Asian Development Bank’s new investment arm ADB Ventures has raised $50 million from development partners, exceeding its fund close target.
ADB Ventures will commence operations using capital secured from Finland’s Ministry for Foreign Affairs, the Clean Technology Fund, the Nordic Development Fund, and the Republic of Korea’s Ministry of Economy and Finance.
ADB formed the venture arm in January 2020 to invest in innovative technology startups in the clean energy, agriculture, fintech and health industries over a period of 17 years.
Finland’s Minister for Development Cooperation and Foreign Trade Ville Skinnari said: “ADB Ventures underlines Finland’s longstanding support for clean technology investments in emerging markets. It provides a new mechanism to leverage best-in-class clean technologies, including many from the Nordics, for climate and gender impact.”
Nordic Development Fund Manager Aleksi Lumijärvi said: “Nordic Development Fund is pleased to expand our Asian Development Bank partnership to private sector operations. We have supported this innovative facility from the early concept design phase because we believe it will unlock exciting new avenues for progress on climate, gender, and the Sustainable Development Goals.”
ADB Director General for Private Sector Operations Mike Barrow said: “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.”