In an industry often defined by mega-deals and unicorn hunts, Singapore-based early-stage VC firm nVentures is thriving by deliberately taking a different path.
With roots in Sri Lanka and a strong presence across South and Southeast Asia, the firm is carving out a niche by focusing on overlooked founders, modest funding rounds, and gritty problem-solving.
A different kind of deal sheet
Unlike many of its peers, nVentures avoids headline-grabbing fundraises or billion-dollar valuations. Instead, it invests small cheques of US$100,000 to US$250,000 each in up to 15 startups.
The focus is on founders from Tier II and Tier III cities, typically from lower-middle-class backgrounds, tackling critical, real-world issues.
Also Read: Re-awakening Sri Lanka’s legacy of innovation: The story of TRACE
Its sectoral thesis is just as intentional: B2B fintech, SaaS for MSMEs, edutech, and digital health—segments where lean capital at early stages can produce a measurable impact.
Spotlighting grit over gloss
“We realised founders from outside big cities were often more resourceful and frugal and more grounded in the problems they were solving,” says Chalinda Abeykoon, Managing Partner of nVentures. “They’re not chasing trends; they’re solving what they live.”
This conviction, shared by co-founder and fellow General Partner Imal Kaluthotage, forms the backbone of nVentures’ thesis: that overlooked founders with high resilience and local insight can build durable, cash-generating businesses—if they’re given the right support.
Early wins signal promise
That support appears to be paying off. One of nVentures’s early bets, Mintpay (Sri Lanka’s first Buy Now, Pay Later platform) has seen a 7.5x jump in valuation and now counts regional angels and Accelerating Asia among its backers. Another, Kaiju Labs, was acquired within 18 months by Singapore’s KAST at a 100x revenue multiple, delivering a full exit from the firm’s 2025 fund.
Simplebooks, a compliance automation startup, continues to grow in Sri Lanka and India, while Bangladesh-based healthtech MedEasy secured follow-on funding and hit record monthly revenue shortly after nVentures’ involvement.
Rolling up sleeves in the field
“We do more than write cheques,” says Kaluthotage. “Whether it’s making connections, helping with hiring, or troubleshooting operations, we’re fully in it with our founders.”
That ethos extends beyond portfolio companies. The team routinely supports Sri Lankan startups without holding equity, part of what Abeykoon describes as a long-game mentality. “If we can help a founder build something meaningful, the impact multiplies,” he says.
Social impact with scalable results
Chalinda Abeykoon
That multiplier effect is evident in Nanosoft, a firm digitising rural cooperative banks in Sri Lanka’s farming heartland. Since nVentures invested in 2023, Nanosoft has grown from 200 to over 400 digitised co-ops, reaching more than 1.5 million Sri Lankans. An independent study by 60_decibels found that 78 per cent of users reported improved quality of life and 71 per cent said they had no viable alternatives.
Another standout, Dossier, is an AI-powered anti-money laundering platform capable of identifying politically exposed persons and other high-risk clients. Co-founded in Sri Lanka by a former journalist, it was selected by Meta as a top APAC startup for its innovative use of Llama AI.
Deep networks, not just deep pockets
nVentures’s anchor investor is NCINGA, a global systems integrator active in BFSI, telecom, and manufacturing. That relationship enables founders to plug into high-value industry partnerships and client leads across Asia.
Its Limited Partners include leaders from AWS, Klarna, IFC, Lego, BCG, and Sonos—a global network that’s accessible to every founder in the fund.
The firm is also licensed by the Monetary Authority of Singapore. Today, nVentures is a recognised feeder for later-stage investors, including Accelerating Asia, Tenity, and Capricorn Private Investments.
Looking ahead
With plans underway for its next fund, nVentures is doubling down on its thesis: backing founders overlooked by traditional VC models, in markets often misunderstood or undervalued.
Also Read: Small market, big dreams: Meet the 30 Sri Lankan startups that are punching above their weight
“We’re still early, but we believe our model works—because we see it working, across markets and sectors,” says Abeykoon.
With an expanding footprint across Sri Lanka, India, Bangladesh, Singapore, and the UK, and a portfolio that’s already producing exits, follow-on rounds, and social impact at scale, nVentures is proving that going against the grain can lead to outsized outcomes.
—
The post Breaking the status quo: nVentures finds early success backing overlooked founders in South Asia, SEA appeared first on e27.