IFC invests US$2.5mn in Sri Lanka’s PickMe
ECONOMYNEXT – International Finance Corporation said it is making a 2.5 million US dollar venture capital investment in PickMe, a Sri Lanka-based tech-started that started a ride-hailing business.
PickMe, which started in 2015, helps customers call anything from an auto rikshaw to a luxury car using its smartphone app.
“We at PickMe have a strong expansion program in place as we enter new cities and diversify our operations to reach more customers, and serve them better,” said Jiffry Zulfer, CEO and founder of PickMe said in a statement.
Sri Lanka’s venture ecosystem is growing, but funding options are still limited, IFC said.
Only 5 percent of the startups that get seed funding manage to raise funds in late rounds.
IFC’s hopes it entry to the sector would lead to more capital, domestic and international, for the country’s technology startups.
"Sri Lanka possesses many of the building blocks for a thriving digital startup ecosystem, but has been held back by a lack of global expertise and funding," Amena Arif, IFC Country Manager for Sri Lanka and Maldives says.
"Through this partnership, we want to help make travel safer, increase revenues for the company’s driver partners, and support the growth of Sri Lanka’s startup ecosystem."
IFC’s Venture Capital group invests in growth-stage companies that offer innovative technologies or disruptive business models focused on emerging markets. (Colombo/June05/2018)