Axiata Digital, the digital services division of telecommunications firm Axiata Group, plans to launch a $15m venture capital fund in Sri Lanka, DealStreetAsia reported yesterday.
The fund could launch by December 2017, an executive aware of the plans told the portal, and it will focus on digital startups and service providers.
The fund is expected to operate in a similar manner to the micro VC fund launched in Cambodia in March this year by Axiata’s local telecoms subsidiary, Smart Axiata, in partnership with investment management and advisory firm Mekong Strategic Partners.
The $5m Cambodia fund, dubbed Smart Axiata Digital Innovation Fund, is looking to invest $25,000 to $50,000 in digital service companies.
Axiata Digital makes investments directly and through Axiata Digital Innovation Fund (ADIF), a joint venture between Axiata and government-owned VC firm Malaysia Venture Capital Management.
Recent deals for Axiata include a $16.8m investment in Sweden-based Bira, which provides insurance and mobile health services in developing markets, in April 2017. It led a $23m series B round for mobile advertising platform Unlockd the following month.