Hatch secures significant funding, fosters growth in SL’s startup ecosystem

Hatch, the award-winning Sri Lankan co-working space, start-up incubator and accelerator, said four of its startups have secured major funding from leading investors to take their businesses to the next level.The most significant funding opportunity came from Silicon Valley investor Tim Draper, who visited Sri Lanka two months back.

HyperGlade, a Hatch community startup specialising in blockchain and Web3 migration solutions, has secured $ 350,000 (Rs. 112 million) in funding from Draper Associates, Tim Draper’s venture capital firm. Founded over a year ago, the company specialises in cutting-edge solutions for businesses transitioning from Web2 architectures to the decentralised Web3 infrastructure. The new funding will enable HyperGlade to accelerate platform development, expand its team, and solidify its position as a global leader in Web3 migration services.

Hyperglade validated their thesis on making blockchain accessible, by introducing fiat payments for NFT for the first time in the region, by hosting Sri Lanka’s first NFT auction. 

The auction was executed in cooperation with a fellow Hatch community member and hosted at Hatch, further proving the benefits of Hatch’s collaborative environment to burgeoning startups. Draper Associates’ investment in Hyperglade serves as a strong endorsement of the significant startup potential in Sri Lanka that Hatch has been working to nurture through its various startup incubation initiatives.

At the start of 2023, Hatch launched an initiative titled ‘Sri Lanka: From Troubled Nation to Startup Nation’ to highlight how Sri Lanka’s top entrepreneurial talent could pave the path to recovery. The first part of this initiative saw Tim Draper visiting Hatch in Colombo to connect with its startups and provide them the chance to pitch their ideas to a global audience through his TV show, ‘Meet the Drapers’.

Additionally, HERCapital— Sri Lanka’s first-ever gender-smart funding scheme which is part of Hatch, has invested Rs. 5 million on Island Miris and Rs. 2 million on True By Tina. Both startups are part of ‘AccelerateHer’, a bespoke female-focused accelerator in Sri Lanka designed by Hatch with the partnership of the US Department of State, to help female founders grow their business. HERCapital aims to empower early-stage startups through a well-structured program that includes mentorship and financial support. The fund addresses existing gender inequalities through investment and supports more women-led businesses while continuing to champion equal representation within the start-ups funded.

In working to enhance the startup ecosystem in Sri Lanka, Hatch is also home to some digital nomad entrepreneurs, one of who is the founder of Feelo a startup that offers unique experiential packages. Founded just four months ago, the venture has acquired a sizable customer base and announced its first investor partnership just four months into business. Feelo Co-Founder and CEO Ondrej Lang aims to build a Sri Lankan company that can disrupt the entire South Asian market.

Hatch is working towards empowering entrepreneurs, through its startup incubator and accelerator programs and co-working space. The company strives to connect entrepreneurs by creating a collaborative environment that provides equal opportunity to all, with the goal of creating a thriving startup ecosystem that powers Sri Lanka’s economy. From facilitating the acquisition of funding from Silicon Valley giants to providing bridging capital to promising female entrepreneurs to take their businesses global – Hatch takes pride in cultivating a global mindset amongst home-grown talent. (HB)