Business
LAN channels Rs. 150m into tech startups, currently evaluating 5-10 startups for investment
Sri Lanka’s first Angel Fund has, to date, channelled investments up to Rs. 150 Million cumulatively into four home-grown startups – Niftron, Magicbit, Mintpay & Chakra Suthra – while also helping these companies scale and access new markets both at home and abroad.
“Since August 2020, our team has evaluated over 400 startups from across the country. It’s important to note that most of these startups come from outside the Colombo District. And over a period leading up to the end of last year, the prevalence of women-led startups has increased from 8% in 2020, to 15% in 2021. Currently, we’re monitoring and doing the final due diligence on 5-10 startups. We hope to back a few more before September,” commented Chandi Dharmaratne, Chairperson of the Lankan Angel Network (LAN).
Established in 2020 by LAN, and supported by ecosystem development partner the Ford Foundation, the Angel Fund aims to catalyse the growth of Sri Lanka’s startup ecosystem. The Angel Fund is currently still open, and prioritizes evaluating opportunities for investments across the island. Interested parties are encouraged to learn more by visiting www.lankanangelnetwork.com/angel-fund, to discover funding and mentorship opportunities.
The Angel Fund portfolio comprises Niftron, a blockchain-as-a-service (BaaS) platform, and Magicbit, an easy-to-use STEM education platform. Further, ‘Buy Now, Pay Later’ platform Mintpay was added recently, while circular economy recycling concept Chakra Suthra is in the process of being added to the Fund’s portfolio.
Along with its investment, the Fund has supported Niftron in securing customers in Africa and Japan. Meanwhile, Magicbit has been assisted in forming partnerships in Sri Lanka and Nepal, while also working towards helping Magicbit’s launch in China and USA. At the same time, the Fund has helped Mintpay expand into other vertices covering dining, travel and entertainment, and Chakra Suthra has been supported in strengthening its expansion strategy.
Evaluating startups on a monthly basis, the Angel Fund is dedicated to backing early-stage startups across multiple sectors. It supports them in various ways, from making investments, to even helping startups identify sources for future funding. It also provides centralized services such as company secretaries, accounting and auditing for all its startups. This ensures all startups meet proper governance standards, which will certainly help their future funding rounds.
Additionally, for 2022, the Fund is planning a series of matching events to connect its startups with potential customers as well as international partners.
Investment decisions are made by an Investment Committee (IC) with experience in building, running, scaling and exiting businesses locally, as well as globally. The IC meets once a month to evaluate potential startups for funding. The IC includes LAN Board Member Anarkali Moonesinghe and Business Consultant Dumindra Ratnayake, as well as Nathan Sivagananathan, Co-Founder of Hatch Works; Mangala Karunaratne, Founder/CEO of Calcey Technologies; Imal Kalutotage, Founder/CEO of NCINGA; and Shiluka Goonewardene, Principal for Deal Advisory at KPMG.
Created by LAN, which started this journey by funding and mentoring startups in 2012, the Angel Fund supports high potential startups that can be scaled across the country, and even regionally and globally. LAN is a platform for angel and private investors who invest in high growth early-stage Sri Lankan ventures with the aim of creating an impact by reducing inequality.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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