BOV Capital launches $14.9m Sri Lanka VC fund
Sri Lanka and Singapore-based venture firm BOV Capital has launched its maiden INR1 billion ($14.9 million) vehicle, with a mandate to invest in early-stage Sri Lankan technology companies.
Rajan Anandan, vice president for Google's Southeast Asia and India division, is an investor in the fund. Additional LP support is understood to include high net-worth Indian investors and backers from Singapore.
"We think of BOV Capital as Sri Lanka's first ever VC firm," Anandan said, according to The Economic Times. "While the country does have a few late-stage investment funds, we will focus only on startups that will build technology products and technology-enabled businesses that will expand regionally and globally."
The fund has achieved its first close at INR300 million. It aims to make 7 to 10 investments, with commitments ranging from INR60-120 million.
Investments are expected to target start-ups that have already initially tapped global markets. The fund will focus in particular on business-to-business and software-as-a-service business models operating in big data and analytical services.
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