Sri Lanka-based telecommunications company Dialog Axiata has committed $15m to a corporate venture capital fund that will target local, digitally-focused startups.
Dialog Axiata Digital Innovation Fund, reportedly the largest CVC fund in Sri Lanka’s history, was formally announced by Malaysian Prime Minister Datuk Seri Najib Tun Razak on a visit to Sri Lanka.
Dialog Axiata’s parent company, the Malaysia-based Axiata Group, already operates Axiata Digital Innovation Fund as a joint venture with state-owned VC firm Malaysia Venture Capital Management, having launched it with $30m in 2014.
The company also invests in Cambodia-based startups through a $5m vehicle dubbed Smart Axiata Digital Innovation Fund, which announced the first three recipients of funding last month.