Republic of Korea Expands Funding for ADB Ventures to Support Climate Tech Startups in Asia
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The Republic of Korea’s Ministry of Economy and Finance has pledged $3 million to expand the ADB Ventures Seed program which provides catalytic funding to early-stage companies with tech-enabled solutions to validate and deploy their operations in developing Asia.
ADB Ventures is the venture arm of the Asian Development Bank (ADB), that invests in growth and early-stage companies contributing to climate impact in developing Asia. Its anchor investors include Finland’s Ministry of Foreign Affairs, the Republic of Korea’s Ministry of Economy and Finance, the Korea Venture Investment Corporation, the Clean Technology Fund, and the Nordic Development Fund.
“The Republic of Korea’s generous support for the ADB Ventures Seed program will greatly enhance our capacity to support a robust pipeline of investment-ready companies and catalyze venture capital for climate impact,” said ADB Director General for Private Sector Operations Suzanne Gaboury. “This catalytic funding will support the best climate tech entrepreneurs whose solutions can deliver transformative climate impact in developing Asia and the Pacific.”
See related article: ADB Announces New Program to Accelerate Billions in Climate Change Financing
Since the launch of ADB Ventures in 2020, the Seed program has funded over 30 companies operating in almost 20 ADB developing member countries in a range of sectors including e-mobility, energy efficiency, climate-smart farming, climate-related financial technology solutions, and with a focus on investments that improve the lives of women and girls.
“ADB Ventures is a crucial initiative that has the potential to drive significant growth in social impact investment. It represents a unique opportunity to bridge the gap between profitability and public interest, creating value for all stakeholders involved,” said the Director General for Development Finance at the Republic of Korea’s Ministry of Economy and Finance Kyunghee Kim.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.