LAN to accept applications from startups
The Angel Fund, an initiative of the Lankan Angel Network (LAN), established with the support of ecosystem development partner Ford Foundation, has begun accepting applications from early-stage startups in Sri Lanka with regional and global growth potential that is not limited to the tech industry.
These could encompass innovative ideas in the verticals of BFSI, Agriculture, Education, Healthcare and Supply Chain and Logistics, to name just a few areas of interest.
Established in early 2020, the Angel Fund is a Rs 100 million fund. It is managed by LAN’s fund management team, which will identify and evaluate opportunities every three months for investment across the island, including in traditionally underserved regions. Fund applications are available online. The Fund will accept applications for the current evaluation cycle until 31 August 2020.
The Angel Fund aims to invest in approximately six to ten early-stage startups in Sri Lanka, irrespective of their sector or geographic location. In addition to providing investment, the Angel Fund offers a pool of centralised professional services, from accounting, finance and legal advice, to local and overseas market access expertise. Additionally, a dedicated team is on hand to fully support these startups throughout their journey, connecting them with domain experts that will be required to fast track their success.
Lankan Angel Network CEO Chalinda Abeykoon said, “The entire world is a much different place than it was when we launched the Angel Fund in early March. We believe entrepreneurs now have a much bigger role to play in Sri Lanka’s economic revival. By leveraging the strengths of some of the greatest minds Sri Lanka has produced, we strongly believe startups could play a pivotal role in a post-COVID economy.”
Lankan Angel Network Chairman Mano Sekaram said, “Our membership continues to help drive Sri Lanka’s economy, irrespective of any short-term shock we may face.”
Angel Fund investor Imal Kalutotage, the Founder of NCINGA, commented, “The calibre of members/investors that LAN has attracted will positively impact the startups and their ecosystem by helping them to scale into international markets”.