Connect with us

Business

Angel Fund focused on helping its portfolio weather economic storm

Published

on

Currently, LAN and the Angel Fund is enabling Chakra Suthra, Mintpay and Magicbit to scale both within Sri Lanka and abroad

Sri Lanka’s first Angel Fund completed funding rounds for Chakra Suthra and Mintpay as of its most recent operational quarter. Further, the Fund aided a third startup, Magicbit, in growing its team and setting up a new local office, from which it has shipped to 38 countries so far.

Most important of all, Chakra Suthra, Mintpay and Magicbit. being the most recent additions to the Angel Fund portfolio, have each started to scale as a result of the access to funding, mentoring and international markets developed via the Lankan Angel Network (LAN) and its global partners. This is despite a number of challenges being thrown up by the many shocks Sri Lanka’s economy has faced since March 2022.

According to LAN, and the Angel Fund, Chairperson Chandi Dharmaratne, “LAN is excited to be funding these high potential Sri Lankan startups and we will continue to support and mentor these founders to scale their companies into global platforms. In the midst of the current economic situation in Sri Lanka, it is definitely reassuring to see our entrepreneurs continuing to stay resilient and playing a key role in the resuscitation of the economy.”

An AI-based platform that allows consumers to purchase goods online and pay later in interest-free instalments, Mintpay has grown from being a startup to becoming the preferred Buy Now Pay Later (BNPL) payments partner for leading retailers, entering into strategic partnerships with leading merchants in Sri Lanka including Softlogic, Abans, Ministry of Crab, Cool Planet and Nolimit. Having captured the Fashion and Beauty retail vertical in Sri Lanka, Mintpay, which is now headquartered in Singapore, hopes to extend its services across other industry verticals such as travel and dining. “The traction we’ve gained thus far in Sri Lanka has given us the confidence to accelerate our regional expansion efforts and also tap into new business verticals,” revealed Mintpay’s CEO Urmila Chandrasekeram.

Mintpay’s recent crowning as the winner of Venture Engine’s 2021/2022 cohort has also drawn the attention of many global VCs, which has resulted in significant advance interest in the company’s the next round of funding.

Chakra Suthra, another Angel Fund portfolio company, is a technology startup dedicated to developing innovative solutions to waste problems, with a vision of achieving zero waste for every home and business in Sri Lanka. Chakra Suthra launched the unique concept of Trash2Cash in 2021. This was in the form of an interactive smart machine that allowed customers to deposit plastic bottles, glass bottles, cans and cartons and earn credit with it being redeemable against your bill at partner supermarkets. The collected plastics get upcycled into polyester yarn, recycled garments or into household products in partnership with other recycling partners, while other materials collected also underwent upcycling and/or recycling.

Helped along by the completion of a funding round led by the Angel Fund, the Trash2Cash platform is currently in the early phases of an island-wide roll-out. “We have identified the problems and bottlenecks in Sri Lanka’s recycling industry and have begun addressing these pain points. In doing so, we introduced the one and only recycling platform allowing consumers to monetize their packaging. Our goal is to revolutionize the recycling landscape of Sri Lanka and the region. We believe the timing is right to introduce innovative technology into recycling efforts, and more importantly that the Sri Lankan consumer is now ready for a mindset change,” commented Chakra Suthra’s CEO Himesh Fernando.

Meanwhile, Magicbit became the national winner of SLASSCOM Ingenuity Awards 2022 as “Startup of the Year”. It also took its international successes to the next level by partnering with organizations in Japan, Sudan and Ghana. According to the company’s CEO Migara Amithodhana, “Magicbit was launched during a global pandemic and we are developing the company during a recession. Although the conditions are not 100% favorable, Magicbit is steadily growing as a business focusing more on foreign markets.”

It is also noteworthy that Magicbit started a free IoT Code Club with participation over 100 students in partnership with Techkids.lk.

Established in 2020 by LAN, and supported by ecosystem development partner the Ford Foundation, the Angel Fund aims to catalyze the growth of Sri Lanka’s startup ecosystem.

Evaluating startups on a monthly basis, the Angel Fund is dedicated to backing early-stage startups across multiple sectors. It supports them in various ways, from making investments, to even helping startups identify sources for future funding. It also provides centralized services such as company secretaries, accounting and auditing for all its startups. This ensures all startups meet proper governance standards, which will certainly help their future funding rounds.

Created by LAN, which started this journey by funding and mentoring startups in 2012, the Angel Fund supports high potential startups that can be scaled across the country, and even regionally and globally. LAN is a platform for angel and private investors who invest in high growth early-stage Sri Lankan ventures with the aim of creating an impact by reducing inequality. With over 100 local and global angel investors already attached, the Angel Fund is unprecedented in Sri Lanka due to the fact that 20% of its investments come from members based in Canada, Dubai, Hong Kong, Qatar, UK and USA.

The Angel Fund is currently still open, and prioritizes evaluating opportunities for investments across the island. Interested parties are encouraged to learn more by visiting www.lankanangelnetwork.com/angel-fund or emailing ceo@lankanangelnetwork.com, to discover funding and mentorship opportunities.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

PM ‘Rings the Bell’ at CSE to champion financial literacy and investor education

Published

on

P.M. Dr.Harini Amarasuriya

As part of World Investor Week (WIW) 2026, the Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) joined stock exchanges around the world in ringing the market opening bell for financial literacy on 5 October 2026, under the patronage of Dr. Harini Amarasuriya, Prime Minister of the Democratic Socialist Republic of Sri Lanka.

World Investor Week is an annual global campaign led by the International Organization of Securities Commissions (IOSCO) to raise awareness of the importance of investor education and investor protection. The “Ring the Bell for Financial Literacy” initiative, pioneered by the World Federation of Exchanges (WFE), brings together stock exchanges and other stakeholders worldwide to promote greater financial literacy and encourage individuals to make informed financial decisions.

The ceremony also marked the 40th anniversary of the CSE and the joint launch by the SEC and the CSE of the Stock Market Game, an online stock market simulation based on the ATrad trading system.

The Stock Market Game enables participants to gain practical experience of how the stock market works, make investment decisions and construct portfolios of listed shares without using real money. The platform is accessible through the websites of the SEC and CSE and is expected to serve as an important practical tool for promoting financial education. It is envisaged that the Stock Market Game will also be used to conduct simulation competitions among universities and the 100 Capital Market Clubs established in schools across the country.

The ceremony also featured the commemorative issuance of a stamp and First Day Cover to mark the 40th anniversary of the CSE. Issued in collaboration with the Department of Posts and the Philatelic Bureau of Sri Lanka, the commemorative stamp and First Day Cover were presented to Prime Minister Dr. Harini Amarasuriya, by the SEC Chairman Snr. Prof. D.B.P.H. Dissabandara and Ray Abeywardena, Director CSE and Chairman of Central Depository Systems (CDS).

Welcoming the gathering, Rajeeva Bandaranaike, Chief Executive Officer of the CSE, highlighted the importance of obtaining reliable information when making investment decisions.

“We operate in a digital world where a vast amount of information and data is disseminated through social media. While some of this information is factual, some may be inaccurate or misleading. When investing in the stock market, it is essential to make informed and prudent investment decisions. Therefore, investors should obtain information and data from reliable and responsible sources and persons before making investment decisions.”

Addressing the gathering, SEC Chairman Snr. Prof. D.B.P.H. Dissabandara emphasised that the SEC’s role extends beyond regulation to facilitating the further development of the capital market.

“The SEC needs to determine how best to introduce the stock market to Generation Alpha, Generation Beta and generations beyond. When it comes to investors, we need to build confidence in the market, because people will invest only when they have confidence in the market.’’

Continue Reading

Business

Rs. 5 million worth of prizes to be given at 8th edition of CSE Masterminds Quiz Competition

Published

on

The Colombo Stock Exchange (CSE) has announced that the eighth edition of the CSE Masterminds Quiz will be held on 9th October 2026, from 3.00 p.m. onwards, at the Main Ballroom, Shangri-La Colombo.

Recognised as Sri Lanka’s premier capital market quiz competition, CSE Masterminds brings together teams from the public and private sectors. Participants will be tested across international business, global markets, current affairs, the Sri Lankan economy and business, the Sri Lankan stock market, and sports and entertainment, before a concluding rapid-fire round.

This year the winning team can win up to Rs. 2,000,000, the runners-up up to Rs. 1,000,000, and the second runners-up Rs. 750,000. Sector awards will also be presented to the highest-performing team from each participating sector. Guest participants will also be able to compete in rounds of Audience questions, and will have the opportunity to participate a raffle draw for three free return tickets provided by Fits Aviation (Pvt) Ltd.

The evening will also include an exclusive after-party with live music provided by the band ‘Doctor’ featuring guest performer Umara Sinhawansa, fine food and beverages, providing an opportunity for networking and celebration. Every participant will receive a premium goodie bag made possible by the support of the event’s sponsorship partners. Collectively, the event will feature over Rs. 5 million worth of prizes, rewards, and giveaways, encompassing championship prizes, sector awards, audience engagement prizes, raffle draw offerings, and goodie bags.

Sponsorship partners include:

Platinum Sponsors: Hatton National Bank PLC and Bartleet Religare Stockbrokers (Pvt) Ltd.

Gold Sponsors: Ex-Pack Corrugated Cartons PLC, Asha Securities Ltd., and Lanka Securities (Pvt) Ltd.

Silver Sponsors: Barista Coffee Lanka (Pvt) Ltd., Capital Trust Holdings (Pvt) Ltd., LOLC Holdings PLC, Arpico Ataraxia Asset Management (Pvt) Ltd., IronOne Technologies (Pvt) Ltd., and LankaPay (Pvt) Ltd.

Co-Sponsors: Access Engineering PLC, Bank of Ceylon, Commercial Bank of Ceylon PLC, CryptoGen (Pvt) Ltd., Deloitte Lanka (Private) Limited, Dialog Finance PLC, Efutures (Pvt) Ltd., People’s Leasing & Finance PLC, Senfin Asset Management (Pvt) Ltd., and Softlogic Stockbrokers (Pvt) Ltd.

Continue Reading

Business

NCCSL to conduct practical workshop on food labelling and advertising regulations in Sri Lanka

Published

on

The National Chamber of Commerce of Sri Lanka (NCCSL) is organizing a one-day practical workshop on “Food Labelling & Advertising Regulations in Sri Lanka” on Thursday, 8th October 2026 from 9.00 a.m. to 4.30 p.m. at the National Chamber of Commerce, Colombo 10. The workshop has been organised to provide a practical understanding of the latest regulatory requirements governing the food products labelling and advertising of food products in Sri Lanka, with particular attention to regulatory developments applicable in 2026, compliance requirements, and the potential legal and financial implications of non-compliance.

As food products increasingly compete not only with quality and price but also on packaging, labelling and promotional claims, businesses must ensure the information they communicate to consumers is accurate, transparent and consistent with applicable regulatory requirements. Understanding these requirements is therefore essential for businesses seeking to protect their brands, maintain consumer confidence, and minimize regulatory and legal risks.

The practical workshop will go beyond an overview of regulations and focus on how businesses can apply regulatory requirements in their day-to-day operations. Participants will be guided through key areas of food regulatory compliance, including the national food regulatory framework, recent food labelling regulations and key changes, mandatory approvals and prohibitions relating to food labelling, and the litigation process associated with regulatory violations. The programme will also cover several areas of growing importance to the food industry, including the EU EMPCO Directive, food colour coding regulations, regulations relating to food trans-fatty acids and the importance of compliance in the use of food additives. Practical exercises will further enable participants to apply their knowledge to real-world compliance situations and strengthen their ability to identify potential regulatory concerns.

For further information and registration, please contact the National Chamber of Commerce of Sri Lanka on 011 4741788 – Nethmi or Udula – 071 403 4775.

Continue Reading

Trending