IAN backs Sri Lanka's hospitality-focused SaaS startup OMAK
Indian Angel Network (IAN), a national network of angel investors that invests in startups and early-stage ventures, has invested an undisclosed amount in Sri Lanka-based OMAK Technologies Pvt Ltd, a provider of SaaS-based restaurant management and operations solutions. The round also saw participation from Lankan Angel Network.
The funds will be used to grow OMAK's business across South Asia as well as to add new features.
"As our focus now shifts to new markets and new features, we will increasingly have to rely on the wide experience, expertise and business connections now available to us through their respective high-profile, regional membership," said OMAK's CEO Ehantha Sirisena.
The company was founded by Sirisena, an electrical and electronic engineer by profession. It offers VDine, a restaurant management solution, besides a table reservations portal that also allows adding customers to a wait-list queue.
IAN is an angel investor network with over 300 investors across 10 countries. IAN has already invested in startups in countries like the US, Canada, France, China (Hong Kong), Singapore and Sri Lanka, besides India. It has a portfolio of more than 100 companies across multiple sectors like IT, mobile, healthcare and education, gaming, hospitality, semiconductor and social media.
Over the last two years, IAN has funded over 40 deals investing close to $25 million. Earlier this month, IAN invested under $1 million in Hyderabad-based Ten20 Infomedia Pvt Ltd, the startup behind Zippr, a mobile app that helps users create a short code to replace traditional long addresses.
This is IAN's third investment outside India. Earlier, it had invested in London-based Lowdown app and SwiftShift.
(Edited by Joby Puthuparampil Johnson)