On Tuesday, Silicon Valley industry accelerator Plug and Play announced that it is partnering with ADB Ventures, the venture capital arm of the Asian Development Bank, to finance and develop technologies with a positive, scalable impact on climate change, gender equality, and the U.N. Sustainable Development Goals in the ASEAN economies.
The partnership will focus on clean tech, clean energy, agriculture, food, plus inclusive fintech and health care solutions with potential revenues of at least $100 million, focused initially in the emerging ASEAN economies such as Indonesia, the Philippines, Thailand and Vietnam.
Crowding in
“Our vision is to crowd in more than $1 billion of risk capital by 2030 towards the Sustainable Development Goals – both through our own investments and via our private sector co-investment partners like Plug and Play,” said ADB Director General for Private Sector Operations Suzanne Gaboury, speaking on the partnership. “Once we invest, ADB Ventures can add value through the Asian Development Bank’s robust operational processes, safeguards, extensive networks, and considerable experience as a leading development partner in the Asia-Pacific. We believe this is why early-stage companies should want ADB Ventures in their investment rounds. We can help impactful companies scale faster.”
“ADB Ventures has an insatiable hunger to connect with the best, most innovative, most dynamic, and most scalable impact technology startups in the Asia Pacific. Plug and Play has been a great resource for insights, investment dealflow, and introductions to relevant stakeholders in the region,” ADB Ventures Director Sherwin Pu.
“Plug and Play’s global presence across the globe allows us to access a network that covers more than 36 major cities, spanning more than 15 markets,” said Jupe Tan, Managing Partner of Plug and Play Asia Pacific. “With the launch of our Sustainability vertical out of Singapore, we look connect key stakeholders across all industries, and support in achieving their ambitious commitments. Ultimately our partnership aims to play a part in making the world more sustainable, resilient, and overall better adapt emerging technology startups to scale solutions in the region, focusing on Circular Economy, Carbon Neutrality, Plastic Reduction, and Water Resilience.“
Smart Cities partnership
Last month, Plug and Play announced a partnership with Thailand’s Charoen Pokphand Group (C.P. Group), one of the world’s largest conglomerates with over 200 companies in 21 countries under its corporate umbrella, to collectively develop and promote companies in the Smart Cities verticals. These will include Sustainabitility, Circular Economy, Digital Health, Industry 4.0, Mobility, Internet of Things (IoT), Clean Energy and Real Estate & Construction.
ADB Ventures is currently investing out of its first $60 million equity fund, which makes initial investments of up to $4 million in scalable, tech-enable solutions that contribute positive impact on climate change and gender equality.
Editor’s Note: For additional background on Plug and Play, check out our podcast interview with legendary California technology and real estate investor Rahim Amidi, co-founder of the Amidi Group, which started and owns Plug and Play Ventures.
