Business
Successful Venture Engine Finale kickstarts local startup sector
Venture Engine is once again taking up the mantle of kickstarting Sri Lanka’s startup sector. As Sri Lanka’s foremost startup funding platform, and a pioneer in the local startup sector since 2012, Venture Engine has spotlighted the resurgence of the startup sector with its successfully concluded Finale, which was held on the 23rd of February 2022. This event not only showcased the resilience of Sri Lanka’s startups, but also that the sector is rebounding.
“Despite the setbacks experienced by the startup sector due to COVID-19, a lack of foreign exchange, etc, we are pleased to have successfully completed Venture Engine’s tenth year. This is a testament to the strength of this program, which has helped fast track some of Sri Lanka’s top fundable startups from idea to late stage in a very short time span. In many ways, our journey this year has mirrored that of our startups. With changes to our program due to repeated stops and starts, and even an unprecedented extension of our timelines. This year we introduced a new award called the Trailblazer award. This award was keen to shine a spotlight on the success of women entrepreneurs and inspire more women to take part. We will also offer individual mentoring with our group of investment advisors, domain experts and successful founders. The idea of the grant and focused mentorship is to help founders with their business pain points,” commented Mr. Prajeeth Balasubramaniam, Founder of BOV Capital, Lankan Angel Network and Venture Engine.
The winner of Venture Engine in 2022 was Sri Lanka’s first ‘Buy Now, Pay Later’ platform, Mintpay (FinTech). One-to-one online tutoring platform Tutopiya (EdTech) was adjudged the First Runner-up, while Non Fungible Token (NFT) marketplace Hyperglade (Web 3.0) was recognized as the Second Runner-up. Tutopiya Founder Nuha Ghouse received the Trailblazer Award, which was given out in 2022 for the first time.
Continuing to promote initiatives that help innovative startups to accelerate their growth and scale, Venture Engine has, this year alone, awarded more than Rs. 7 million in prize money and grants to startups, in celebration of its tenth anniversary. Along with BOV Capital, the Indian Angel Network is also a founder of Venture Engine, with the Lankan Angel Network (LAN) being its Investment Partner and the Ford Foundation its Platinum Sponsor.
Quick Help, which offers online access to home improvement services like plumbing, carpentry, domestic help, etc, was recognized with Venture Engine’s Impact Entrepreneurship Award, which was sponsored by Indian Venture Capital firm Aavishkaar, Venture Engine’s Gold Sponsor. Hatch was the silver sponsor. Other sponsors and partners included Dialog Axiata PLC, KPMG, PwC, AOD, Shift and CPP, ICTA, SL@100, Council for Startups and SLASSCOM.
The local panellists at the Finale were the ICTA Chairman Mr. Oshada Senanayake, Dialog Axiata PLC COO Lasantha Theverapperuma, Calcey Technologies Founder/CEO Mr. Mangala Karunaratne, nCinga Chairman Mr. Imal Kalutotage and KPMG Sri Lanka Principal Mr. Shiluka Gunawardena, as well as LAN Patrons and Board Members Ms. Padmaja Ruparel, Co-Founder, Indian Angel Network; Mr. Rajan Anandan, Managing Director of Sequoia Capital India; Ms. Anarkali Moonesinghe, Former CEO of CIMB Investment Bank Sri Lanka; and Mr. Jeevan Gnanam, Founder of HATCH.
The Finale also featured the participation of potential investors from Citi Group, Sequoia Capital, Avendus Capital, Aavishkaar Capital, SBK Ventures, Advantedge Founders Fund, Waterbridge Ventures, K3 Ventures, the Indian Angel Network and the Singapore Angel Network, who joined in from abroad via zoom.
Since it first kicked off 10 years ago, Venture Engine has become Sri Lanka’s most successful platform for accelerating, and growing, the country’s most promising new business ideas. Over 1000 Sri Lankan startups have been vetted and mentored by this program since its launch in 2012. To date, the Venture Engine program has attracted Rs. 2Bn+ in funding for startups. Some successful Venture Engine startups include InsureMe, Roar, ZigZag.lk, Takas.lk, Saraii Village, Stripes & Checks, Skrumptious, Kimbula Kithul, Strive, PlushBox, Nithya, Extrogene, OMAK Technologies, LiveRoom, Intellocut, BusSeat.lk, IgniterSpace, House of Lonali and 24-7 Techies.
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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