Sri Lanka venture engine call for fresh business proposals

Mar 26, 2015 (LBO) – Sri Lankan venture engine angel investor group in partnership Blue Ocean Ventures and the Indian Angel Network (IAN) called for fresh business proposals from start-ups who are looking for funding and mentoring support, a statement said.

The company said, 15 new companies have been funded by the programme to the value of over 500 million rupees including Takas, Trekurious, Ridgecrest, Saraii, Nithya, Glitteray and 24-7 Techies.
Venture Engine 2015, a competition open to owners of existing early stage businesses as well as aspiring entrepreneurs opened its doors to giving financial backing and providing access to expertise through workshops and mentoring sessions through the Lankan Angel Network and the Indian Angel Network.

“What sets Venture Engine apart is that entrepreneurs are granted the opportunity to interact directly with investors,” Prajeeth Balasubramaniam, Co-Founder of Blue Ocean Ventures was quoted as saying.

“They also benefit from mentoring by LAN and IAN as well as the fact that any start-up, regardless of industry or size has an equal opportunity to succeed and get the necessary investment and backing.”

Padmaja Ruparel, President, Indian Angel Network said it was an opportunity for Sri Lankan entrepreneurs to leverage the investor excitement for start-ups in India, and build valuable companies.

“IAN investors are excited about the Lankan start-ups!” Ruparel said.
“Early investments in Takas and House of Lonali have proved that local mentoring from Lankan investors and large market access from IAN investors can create high growth companies.”

An open call for business plans was launched on 24 March and the close of submissions is scheduled for 12 May.