Prajeeth Balasubramaniam and Eric Wikramanayake

BOV Capital, based in Sri Lanka and Singapore, announced a Rs.2 billion fund focused on Sri Lankan startups to grow regionally and globally.

BOV Capital was established to help Sri Lankan startups capture regional and global opportunities. This will be the first venture capital fund focused on early stage startups in the country. BOV Capital is a partnership between well-known investors and entrepreneurs in Sri Lanka, Prajeeth Balasubramniam, Eric Wikramanayake and Rajan Anandan.

BOV Capital’s target ticket size will be in the range of Rs 100-200 million. The fund will focus on investing and working closely with Sri Lankan technology startups that can build large regional and global businesses.

The Rs. 2 billion fund is from high net-worth Limited Partners in India and Singapore, in addition to the Founding Partners.

The fund will invest in startups that have strong teams, have proven product market fit, demonstrated some ability to expand outside Sri Lanka and the potential to build large regional or global businesses.