"Spiralation" - Tech Startup Support Program, an initiative of the ICT Agency of Sri Lanka, the apex ICT institution of the Government of Sri Lanka focuses on supporting new technology ventures. Budding Entrepreneurs with a vision of launching their ‘Technology Startup’ and seeking assistance to foster their ICT business ideas are targeted.
A subsidy of 75% of the total project cost or up to a maximum of LKR 1 Mn will be made available for tech start-ups with new innovative ideas/concepts. In addition, selected applicants will receive other benefits including mentoring, capacity development(business and technical) training through workshops, global and local exposure, etc.
New start-ups (registered or looking to register) and registered companies which are less than 2 years (calculated as of application date) in existence are eligible to apply. The proposed company should have a minimum of two directors/promoters and should be limited to ten employees.
This year, Spiralation Seed Funding program has partnered with CrowdIsland to support startups who is looking to raise further funds (more than LKR 1Mn which is provided through the Spiralation grant). Startups can apply for this new option in addition to Spiralation Seed Funding program.
If the startup gets selected for the further fund raising program through Spiralation evaluation process they will be eligible for the following services provided by CrowdIsland.
With this partnership, CrowdIsland will provide a discounted price of LKR 125,000 for the selected Spiralation startups as the pre-raise fee (Standard pre-raise fee is LKR 200,000). A management fee of 4.5% will be charged from the raise and 2% equity in the company.
Furthermore, CrowdIsland would also consider raising funds for idea stage startups which is currently not supported.
Selected startups will receive upto LKR 1 Million in seed funding
All startups in the program will receive comprehensive technical and business trainings to take their business to the next level
All startups will receive market access opportunities locally and internationall after the end of the program
Submit your applications now to enter the 2019 cohort of Spiralation - Tech Startup Support Program