Lanka Angel Network Raises 100m Startup 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. 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.
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 https://bit.ly/3eZ1t47 and via the Lankan Angel Network Facebook and LinkedIn pages. The Fund will accept applications for the current evaluation cycle until 31 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 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 said, “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. They 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 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.”
Angel Fund investor Imal Kalutotage, 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. The calibre of members/investors that LAN has attracted will surely positively impact the startups and their ecosystem by helping them to scale into international markets. As an entrepreneur who has gone through the full cycle with NCINGA, I am excited to be part of this journey to help the next generation of founders in building globally scalable companies in Sri Lanka.”