Venture Engine raises US$5mn for Sri Lankan entrepreneurs

COLOMBO (EconomyNext) – Venture Engine, a Sri Lankan angel investor group, said it has raised over five million US dollars in funding for 20 companies with its latest call for proposals ending on May 12.

“The Venture Engine program is not just about getting funding,” declared Prajeeth Balasubramaniam, Co-Founder, Blue Ocean Ventures, and a group member.

“We create a strong platform for mentoring and networking and deliver a focused approach on building businesses and creating tangible results.”

He said the approach has led to rapid success for many of the funded companies.

“The outcome speaks for itself, so much so that we are now on the radar of investors from across the region, which spells even better exposure for the entrepreneurs that come through our program,” said Balasubramaniam.

One venture, Trekurious who have now set up operations in the Indian market, and Omak Technologies and Ridgecrest who were funded by international investors are examples of the type of exposure and opportunity the program generates, a statement said.

Having launched its 4th edition in March this year, Venture Engine said funds for the 20 companies have been raised via the Sri Lankan and Indian Angel Networks. 

“Following its immensely successful inaugural program in 2012 Venture Engine has continued to grow seeing an exponential increase in the number of submissions to the program each year,” the statement said.

The 20 businesses that have been funded via the program in addition to Trekurious, Ridgecrest and Omak are 24/7 Techies, Takas.lk, Saraii Village, House of Lonali, Glitteray, Handlooms by Nithya, My Wish, Wild Trails, Push, Lanka BPO Academy, Healthy Living, Extrogene, Intellocut, Zacki Skin Paste, Katha, Endemic and Zigzag.

Venture Engine 2015 is currently holding an open call for business plans, with the submissions deadline closing on 12th May.

Created by Blue Ocean Ventures and the Indian Angel Network and in partnership with the Lankan Angel Network, Venture Engine is sponsored by Expolanka PLC, Orion City and Dialog.