Angel Fund focused on helping its portfolio weather economic storm
View(s):Sri Lanka’s first Angel Fund has completed funding rounds for Chakra Suthra and Mintpay as of its most recent operational quarter. Further, the Fund aided a third start-up, Magicbit, in growing its team and setting up a new local office, from which it has shipped to 38 countries so far.
Most important of all, Chakra Suthra, Mintpay and Magicbit, being the most recent additions to the Angel Fund portfolio, have each started to scale as a result of the access to funding, mentoring and international markets developed via the Lankan Angel Network (LAN) and its global partners. This is despite a number of challenges being thrown up by the many shocks Sri Lanka’s economy has faced since March 2022, LAN said in a media release.
According to LAN, and the Angel Fund, Chairperson Chandi Dharmaratne, “LAN is excited to be funding these high potential Sri Lankan start-ups and we will continue to support and mentor these founders to scale their companies into global platforms. In the midst of the current economic situation in Sri Lanka, it is definitely reassuring to see our entrepreneurs continuing to stay resilient and playing a key role in the resuscitation of the economy.”
An AI-based platform that allows consumers to purchase goods online and pay later in interest-free instalments, Mintpay has grown from being a start-up to becoming the preferred Buy Now Pay Later (BNPL) payments partner for leading retailers, entering into strategic partnerships with leading merchants in Sri Lanka including Softlogic, Abans, Ministry of Crab, Cool Planet and Nolimit. Having captured the fashion and beauty retail vertical in Sri Lanka, Mintpay, which is now headquartered in Singapore, hopes to extend its services across other industry verticals such as travel and dining. “The traction we’ve gained thus far in Sri Lanka has given us the confidence to accelerate our regional expansion efforts and also tap into new business verticals,”
said Mintpay’s CEO Urmila Chandrasekeram.
Chakra Suthra is a technology startup dedicated to developing innovative solutions to waste problems, with a vision of achieving zero waste for every home and business in Sri Lanka. Chakra Suthra launched the unique concept of Trash2Cash in 2021. This was in the form of an interactive smart machine that allowed customers to deposit plastic bottles, glass bottles, cans and cartons and earn credit with it being redeemable against your bill at partner supermarkets.
Helped along by the completion of a funding round led by the Angel Fund, the Trash2Cash platform is currently in the early phases of an island-wide roll-out. “We have identified the problems and bottlenecks in Sri Lanka’s recycling industry and have begun addressing these pain points. In doing so, we introduced the one and only recycling platform allowing consumers to monetize their packaging,” said Chakra Suthra’s CEO Himesh Fernando.
According to Magicbit CEO Migara Amithodhana, “Magicbit was launched during a global pandemic and we are developing the company during a recession. Although the conditions are not 100 per cent favourable, Magicbit is steadily growing as a business focusing more on foreign markets.”
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