ADB Ventures unveils its first two investments
MANILA -- The Asian Development Bank's new venture arm, ADB Ventures, 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 Pvt. Ltd., based in India, is an electric vehicle manufacturer and fleet operator focussing 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 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 US$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 focusses on climate and gender impact in South and Southeast Asia.