Malaysian-owned Dialog Axiata Plc, Sri Lanka’s leading telecom service provider, has unveiled a $15 million fund, to invest in startups in the island nation.
The Digital Innovation Fund (DIF) is Sri Lanka’s first as well as its largest venture capital vehicle, and it will support the country’s nascent startups, and it plans to invest between Rs. 50 million (about $326,500) to Rs. 200 million ($1.3 million) in each company, while 20 percent of the fund will be set aside to seed startups that seek investment below Rs. 40 million (about $261,200).
