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.
Market capitalisation turns YTD positive
The Colombo stock market yesterday completed 12 consecutive days of gains showing consistency whilst turnover hit a new high of Rs. 5.3 billion as investor sentiments gathered more momentum.
On a choppy day for indices, the ASPI finished up 51 points or 0.7% and the S&PSL20 inched up by near 4 points or 0.1%. Turnover was Rs. 5.29 billion.
The only negative at the CSE is the net foreign outflow which crossed the Rs. 49 billion mark yesterday to Rs. 49.3 billion year to date after the day saw Rs. 450.6 million worth of net selling. The latter included net selling (around 8 million shares) of Rs. 285 million in Softlogic Life Insurance with the seller being State Street Bank and Trust Company Global Macro Portfolio which as at 30 September held 23 million shares or 6% stake. Buyers included high net worth individuals and some retailers.