Business
Sri Lanka’s Angel Fund shortlists five startups for investment
The Angel Fund Investment Committee members who unanimously select the startups for investment.
The Angel Fund, the first of its kind in Sri Lanka, has shortlisted its five early-stage startups for potential investment; Niftron, Traccular, Medica, Soulboner Clothing, and Ophir. This follows an intense application and selection process, spanning September, October, and November 2020, which initially attracted 80 applications.
The Angel Fund, launched earlier this year by the Lankan Angel Network (LAN), was established with the support of ecosystem development partner Ford Foundation to catalyze the growth of Sri Lanka’s startup ecosystem. Comprising 100 angel investors, including many high-profile entrepreneurs and corporate leaders, who represent more than a dozen sectors with proven competencies in over 20 functional domains, the Angel Fund is also distinct in that it features 20% of its investment from members based out of Canada, Dubai, Hongkong, Qatar, UK, and the USA.
The process was guided by the Fund’s high-profile Investment Committee (IC) consisting of angel Fund members Dumith Fernando, chairman of Colombo Stock Exchange/chairman of Asia Securities, Dumindra Ratnayaka, Chairman/Senior Consultant at Martin & George. The IC also comprises Nathan Sivagananathan, Co-Founder of Hatch Works; Anarkali Moonesinghe, former CEO of CIMB Sri Lanka; Mangala Karunaratne, Founder/CEO of Calcey Technologies; and Imal Kalutotage, Founder/CEO of NCINGA. Joining them as Independent IC Member is Shiluka Goonewardene, Principal – Deal Advisory – KPMG.
Angel Fund IC member Dumith Fernando stated, “The investment approval process for the Angel Fund was quite robust with seasoned experts from varied backgrounds participating in the Investment Committee. We were encouraged by the quality of the shortlisted startups that presented to us. We set a high bar for investment selection this time. And even among those founders who did not gain funding this quarter, we found several who would be investable with some tweaks to their business models and plan.”
Some shortlisted startups were:
• Niftron – A Blockchain-as-a-Service platform that allows for easy and efficient integration of blockchain with products or projects, enhancing ownership, transparency, and security.
• Traccular – A cloud-based IoT-enabled visitor management system that provides a scalable solution for companies looking for an efficient check-in and verification process to improve efficiency and security.
• Medica – A cloud-based patient and prescription management platform for doctors. From when a patient registers, to when they walk out with their medicines from the pharmacy, the entire process is managed within Medica, which aims to build a digital ecosystem for primary health care for Sri Lanka.
• Soulboner Clothing – A fun, casual Sri-Lankan streetwear line made for GenZ and the young Millennial. The brand focuses on creating a lifestyle and a community and boasts a customer base in many countries.
• Ophir – A brand focusing on a range of chemical and synthetic-free, all-natural body care and spa products, which deliver the rich benefits of Camellia Sinensis, Ceylon Tea. Ophir taps into the skyrocketing global demand for natural skincare products, with the added advantage of Sri Lanka’s millennia-old fame resulting from its cornucopia of botanicals, spices, and herbs, as well as Ayurveda.
Independent IC Member Shiluka Goonewardene said, “The finalists for evaluation by the committee were all startups with good ideas and opportunities. The varied experience of the IC members enabled us to evaluate and shortlist the best participants for the funding stage. Overall, it was a great learning experience for me as well, listening to the presentations of the finalists and the follow-up discussions among the IC members.”
These startups will be featured at the LAN hosted Angel Roundup, an exclusive virtual event to be held in mid-December for the network’s angel investors. The event is partnered with Sri Lanka’s largest private-sector retail bank Hatton National Bank PLC, a long-term strategic partner for LAN
Commenting on behalf of the top five shortlisted startups, Ophir Founder Rohini Nordmann said, “The Angel Fund has been both rigorous and supportive of its participants. A winning combination for the investment seekers as well as the investors.”
Angel Fund IC member Anarkali Moonesinghe added, “The Angel Fund was created to bridge the gaps that exist within the startup ecosystem in terms of opening this alternative asset class to a wider audience as well as connecting these investors with incredible entrepreneurs. It serves as not only an avenue to secure funding at an early stage, but also affords startups access to an amazing group of individuals who can be true mentors while, also, opening doors to international markets and networks.”
The Rs. 100 million Angel Fund has plans to eventually invest in six to 10 high potential startups in total, gearing them up to scale domestically, and even internationally. It is managed by LAN’s fund management team, which continues to identify and evaluate opportunities for investment across the island, including in traditionally underserved regions. The fund is dedicated to investing in, and mentoring and supporting, early-stage startups across multiple sectors; from making investments at the early stages, to even helping startups identify sources for future funding.
Business
SLAF, Aviyana Ceylon partner to elevate high-end sports tourism with Eagles’ Monsoon Cup 2026
Aviyana Ceylon, Sri Lanka’s upcoming ultra-luxury seven-star hospitality project, has stepped decisively into the country’s high-end sports tourism space by coming on board as the principal sponsor of the prestigious Eagles’ Monsoon Cup Golf Tournament 2026, in partnership with the Sri Lanka Air Force (SLAF).
The international-standard golf tournament is scheduled to be held on January 11, 2026, and is expected to attract diplomats, corporate leaders, high-net-worth individuals and overseas golfers, reinforcing Sri Lanka’s positioning as an emerging premium leisure and sporting destination.
Under the patronage of Aviyana Ceylon chairman, Dr. Thisara Hewawasam, the company has committed a Rs. 2.5 million sponsorship, marking one of the most significant private-sector investments in elite golf events in recent years.
The sponsorship was formalised at a ceremonial cheque handover held at the Sri Lanka Air Force Headquarters, where Dr. Hewawasam officially handed over the cheque to Commander of the Air Force, Air Marshal Bandu Edirisinghe.
“Our decision to support the Eagles’ Monsoon Cup goes beyond sport. It is a strategic investment in positioning Sri Lanka as a global luxury tourism and lifestyle destination, Dr. Hewawasam said.
“International sporting events with strong networking potential play a critical role in shaping perceptions, attracting premium travelers and enhancing the country’s brand equity. Aviyana Ceylon is committed to supporting platforms that elevate Sri Lanka’s global standing, he added.
Senior SLAF officials, including chairman, Eagles’ Golf Links, Air Commodore Erandika Gunawardhana, secretary of the Air Force Sports Council and Director Media, Group Captain Eranda Geeganage, Secretary of Eagles’ Golf Links, Group Captain Asanka Ratnayake and SLAF Golf Secretary, Wing Commander R.A.S.T.A. Fernando, along with Aviyana Ceylon representatives and invited guests were present at the event.
Air Marshal Bandu Edirisinghe welcomed the partnership, noting that collaboration between the military and private sector is vital in developing sports diplomacy and tourism-led economic activity.
“Eagles’ Monsoon Cup has evolved into a premier sporting event that brings together global and local stakeholders. The support extended by Aviyana Ceylon strengthens our ability to host events of international calibre and contributes meaningfully to sports tourism and national image-building, the Air Force Commander said.
Beyond the golf tournament, the partnership opens the door to new experiential tourism initiatives, including a proposed collaboration to offer luxury helicopter tours for Aviyana Ceylon’s clientele, operated in coordination with the Sri Lanka Air Force.
According to Dr. Hewawasam, the concept aims to provide discerning travelers with exclusive aerial experiences showcasing Sri Lanka’s landscapes, coastlines and heritage.
“Luxury heli-tours represent a new dimension in experiential tourism. They allow us to present Sri Lanka’s natural beauty from a unique vantage point, appealing to high-value travelers seeking privacy, exclusivity and unforgettable experiences, he said.
Industry observers note that such initiatives align with global trends where luxury hospitality brands integrate sports, aviation and curated experiences to differentiate destinations and increase average tourist spend.
The Eagles’ Monsoon Cup is widely regarded as one of Sri Lanka’s most elite sporting events, functioning not only as a golf tournament but also as a high-level networking platform linking diplomacy, business and leisure.
By Ifham Nizam
Business
‘Tea industry largely spared cyclone damage’
Reports received by us from tea brokers, the Colombo Tea Traders’ Association (CTTA) and other sources indicated that, by and large, the local tea sector has been spared by the recent weather havoc.
The CTTA in their recent communications said that although Cyclone Ditwah affected parts of Sri Lanka, production, sales, and exports of tea continued without interruption. Clearly, the report said, the well established and highly coordinated industry network was fully geared to confront these issues. Production and sales continued with least disruption . While some tea growing areas in Uva, and the Central Province experienced some impact no loss in manufacturing capacity was reported.
Damage was largely confined to specific roads, resulting in temporary disruptions to transportation. Some key routes connecting plantations to the city have now been reopened and transport services are resuming normal operations. Harvesting operations are gradually returning to normal with access roads being reopened and temporary roads have been constructed to facilitate transport of green leaf to manufacturing locations.
The tea small holders we met said, although their production routine was affected, quick return to normalcy was ensured thanks to the established Tea Small Holders’ Association whose action ensured speedy return to normalcy. They reiterated production was near normal; and the dismal situation was now in a controlled position. They assured that such losses were minimal and could be recouped with minimum delay.
The CTTA further said the majority of plantations and small holder lands in the South of the island were spared cyclone damage. Harvesting, manufacturing and transportation activities are continuing as usual.
Trading activities at the Colombo Tea Auctions continue to be held although with a revised calendar. The tea auction previously set for the 1st week December has been rescheduled for the last week December. This adjustment ensures uninterrupted financial flows to the producers , including small holders, maintaining the momentum of the industry.
Forbes and Walker Tea Brokers reported a national tea sale average for November of Rs. 1137.22 ( USD3.89) which shows an increase of Rs.61.17 and USD 0.02 YOY. The total National Sale Average for the year 2025 ( to date) was recorded at Rs. 1,164.97( USD 3.88). a decline of Rs . 63.49 ( USD 0.17) against the corresponding year’s average of Rs. 1228.46 (USD4.05). The report further said all elevations recorded negative variances during the period January to November 2025 in comparison to the cumulative corresponding year of 2024 in both LKR and USD terms.
By Steve A. Morrell
Business
Elephant House Ice Cream marks historic launch in Australia
Ceylon Cold Stores PLC (CCS), a subsidiary of John Keells Holdings PLC, has launched its iconic Elephant House Ice Cream in Australia, marking a bold step in the brand’s global expansion. The official unveiling took place on 4th December 2025 at the Novotel Melbourne Glen Waverley, where industry leaders, local distributors, and strategic partners gathered to celebrate the occasion. The launch was further honoured by the presence of Ms. Pradeepa Seram, Consul General Designate of Sri Lanka, and Ms. Cassandra Fernando, Member of the Australian Parliament, reflecting the deep and growing connections between Sri Lanka and Australia.
Elephant House is one of the highest-penetrated Sri Lankan brands among Sri Lankan communities living overseas, with a presence in 16 countries, including the Maldives, Australia, and the United Kingdom, among others.
In a significant milestone for the company, Elephant House Ice Cream is now manufactured locally in Melbourne to support wider availability in the ethnic market in Australia. The range currently available includes Vanilla, Karutha Kolomban, and Fruit and Nut in 500ml packs. This marks the first time in CCS’s 150-year legacy that Elephant House Ice Cream has been produced outside Sri Lanka, signalling a new chapter in the company’s international growth journey in collaboration with Millennium Imports Pty Ltd, it’s one of the franchise partners for Australia.
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