Sri Lanka’s Dialog-backed fund invests in healthcare, insurance, media start-ups
ECONOMYNEXT – Sri Lanka’s Dialog Axiata said an investment fund backed by the group has invested in three online platforms dealing in insurance broking, healthcare and media.
The 2.3 billion rupees Dialog Axiata Digital Innovation Fund, focuses on ‘growth stage’ start-ups with 20 percent of the cash set aside for early stage or seed start-up.
Dialog said in a statement that Roar, an online media service with content in English, Sinhala, Tamil, Hindi and Bangla, InsureMe, an insurance brokerage and MyDoctor.lk, which provided doctor on demand, medicine delivery and lab reports had been funded in the first phase.
"Dialog continues to be at the forefront of innovation in the country’s ICT sector and we are happy to propel currently established or emerging companies in the field of digital based services.
"Roar, InsureMe and MyDoctor.lk, were selected based on a systematic evaluation process with the intent of furthering the digital services ecosystem in Sri Lanka," Fariq Cader, Vice President – Digital Services, Dialog Axiata PLC said.
The fund, managed by BOV Capital, a venture capital firm, aiming to invest between 50 million to 200 million rupees in growing start-ups, Dialog said in a statement.
"We see a lot of potential for digital startups in the areas of Fin Tech, Health Tech, Edutainment, IoT and Media/Ad Tech," BOV Capital co-founder Prajeeth Balasubramaniam said.
"Since Dialog has provided the initial investment, we are focusing on finding and engaging with charismatic entrepreneurs who have a ‘can do’ attitude and those with a well-thought-out business plan, who are ready to go after the next big thing."
The amounts invested the first three firms were not disclosed. (Colombo/Mar30/2018)