COLOMBO (EconomyNext) – A Sri Lankan angel investor group has called for fresh business proposals from start-ups looking for funding and mentoring support.
It was launched by Blue Ocean Ventures and the Indian Angel Network (IAN) in partnership with the Lankan Angel Network (LAN), a statement said.
“What sets Venture Engine apart is that entrepreneurs are granted the opportunity to interact directly with investors," said Prajeeth Balasubramaniam, Co-Founder of Blue Ocean Ventures.
"They also benefit from mentoring by LAN and IAN as well as the fact that any start-up, regardless of industry or size, has an equal opportunity to succeed and get the necessary investment and backing."
An open call for business plans was launched on 24 March and the close of submissions is scheduled for 12 May.
Venture Engine 2015 will open doors to financial backing and provide access to expertise through workshops and mentoring sessions via the Lankan Angel Network and the Indian Angel Network.
The competition is open to owners of existing early stage businesses as well as aspiring entrepreneurs.
It was opportunity for Sri Lankan entrepreneurs to leverage the investor excitement for start-ups in India, and build valuable companies, said Padmaja Ruparel, President, Indian Angel Network.
“IAN investors are excited about the Lankan start-ups!" he said. "Early investments in Takas and House of Lonali have proved that local mentoring from Lankan investors and large market access from IAN investors can create high growth companies."
Venture Engine has already raised over 500 million rupees in funding for 15 start-ups.
These include Takas, Trekurious, Ridgecrest, Saraii, Nithya, Glitteray and 24-7 Techies.