Venture Engine 2013: 10 businesses, Rs. 100 m in funding

Wednesday, 23 October 2013 00:00 - - {{hitsCtrl.values.hits}}

Following the grand finale of Venture Engine 2013 in June this year, the event organisers recently announced that a total of Rs. 100 million in funding has been committed to enable the top 10 businesses to move forward. The funding is being provided via investors in the Lankan Angel Network and the Indian Angel Network. “Over the last few months, the investors and entrepreneurs have been in discussions to work out the right investment model for each business, following which we have been working on fine-tuning business plans and preparing for the launches of several of the companies,” said Prajeeth Balasubramaniam, Co-Founder of Blue Ocean Ventures. A financial commitment of this magnitude is a testament to the quality of the business plans presented by the finalists as well as the incredible potential of Sri Lankan entrepreneurs, he added. Glitteray, the business that took third place at the award ceremony, and Saraii Village, have been funded, while Ridgecrest and Push Skateboards are in the final stages of formalising their funding. House of Lonali & Nitya, finalists from 2012, has also received its second round of funding. The announcement comes along with the Lankan Angel Network, an angel investment group inspired by the 2012 edition of Venture Engine, reaching its one-year anniversary. A concept visualised and created by Blue Ocean Ventures and the Indian Angel Network, Venture Engine is made possible by Platinum Sponsors Expolanka and Orion City and Gold Sponsor Dialog. A resounding success Venture Engine will be back in 2014 and all signs point towards continued growth within the Sri Lankan entrepreneurial landscape. For more information and updates visit www.ventureengine.lk.

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