Five years ago, raising a million dollars as a technology startup in Sri Lanka was not heard of. Did the investors not have confidence to put the green sheets on the table or were there no startup worth investing that much?
Over the years, the ecosystem grew from strength to strength with new programs, new investors, new infrastructure, new competitions etc. but however, very few startups have been able to reach that big number of getting a million dollars or more in funding.
Since 2017, the landscape seemed to have changed. Several startups have received over a million dollars in funding from local and regional investors. What has changed? Is it the hype on startups? the confidence of investors in startups? or have the entrepreneurs themselves stepped up their game?