Ekva LLC, a US company with strong Sri Lankan roots headed by CEO Amith Boteju, has secured capital to the tune of USD 1.5 million from a Canadian source and from other investors.
This money would be channelled to around 16 selected local promising startups after an intensive check list program in many areas. “We will not seek any collateral and will operate under a profit sharing (20%) model,” said Boteju who is now in Sri Lanka.
“After providing the capital which is expected to be around 50% of the total project to identified startups we will support them with professional international guidance, technology and also find them international markets as well.”
“We have teamed up with international experts who have worked in top management positions at leading corporate giants such as JP Morgan, Deutsche Bank, AT&T, Cirque Du Soleil, MGM Hospitality, Akon Legacy Ventures, Rabo Bank, and Finish Line. to bring in international expertise to assist local startups,” he said.
Locally, the Council for Start Ups (CFS) of the Ceylon Chamber of Commerce along with the US Embassy will assist and promote this project.
The Ekva Accelerator initiative, known as Ekva LCC was set up in 2022 to support and empower promising entrepreneurs and Boteju said that he and his team were amazed in some projects that were forwarded to them seeking finances.
“Our long-term aim is for Sri Lanka to join the Unicorn Club within the next 10 years, hopefully with one of our portfolio companies,” he said.
The American ambassador to Sri Lanka, Julie Chung who attended the launch of Ekva LLC in Colombo said that the accelerator program run by Boteju and his talented team symbolises another common point: “The value we place on entrepreneurship and innovation. Having spent over a year in Sri Lanka, I have found that even through the historic economic crisis, the spirit of innovation is just as alive here as it is back home and entrepreneurs are pursuing creative ideas across different industries.
“Despite the current challenges, many are determined to stay here and help build up their country. They have not given up. It’s in this spirit of resilience and optimism that I am so grateful to EKVA for providing the spark and opportunity to grow their dreams.”
“I hope projects like these by Ekva will propel more interest and financing to come take a chance on Sri Lanka’s creative talent and entrepreneurs to help rebuild this country,” she said.
- SS