ADB unveils venture platform to invest in impact technology startups.

ISLAMABAD -- The Asian Development Bank (ADB) Friday approved the establishment of ADB Ventures, a new venture platform that will support and invest in startups offering impact technology solutions,besides contributes to the achievement of the Sustainable Development Goals (SDGs) in Asia and the Pacific.

'This region is brimming with technology solutions to conserve energy, reduce waste, fight climate change, and deliver public services effectively,' said ADB Director General for Private Sector Operations Mike Barrow in a statement received here.

'ADB Ventures will help bring these solutions to market by leveraging our extensive operational networks and filling the risk capital gap facing innovative early-stage companies in developing Asia and the Pacific, particularly smaller and frontier markets.'

ADB Ventures Investment Fund 1, the facility's anchor trust fund, has a target size of $50 million and is accepting contributions from multiple funding sources including bilateral and multilateral development partners.

It will mainly invest in early-stage startups and focus on companies with solutions that can address climate change and empower women. The fund has a 17-year fund life, allowing ADB to invest patient capital into cleantech, fintech, agricultural technology, and health technology solutions.

The Nordic Development Fund, Climate Investment Funds, and the Government of Australia funded project preparation for the ADB...