with regional and global growth potential to receive assistance from the Angel Fund
The Angel Fund, an initiative of the Lankan Angel Network (LAN), established with the support of ecosystem development partner Ford Foundation, has begun accepting applications from early-stage startups in Sri Lanka with regional and global growth potential that is not limited to the tech industry, local media reports state.
These could encompass innovative ideas in the verticals of BFSI, agriculture, education, healthcare and supply chain and logistics, to name just a few of the Fund’s areas of interest, the Daily FT has reported.
The Angel Fund is a Rs. 100 million fund, and a first of its kind in Sri Lanka managed by LAN’s fund management team, which will identify and evaluate opportunities every three months for investment across the island, including in traditionally underserved regions.
According to reports, the Angel Fund aims to invest in approximately six to 10 early-stage startups in Sri Lanka, irrespective of their sector or geographic location.
In addition to providing investment, the Angel Fund offers a pool of centralised professional services, from accounting, finance and legal advice, to local and overseas market access expertise.
Additionally, a dedicated team is on hand to fully support these startups throughout their journey, connecting them with domain experts that will be required to fast track their success.
Lankan Angel Network CEO Chalinda Abeykoon has told the media, “The entire world is a much different place than it was when we launched the Angel Fund in early March. We believe entrepreneurs now have a much bigger role to play in Sri Lanka’s economic revival. By leveraging the strengths of some of the greatest minds Sri Lanka has produced, we strongly believe startups could play a pivotal role in a post-COVID economy.”
An early-stage start-up fund created by the Lankan Angel Network, the Angel Fund supports high potential startups that can be scaled across the country, and even regionally or globally.
The Fund comprises 100 angel investors, including many high-profile entrepreneurs and corporate leaders and represent almost a dozen industries with proven competencies in over 20 functional domains. Approximately 30% of the Fund’s angel investors reside outside Sri Lanka in countries like Singapore, USA, Canada, UK, UAE and Australia, facilitating never before seen access to regional and global markets for early-stage startups.
Lankan Angel Network Chairman Mano Sekaram has said, “Representing some of the greatest business minds in Sri Lanka, our membership continues to help drive Sri Lanka’s economy, irrespective of any short-term shock we may face. We are pleased that the Angel Fund is a part of Lankan Angel Network’s enduring legacy, connecting 100 of our best and brightest members with the next generation of young entrepreneurs, so that they will learn from each other and enrich the start-up ecosystem immeasurably.”
Sri Lanka’s economy which is engaged in a development programme as well as on the path to normalcy following the Covid 19 lockdown, poses many business/investment opportunities. Foreign investors could explore investments in Sri Lankan start ups. Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment and the many trade agreements as well as trade concessions enjoyed by the country have made the island a business hub in the South Asian region. Therefore an investment in Sri Lanka will yield definite results.
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