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
Sri Lanka betting its tourism future on cold, hard numbers
National Airport Exit Survey tells quite a story
Australia’s role here is strategic, not charitable
In a quiet but significant shift, Sri Lanka’s tourism sector is moving beyond traditional destination marketing and instinct-based planning. The recent launch of the “From Data to Decisions” initiative jointly backed by Australia’s Market Development Facility and the Sri Lanka Tourism Development Authority, sent an unambiguous message: sentiment is out, statistics are in.
The initiative is anchored by a 12-month National Airport Exit Survey, a trove of data covering 16,000 travellers. The findings sketch a new traveller profile: nearly half are young (20–35), independent, and book online. Galle, Ella, and Sigiriya are the hotspots; women travellers outnumber men; and a promising 45% plan to return. This isn’t just trivia. It’s a strategic blueprint. If Sri Lanka Tourism listens, it can tailor everything from infrastructure to marketing, moving from guesswork to precision.
The keynote speaker, Deputy Minister Prof. Ruwan Ranasinghe called data “a vital pillar of tourism transformation.” Yet the unspoken truth is that Sri Lanka has long relied on generic appeals -beaches, heritage, smiles. In today’s crowded market, that’s no longer enough. As SLTDA Chairman Buddhika Hewawasam noted, this partnership is about “elevating how we collect, analyse, and use data.”
Australia’s role here is strategic, not charitable. By funding research and advocating for a Tourism Satellite Account, it is helping Sri Lanka build a tourism sector that is both sustainable and measurable. Australian High Commissioner Matthew Duckworth linked this support to “global standards of environmental protection” – a clear nod to the growing demand for green travel. This isn’t just aid; it’s influence through insight.
“The real test lies ahead,” a tourism expert told The Island. “Data is only as good as the decisions it drives. Will these insights overcome bureaucratic inertia? Will marketing budgets actually follow the evidence toward younger, independent, female travellers?,” he asked.
“The comprehensive report promised for early 2026 must move swiftly from recommendation to action. In an era where destinations are discovered on Instagram and planned with algorithms, intuition alone is a high-stakes gamble. This forum made one thing clear: Sri Lanka is finally building its future on what visitors actually do – not just what we hope they’ll do. The numbers are in. Now, the industry must dare to follow them,” he said.
By Sanath Nanayakkare
Business
New ATA Chair champions Asia’s small tea farmers, unveils ambitious agenda
In his inaugural address as the new Chairman of the Asia Tea Alliance (ATA), Nimal Udugampola placed the region’s millions of smallholders at the core of the global tea industry’s future, asserting they are the “indispensable engine” of a sector that produces over 90% of the world’s tea.
Udugampola, who is also Chairman of Sri Lanka’s Tea Smallholdings Development Authority, used his speech at the 6th ATA Summit held in Colombo on Nov. 27 to declare that the prosperity of Asian tea is “entirely contingent” on the resilience of its small-scale farmers, who have historically been overlooked by premium global markets.
“In Sri Lanka, smallholders account for over 75% of our national production. Across Asia, millions of families maintain the quality and character of our regional teas,” he stated, accepting the chairmanship for the 2025-2027 term.
To empower this vital community, Udugampola unveiled a vision focused on Sustainability, Equity, and Digital Transformation. The strategic agenda includes:
Climate Resilience: Promoting climate-smart agriculture and regenerative farming to protect smallholdings from environmental disruption.
Digital Equity: Leveraging technology like blockchain to create farm-to-cup traceability, connecting smallholders directly with premium consumers and ensuring fair value.
Market Expansion: Driving innovation in tea products and marketing to attract younger consumers and enter non-traditional markets.
Standard Harmonization: Establishing common regional quality and sustainability standards to protect the “Asian Tea” brand and push for stable, fair pricing.
Linking the alliance’s goals to national ambition, Udugampola highlighted Sri Lanka’s target of producing 400 million kilograms of tea by 2030. He presented the country’s “Pivithuru Tea Initiative” as a model for other ATA nations, designed to achieve this through smallholder empowerment, digitalization, and aligned policy objectives.
By Sanath Nanayakkare
Business
Brandix recognised as Green Brand of Year at SLIM Awards 2025
Brandix Apparel Solutions was recognised as the Green Brand of the Year at the Sri Lanka Institute of Marketing (SLIM) Brand Excellence Awards 2025, taking home Silver, the highest award presented in the category this year.
The ‘Green Brand of the Year’ recognises the brand that drives measurable environmental impact through sustainable practices, climate-aligned goals and long-term commitment to protecting natural resources.
A pioneer in responsible apparel manufacturing for over two decades, Brandix has championed best practices in the sphere of sustainable manufacturing covering environmental, social, and governance aspects. The company built the world’s first Net Zero Carbon-certified apparel manufacturing facility (across Scope 1 and Scope 2) and meets over 60% of its energy requirement in Sri Lanka via renewable sources.
Head of ESG at Brandix, Nirmal Perera, said: “Being recognised as Green Brand of the Year is an encouraging milestone for our teams working across sustainability.”
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