Disrupt Asia 2025 attracts global VCs
A panel discussion at the event with Dr. Hans Wijayasuriya, Dr. Nandalal Weerasinghe and Mr. Thilan Wijesinghe.
Sri Lanka’s start-up ecosystem is rapidly evolving, attracting significant regional and global interest, positioning the country as a burgeoning innovation hub in Asia.
The participation of over 35 global investors and speakers at the Venture Engine Finale and the Disrupt Asia conference this week in Colombo was a unique opportunity for Sri Lankan start-ups to engage with prominent venture capitalists and industry experts from regions including APAC, MENA, Europe, and the US, officials noted.
Notable investors and organisations involved include PeakXV Partners, Surge, Turtle Ventures, and Citigroup, The Brenta Group, Accelerating Asia Ventures, Antler Nordics, Startup Grind Qatar, Angels Nest Global, Quest Ventures, Citigroup, Triliv Holdings, Dallas Venture Capital (DVC), House of Sri Lanka, Beyond The Dutch, Plug and Play, Sophia Business Angels, Storyboard Multimedia, Striders Corporation, Japan, Sultan Ventures, TiE Dubai, Momo VC, BOV Capital, Aavishkaar Group, Turtle Ventures, Gojek, Rasmal Ventures, Intellecap, ISA, Millennium Asset Management Saint Clair Advisory & Capital and Sri Lankan Business Council – UAE.
Despite the promising landscape, access to funding remains a significant challenge for Sri Lanka’s start-up sector, with the country attracting only about US$ 2.5 million in venture capital annually. This figure is considerably lower than that of regional hubs, where investment can reach nearly 0.5 per cent of GDP.
Industry experts suggest that Sri Lanka should aim to increase venture funding to at least 0.1 per cent of GDP, about $ 80 million, to foster the growth of start-ups capable of producing globally competitive products and intellectual property. Efforts are in progress to create a condusive policy environment, with the creation of a government-backed Fund of Funds along with tax pass-through structures to catalyse institutional investments into local venture funds and startups.
“These policy reforms, joined with private sector initiatives like Venture Engine, are driving momentum in Sri Lanka’s ecosystem,” said Prajeeth Balasubramanian, Co-Founder of BOV Capital and Founder of the Lankan Angel Network. “Venture Engine is pivotal in connecting start-ups with international investors, providing mentorship, and catalysing capital flows.”
Successful alumni from Venture Engine, such as Roar and InsureMe, highlight the programme’s effectiveness in scaling startups and enticing investor interest, he said.
With ongoing regulatory improvements, enhanced tax frameworks, and increased participation from investors, Sri Lanka is steadily unlocking the necessary funding to transform its start-up landscape. “The involvement of top-tier international investors at impending events echoes growing global confidence in Sri Lanka as a viable start-up destination. For Sri Lanka to accomplish its ambition of becoming Asia’s next innovation hub, a sustained partnership among the government, investors, and ecosystem stakeholders will be crucial to unlock lasting economic and social benefits for the country,” Mr. Balasubramanian added.
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