Transforming SL start-ups to global players
Project Serendib, a newly established venture capital bridge fund aimed at connecting European investors with innovative Sri Lankan companies that are ready for global expansion, was announced by Carl R. Härtlein, Managing Partner, Saint Clair Advisory & Capital, recently.
This initiative is spearheaded by Saint Clair Advisory & Capital in partnership with the Information Communication Technology Agency of Sri Lanka (ICTA) and has garnered support from several organisations, including the German Chamber of Commerce, AsiaBerlin, TRACE – Sri Lanka, and the Sri Lanka Association for Software and Services Companies (SLASSCOM). The primary objective of Project Serendib is to inject much-needed foreign capital into Sri Lanka’s start-up ecosystem, which currently faces significant funding challenges, attracting only about US$ 2.5 million in venture capital annually—far below the levels seen in other regional hubs.
Mr. Härtlein, who was a Panellist at the recently concluded Disrupt Asia, emphasised that foreign investors have choices, and Sri Lanka must offer a unique value proposition that positions the “Island of Ingenuity” as an interesting and credible choice to stand out. Creating an attractive environment for international partners is essential for building a thriving venture capital landscape. “Sri Lankan pioneers like BOV Capital and Prajeeth Balasubramaniam have paved the way to make Project Serendib possible. Together, we’re not just investing in companies – we’re investing in Sri Lanka’s future as a regional innovation hub,” he said.
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