Lankan Angel Network funds $ 5 m for 20 startups

Tuesday, 28 April 2015 01:05 -     - {{hitsCtrl.values.hits}}

LAN unveils new Incubation Centre in Colombo 3 Gets accreditation to Asian Business Angel Forum                   With the Lankan Angel Network having already raised US$ 5 million in funding for 20 startups across a number of industries vital to Sri Lanka’s future, there was no better time for the recent launch of the new Lankan Angel Network Incubation Centre for startups. Providing much-needed support services for fledgling ventures, while also being likely to be their first offices, this newly unveiled incubation centre, located at 33 Lauries Road, Colombo 3, offers an array of support services and facilities for startups. The Lankan Angel Network is also proud to note that it is now an accredited member of Asian Business Angels Forum (ABAF), an organisation of premier Angel Investor networks in the Asian region. A further advantage of this new association for Sri Lankan entrepreneurs is that ABAF hosts an annual meeting with US- and Europe-based Angel Investor networks, in an ongoing effort to both share best practices and connect with other international networks.   As a result of this new association, startups from Sri Lanka will finally have access to truly global funding sources and practices, while also expanding the number of potential investors they can tap. Importantly, the Lankan Angel Network has already facilitated a number of Sri Lankan startups receiving funding from both the Indian and Singapore Angel Networks, and this new relationship with ABAF will offer local ventures more options that are even further afield. The pioneer in the area of angel investments locally, the Lankan Angel Network is also the Strategic Partner of Venture Engine, a competition currently in its fourth year. This year’s competition is currently underway and business plans from entrepreneurs are open for submission until the 12th of May 2015. Details are available on   At the same time, the Lankan Angel Network is also broadening its presence island-wide with a number of programs and strategic partnerships. One such key annual program is the Jaffna-based Yarl Geek Challenge, where the Lankan Angel Network has joined with Yarl IT Hub to give both IT and non-IT sector startups in the area the chance to pitch their ideas to potential investors. This competition is also notable in offering shortlisted startups the opportunity for mentorship by recognised professionals in relevant fields prior to the final presentations stage, garnering invaluable domain advice on how to take ideas forward.   This strategic partnership will be further expanded upon in 2015, with a dedicated office to help potential entrepreneurs to be opened in Jaffna by year’s end, signalling a long-term, year-round commitment by Yarl IT Hub and the Lankan Angel Network. Following last year’s HikkaHack and Colombo Hack programs, the Lankan Angel Network is planning on setting an annual Hackathon and business plan competition in Galle. LAN is looking to partner with potential strategic partners who have an interest in supporting start-ups from the South.   Aside from these current projects, the Lankan Angel Network will also continue its longstanding partnerships with several highly successful entrepreneurship programmes such as Sri Lanka Design Festival, Idea Mart platform by Dialog and the Sri Lanka Inventors Commission.