Milestone year for BOV Capital and SL start-up landscape
View(s):BOV Capital, a pioneer in the country’s start-up ecosystem, has announced significant exits from its Fund 1 and Fund 2′s Dialog Axiata Digital Innovation Fund (DADIF) in 2023, including successful ventures such as IFINITY in fintech, Roar Global in digital marketing, Cultiv8 in Agra-Tech, and the public listing of Insureme.lk on the Colombo Stock Exchange.
These show the maturity of Sri Lanka’s venture capital landscape and mirror increasing investor confidence as the firm prepares for Fund 3, a media release by the company said.
”BOV Capital is finalising Fund 3 for a 2026 launch, with LP commitments secured. Deployment awaits Government of Sri Lanka resolution of the double taxation issue, expected early 2026, to target high-growth tech startups,” the release said.
It said that BOV’s exits draw attention to the potential of Sri Lankan startups to reach global scalability and deliver strong returns. Ongoing investments in companies such as iConic Devices, Scybers, MyDoc, OMAK, and ZigZag further shows the sector’s capacity for job creation and economic diversification, placing Sri Lanka as a growing digital innovation hub in South Asia.
DADIF, supported by Dialog Axiata and managed by BOV Capital, is instrumental in driving digital transformation by investing in scalable ventures across cybersecurity, digital health, and industrial IoT. This project is vital for sustaining the ecosystem’s vitality and drawing both capital and talent, the release added.
Prajeeth Balasubramaniam, Managing Partner of BOV Capital, emphasised the firm’s commitment to building Sri Lanka’s start-up ecosystem since 2009, stressing innovation as essential for sustainable development. “Since 2009, we have built Sri Lanka’s start-up ecosystem, recognising innovation as key to sustainable development. These exits and Insureme.lk’s listing affirm that local ventures can compete globally, create jobs, and foster resilience.
We remain committed to this vital foundation.” Looking ahead, BOV Capital plans to launch Fund 3 in 2026, pending double taxation resolution, to promote the next wave of legendary companies. “These milestones position Sri Lanka as Asia’s emerging digital powerhouse,” Mr. Balasubramanium said, noting that broader impact of these developments lies in the creation of robust ecosystems that promote innovation, high-value job opportunities, foreign direct investment, and resilience, all of which are critical for Sri Lanka’s economic future.
BOV Capital, established in Colombo and Singapore in 2009, with approximately $15 million in assets under management, invests around $500,000 in high-potential tech start-ups, supported by partners across South Asia, Southeast Asia, and the MENA region.
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