SL’s Rs. 100 m Angel Fund accepts applications from start-ups
View(s):The Angel Fund, an initiative of the Lankan Angel Network (LAN), established with the support of ecosystem development partner Ford Foundation, has begun accepting applications from early-stage start-ups in Sri Lanka with regional and global growth potential that is not limited to the tech industry.
These could encompass innovative ideas in the verticals of BFSI, Agriculture, Education, Healthcare and Supply Chain and Logistics, to name just a few of the Fund’s areas of interest, LAN said in a media release.
Established in early 2020, the Angel Fund is a Rs. 100 million fund, and a first of its kind in Sri Lanka. 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 traditionally underserved regions. Fund applications are available online at https://bit.ly/3eZ1t47 and via the Lankan Angel Network Facebook and LinkedIn pages. The Fund will accept applications for the current evaluation cycle until August 31.
The Angel Fund said it aims to invest in approximately six to ten early-stage start-ups in Sri Lanka, irrespective of their sector or geographic location. In addition to providing investment, the Angel Fund offers a pool of centralised 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 start-ups throughout their journey, connecting them with domain experts that will be required to fast track their success.
Lankan Angel Network Chairman Mano Sekaram said, “Representing some of the greatest business minds in Sri Lanka, our membership continues to help drive Sri Lanka’s economy, irrespective of any short-term shock we may face. We are pleased that the Angel Fund is a part of Lankan Angel Network’s enduring legacy, connecting 100 of our best and brightest members with the next generation of young entrepreneurs, so that they will learn from each other and enrich the start-up ecosystem immeasurably.”