Blue Ocean Ventures to give fillip for local talents

Blue Ocean Ventures, a BOI approved venture capital fund, was launched last week. Set up with the aim of assisting innovative Sri Lankan start-ups to accelerate their growth prospects, Blue Ocean Ventures will provide the necessary fillip for local talent to make a global mark, with plans for an initial investment of Rs 100-200 million over the next three years.

Chairman and Managing Director of Blue Ocean Ventures, Prajeeth Balasubramaniam, said: "Blue Ocean Ventures was established to respond to the glaring lack of capital for start-ups in Sri Lanka, many of whom wither away for lack of adequate financial backing.

There is a clear need for risk capital for early stage companies and Blue Ocean Ventures seeks to fill that vacuum. As an entrepreneur with deep expertise in the realm of start-ups, I place great faith in the potential of Sri Lankan talent and hope to be able to champion it on a global platform.

The company is actively scouting for exciting investment projects that will receive the benefit of our expertise.

Sri Lanka stands poised at a momentous time in its history and indeed it is the right time for investment to pour in.

I am confident that in time to come, Blue Ocean Ventures will be at the forefront of showcasing the best and brightest business ventures from Sri Lanka."

Backed strongly by Indian and Sri Lankan investors, Blue Ocean Ventures seeks to invest seed capital in exciting start-up entities, while remaining committed to making a significant contribution to the national exchequer.

These respected investors are prominent business leaders with enduring faith in Sri Lanka's economic potential.

Balasubramaniam said, "Blue Ocean Ventures plans to target investments across technology, services and hospitality sectors.

Our initial investment of Rs 100-200 million over a period of three years will allow us to allocate investments ranging from Rs 5 million to Rs. 20 million per company."