Lankan Angel Network launched
The Lankan Angel Network (LAN), Sri Lanka’s first platform for angel and private investors, was officially launched with the aim of bringing together Sri Lanka’s investor and mentor community and to scale the startup ecosystem.
Born out of Venture Engine 2012, a project that was aimed at creating opportunities for Sri Lankan entrepreneurs. Conceptualized by Blue Ocean Ventures and the Indian Angel Network, the project created a platform for entrepreneurs to pitch directly to potential investors while also providing comprehensive mentoring for the selected businesses.
LAN comprises of individual investors, venture capital funds and corporate sponsorship representatives. The active investors will be directly involved in the investment process with a common interest in entrepreneurship. The processes and procedures set out in LAN will facilitate the investors to act together as a group, lowering risk and providing an easy exit as the company matures. The LAN will also set ethical practice, which governs investor behavior and protects the entrepreneur.
The network currently supports 9 start-up businesses covering a diverse range of sectors from the Business Process Outsourcing, tourism, and apparel design.
LAN members receive a minority stake in the company and a place on the company’s board of directors, however leaving the entrepreneur in control. The members will bring business building experience, functionality experience, Industry experience, contacts for partners, customers and follow-on financing.
In turn, the network looks for a clear path to profitability, solid management, a realistic business plan, scalable business, competitive edge, market acceptance, realistic financial projections, realistic valuation and a well-articulated exit strategy for investors.
Prajeeth Balasubramaniam, Managing Director of Blue Ocean Ventures has taken the leadership to form LAN. Leading business figures such as Calamander Capital Director Mafaz Ishaq, Orion City CEO/ Board Member of SLASSCOM Jeevan Gnanam , Argent Capital Managing Director Apurva Udeshi, Ridgecrest CEO/ Board Member of SLASSCOM Sanath Fernando and Blue Ocean Ventures Chairman/Google Inc VP Rajan Anandan have formed the core team to take this initiative forward.
Amongst those present at t he launch were several prominent individuals from Sri Lanka’s private sector, including Precedent Partner, Nithya partners, Aritha Wickramanayake, Group Managing Director/CEO, Brown & Company PLC, Murali Prakash, Managing Director, Acutiy Partners, Ray Abeyawardena and Managing Director at the Academy of Design, Linda Speldawinde.