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  • Writer's pictureKelly Alica Liman

Top 6 VC Funds and Angel Investors in Sri Lanka

Now home to over 700 startups, Sri Lanka's startup environment has grown substantially over the last decade. With the goal to produce 1,000 new startups by 2025, Sri Lankan government has been actively empowering local entrepreneurs and assisting them in establishing and growing their businesses through various initiatives. Although the startup ecosystem in Sri Lanka is still small compared to other Asian startup hotspots, there is potential for the startup scene to grow. In this article, we have compiled a comprehensive list of the top VC Funds and Angel Investors in Sri Lanka for startups looking for funding in this growing ecosystem.






VCs and Angel investors in Sri Lanka
VCs and Angel investors in Sri Lanka

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Why Should You Raise Funds in Sri Lanka?


There are a number of reasons why you should raise funds for your startup in Sri Lanka:


1. Emerging Startup Ecosystem:


Sri Lanka's startup ecosystem is steadily expanding, providing a welcoming atmosphere for new enterprises. More investors, accelerators, and resources have become more accessible as the ecosystem grows, offering opportunities for startups to succeed. Some of the programs include Innovate Lanka, Spiralation Startup Incubator, and SPARX Lab, which nurtures early-stage startups with guidance, mentoring, networking opportunities, and funding. In October 2022, Microsoft for Startups Founders Hub was launched in Sri Lanka. It is intended to help local entrepreneurs bring their ideas into reality, remove conventional obstacles to business formation, and founders in innovating and growing.



2. Government Support:


The Sri Lankan government has shown an increased and concerted effort in encouraging entrepreneurship and innovation in the country through various initiatives. Sri Lanka's Information and Communication Technology Agency (ICTA) has collaborated with several ecosystem players to execute efforts to encourage startup growth. ICTA also launched 10,000 Ideas, an islandwide innovation program aimed at empowering the next generation of entrepreneurs, as well as a Credit Evaluation Framework in collaboration with PwC Sri Lanka.


In April 2023, the President directed the Ministry of Technology to organize an AI task force with the goal of enhancing the nation's AI activities. The government also plans to create five technoparks, with the first one in Galle set to open in July 2023. Plans are also underway to convert the country into an inclusive digital economy, with the recently introduced DIGIECON 2030 that includes a digital master plan and regulatory policy framework, as well as a series of yearly events that will provide guidance and a gesture of the government's commitment to enabling a digital ecosystem. Finally, there is Startup SL, a nationwide online platform for Sri Lankan entrepreneurs that connects them to thousands of other startups, as well as other key stakeholders in the ecosystem.



3. Access to Local and Regional Markets:


The strategic position of Sri Lanka in South Asia provides companies with access to both the local and surrounding regional markets. Because of its closeness to the Indian subcontinent, Sri Lanka serves as a gateway to a market of 1.3 billion people, and the country is a well-established outsourcing site. To encourage international investment, new economic zones are being proposed in the country's western and northwestern regions, as well as the districts of Hambantota and Trincomalee. This can help firms extend their consumer base and explore international prospects.





Venture Capitalist Funds in Sri Lanka


The venture capitalist funds below are actively looking for investment opportunities in diverse sectors and at different stages. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.



  • Year Founded: 2016

  • Stage: Seed, Series A

  • Focus: Sector Agnostic

  • Portfolio: Alakazam, Glitteray, MoneyWorkz

  • Contact


Third Lane Ventures is a pioneering venture capital firm that focuses on finding and fostering promising entrepreneurs in diverse areas, with the primary objective of generating innovation and economic progress. Third Lane Ventures plays a critical role in assisting these early to mid-stage entrepreneurs in realizing their potential through strategic investments and comprehensive advisory services.



  • Year Founded: 1992

  • Stage: Seed, Series A, Series B

  • Focus: Sector Agnostic

  • Portfolio: -

  • Contact


Established in 1992, Lanka Ventures is a notable venture capital firm with a strong presence in Sri Lanka's developing startup scene. They specialize in discovering, investing in, and supporting creative entrepreneurs in a variety of industries. Lanka Ventures actively supports the growth and success of early to mid-stage firms by providing critical finance, strategic insights, and coaching.




  • Year Founded: 2017

  • Stage: Seed, Series A, Series B

  • Focus: Technology

  • Portfolio: FinTrex Finance, PickMe, GamerLK, GIGA Foods

  • Contact


Bluestone Capital is an experienced venture capital firm that invests in startups with opportunities for disruption. Their investment goes beyond financing enterprises, but also hands-on coaching to create long-term value and fuel growth. Their expertise is focused on the application of technology driven by best-in-class teams.



  • Year Founded:

  • Stage: Series A

  • Focus: Sector Agnostic

  • Portfolio: Urban.lk, Viduhala.lk, Blue Lotus 360, vShip, Helios, DirectPay

  • Contact


John Keells X is a corporate startup accelerator and innovation platform that provides capital, coaching, workspace, access to clients and channels, and other services to early-stage startups. Backed by John Keells Group, one of Sri Lanka's major conglomerates, John Keells X helps Sri Lankan businesses speed up their growth through various initiatives. In terms of investments, they are second agnostic. However, some sectors are more advantageous in terms of the assistance that John Keels X can provide, particularly leisure and tourism, transportation, consumer foods, insurance, retail, property, banking, plantations, IT, and research.





Angel Investors in Sri Lanka


Angel investors may act as an individual or as a syndicate to fund projects of their preference, so these angel networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.



  • Stage: Seed, Series A

  • Focus: Sector Agnostic

  • Portfolio: -

  • Contact


The Lankan Angel Network (LAN) is a network of angel investors in Sri Lanka founded to promote entrepreneurship and innovation. LAN acts as a vital link for businesses looking for funding and investors looking for interesting prospects. Comprising of seasoned professionals, successful entrepreneurs, and industry experts, they provide startups with not only financial capital but also important mentorship, guidance, and networks.



  • Stage: Seed

  • Focus: Sector Agnostic

  • Portfolio: -

  • Contact


The Sri Lanka Angel Investment Network is a platform that connects Sri Lankan entrepreneurs with angel investors. The platform allows startups to post their projects and funding requirements, connecting businesses seeking investment with investors who have the funds, relationships, and skills to help them thrive.





Closing Thoughts on VCs and Angel Investors in Sri Lanka


Though Sri Lanka's startup scene is still small compared to other Asian counterparts, but its potential is evident. International startup brands such as Startup Weekend by TechStars, Seedstars, and AngelHack have already joined Sri Lanka, indicating a strong future for the startup sector. As the Sri Lankan startup ecosystem grows, we can expect more venture capital firms and angel investors to partake in the scene.


Find VCs and Angel Investors in nearby countries:



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