nVentures Sri Lanka’s first MAS-Licensed Foreign VC
View(s):nVentures, in a major milestone for Sri Lanka’s start-up ecosystem, has emerged as the country’s first foreign venture capital firm to be licensed by Singapore’s Monetary Authority (MAS).
In just three years, the firm has backed six Sri Lankan ventures, delivered a portfolio exit, and, together with its regional investor community, channelled over US$ 1.5 million into Sri Lankan start-ups through capital and commercial partnerships. This includes investments in MintPay, Nanosoft, SimpleBooks, Shopbook, Dossiers, Kaiju Labs, and WealthOS, a UK fintech with its entire engineering team based in Sri Lanka, the company said in a media release.
“There’s no shortage of events, demo days and pitch competitions, but founders need more than applause because they need belief backed by capital and real support they can count on. That’s what we focus on, writing early cheques, helping teams land commercial deals and bringing in follow-on investors. Kaiju Labs wasn’t an exception as it was the outcome of founder-mode at work, and we’re here to keep doing that with international capital and a long-term view on Sri Lanka’s potential,” said Chalinda Abeykoon, Managing Partner at nVentures.
MintPay, SimpleBooks and Nanosoft have all reached breakeven, doubling their year-over-year revenue and demonstrating the scalability of Sri Lankan-built B2B tech ventures. Beyond funding, the firm has played an active role in opening commercial doors and supporting product validation through meaningful partnerships. Among the highlights, Dossiers has engaged in proof-of-concept trials with major financial institutions, Nanosoft has secured a co-branded card with HNB along with CEFT integration with Seylan Bank, and MintPay has partnered with DFCC Bank for debt financing.
nVentures also marked a rare early-stage exit with Kaiju Labs, which was acquired by Singapore’s KAST Finance, delivering a 2x return and a 48 per cent IRR. Since the acquisition, KAST has expanded its operations in Sri Lanka, hiring over 30 local professionals, further underlining the long-term value created by foreign capital. The firm’s capital is sourced entirely from overseas investors, including senior leaders from prominent companies such as Apple, AWS, Nokia, Klarna, Tech Mahindra, IFC, BCG, NUS, SVCA, and e27.
nVentures is currently raising capital for its second fund and welcomes conversations with strategic co-investors, family offices, and LPs who share this mission.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!