Blue Ocean Ventures, a BOI approved venture capital fund, was launched this week aimed at supporting local talent to make a global mark, with plans for an initial investment of Rs 100-200 million over the next three years.
Chairman & Managing Director of Blue Ocean Ventures, Prajeeth Balasubramaniam said Blue Ocean Ventures was established to respond to the glaring lack of capital for start-ups in Sri Lanka, many of whom don’t succeed for lack of adequate financial backing. “There is a clear need for risk capital for early stage companies here and Blue Ocean Ventures seeks to fill that vacuum.
As an entrepreneur with deep expertise in the realm of start-ups, I place great faith in the potential of Sri Lankan talent and hope to be able to champion it on a global platform. The company is actively scouting for exciting investment projects that will receive the benefit of our expertise. Sri Lanka stands poised at a momentous time in its history and indeed it is the right time for investment to pour in. I am confident that in time to come, Blue Ocean Ventures will be at the forefront of showcasing the best and brightest business ventures from Sri Lanka.”
Backed strongly by several overseas Indian and Sri Lankan investors, Blue Ocean Ventures seeks to invest seed capital in exciting new start-up entities, while remaining committed to making a significant contribution to the national exchequer. These respeted investors are prominent business leaders with enduring faith in Sri Lanka’s economic potential, according to a company statement.
Blue Ocean Ventures plans to target investments across technology, services and hospitality sectors, with an initial investment of Rs 100-200 million that will allow investments ranging from Rs 5 million to Rs. 20 million per company.
Mr. Balasubramaniam is Vice-President of The Sri Lanka-Singapore Business Council and Deputy Chairman of Klevenberg P/L while serving on the boards of several other companies.