Sri Lanka innovative startups get financial backup from Angel Fund

Sri Lanka innovative startups get financial backup from Angel Fund

11 August 2020 04:59 pm

Sri Lanka innovative startups in Agriculture, Education, Healthcare and several other sectors are to get necessary initial financial back up from one and only local fund partnered with Ford Foundation, Lankan Angel Network CEO Chalinda Abeykoon said.

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.

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, he disclosed.

Established in early 2020, the Angel Fund is a Rs. 100 million fund, and a first of its kind in Sri Lanka. It is 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.

Fund applications are available online at via the Lankan Angel Network Facebook and LinkedIn pages. The Fund will accept applications for the current evaluation cycle until 31st August 2020.

The Angel Fund aims to invest in approximately six to ten 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 centralized 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 said, “The entire world is a much different place than it was when we launched the Angel Fund in early March”.

Lankan Angel Network Chairman Mano Sekaram 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.

Angel Fund investor Imal Kalutotage, the Founder of NCINGA, commented, “The Lankan Angel Network makes a real difference for the country as there aren’t many angel investors in Sri Lanka.