ADB Ventures raises $50m, exceeding fund capitalization target
ADB Ventures - the new impact investment platform of the Asian Development Bank - will soon begin operations after successfully raising the equivalent of $50 million 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 the Republic of Korea’s Ministry of Economy and Finance.
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.
