PR88534

MANILA, Philippines, March 17, 2021 /PRNewswire=KYODO JBN/ --

The Asian Development Bank's (ADB) new venture arm, ADB Ventures

(https://ventures.adb.org/), has announced its first two investments. ADB

Ventures invests in early-stage technology companies globally that address

urgent development challenges in emerging Asia and the Pacific.

Euler Motors (https://www.eulermotors.com/) Pvt. Ltd., based in India, is an

electric vehicle manufacturer and fleet operator focused on last-mile

commercial logistics, accelerating India's and Southeast Asia's transition to

sustainable mobility. Euler Motors has raised $9.4 million in Series A funding

with participation by ADB Ventures, Blume, Inventus, and other investors.

Smart Joules (https://www.smartjoules.co.in/) Pvt. Ltd., based in India,

provides energy efficiency-as-a-service for large hospitals and commercial

buildings, delivering savings of up to 40% on energy costs and reducing

greenhouse gas emissions. Smart Joules has 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.

"ADB Ventures will spur high-impact cleantech, agritech, fintech, and

healthtech innovations in developing Asia with its ecosystem building. Our

vision is to crowd-in $1 billion of commercial investment towards the

Sustainable Development Goals by 2030," said ADB Vice-President Ashok Lavasa.

The ADB Ventures Equity Fund received $60 million in funding commitments in

2020 from Finland's Ministry for Foreign Affairs, the Government of the

Republic of Korea, Climate Investment Funds' Clean Technology Fund, and the

Nordic Development Fund. The Fund focuses on climate and gender impact in South

and Southeast Asia.

"The ADB Ventures Equity Fund is the perfect vehicle for Finland to turn our

development priorities into action. The Fund will catalyze private sector

finance to address climate challenges, while integrating gender aspects.

Finland stands together with ADB to meet the region's development challenges,"

said Finland's Under-Secretary of State for Development Policy Elina Kalkku.

"Korea's venture ecosystem has been accelerating the transition toward an

innovative digital and green economy. We look forward to working closely with

ADB Ventures to promote leading clean technologies in the Asia-Pacific region

and achieve mutual prosperity in the post-COVID-19 era," said Deputy Minister

for International Affairs of the Republic of Korea's Ministry of Economy and

Finance Taesik Yoon.

"We see ADB Ventures among those unique vehicles capable of mobilizing public

risk capital and private sector capital, while taking advantage of ADB's

extensive operations and networks for climate innovation," said Climate

Investment Funds Head Mafalda Duarte.

"ADB Ventures represents a timely complement to traditional development

approaches through the involvement of the private sector in addressing critical

climate change challenges. We are pleased to be working with the ADB on this

important initiative that has particular relevance in the post-COVID recovery,"

said Nordic Development Fund Managing Director Karin Isaksson.

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.

Media Contact:  

John Larkin

Principal Communications Specialist, ADB

privatesectormedia@adb.org  

Nattasuda Anusonadisai

Communications Specialist, ADB Ventures

natt.consultant@adb.org

+66-635835399

Source: ADB Ventures