ADB Ventures announces its first investments

The Asian Development Bank’s new venture arm, ADB Ventures, has announced its first investments.

India-based electric vehicle manufacturer and fleet operator Euler Motors has raised $9.4 million in Series A funding with participation by ADB Ventures, Blume, Inventus, and other investors.

And India's Smart Joules, whic provides energy efficiency-as-a-service for large hospitals and commercial buildings, raised $4.1 million in its Series A financing led by Sangam and ADB Ventures. Max I. Limited and other angel investors also participated in this round. The investments were made by the ADB Ventures Equity Fund, which is ADB Ventures’ first investment fund.