Manila [The Philippines], April 20 (ANI): The Asian Development Bank (ADB) said on Monday that ADB Ventures, its new impact investment platform, will soon start operations after successfully raising the equivalent of 50 million dollars from multilateral and bilateral development partners and exceeding its first fund close target.
The first investors in the platform's inaugural fund are Finland's Ministry for Foreign Affairs, the Clean Technology Fund, the Nordic Development Fund, and South Korea's Ministry of Economy and Finance.
ADB Ventures was established in January this year to support and invest in technology-driven businesses with significant potential to scale and deliver impact while helping ADB's developing member countries to achieve the Sustainable Development Goals.
Its inaugural ADB Ventures Investment Fund 1 has a 17-year fund life and supports early-stage and growth-stage cleantech, agricultural technology, fintech, and health technology businesses. Its focus will be on companies with solutions that can address climate change and empower women.
ADB Director General for Private Sector Operations Mike Barrow said these commitments by some of the world's most forward-thinking development donors will be catalytic in achieving ADB's vision to convene one of the region's largest impact venture platforms.
"As the world battles the COVID-19 pandemic, we believe that our patient-capital venture fund will be a timely shot in the arm for early-stage impact investment in Asia and the Pacific," he said in a statement. (ANI)