Sri Lanka Angel Fund says seeking early-stage Post-Covid start-ups
ECONOMYNEXT – The Angel Fund, a start-up fund that has collected 100 million rupees says it is looking for innovative early-stage entities in Sri Lanka with a regional and global potential to provide funding and support in the post-COVID period.
“The Angel Fund aims to invest in approximately six to ten early-stage startups in Sri Lanka, irrespective of their sector or geographic location,” the fund said in a statement.
“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. ”
The 100 million rupee Angel Fund was set up in early 2020, by the Lankan Angel Network, an alliance of angel investors, with the support of the Ford Foundation.
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 underserved regions.
Applications could be in banking and financial services, agriculture, education, healthcare and supply chain logistics and not only in technology.
“The entire world is a much different place than it was when we launched the Angel Fund in early March,” Lankan Angel Network CEO Chalinda Abeykoon said.
“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.”
The Angel Fund is made up of 100 angel investors, in Sri Lanka, Singapore, USA, Canada, UK, UAE, and Australia. About 30 percent of the investors are from outside Sri Lanka.