Mandiri, Investible launch climate tech fund
Mandiri Capital, the venture arm of Indonesia’s Bank Mandiri, and Australia-based VC firm Investible have launched a climate technology fund of unspecified size.
Mandiri and Investible will co-manage the fund, which will invest globally but with a special interest in alleviating climate-related pressures on Southeast Asia and Oceania. Cores sectors include energy, transport, buildings and cities, industrials, food, agriculture, and forests and land use.
The idea is to leverage strengthening economic ties between Australia, Indonesia, Singapore, and the broader region. Last year, Australia launched a plan to boost trade with the region through 2040. About 30% of the fund will be deployed in Indonesia.
“Indonesia offers significant growth potential and a diverse and dynamic start-up landscape, which, alongside the mature deep tech and research-based ecosystem of Australia and Singapore’s established hub for commerce, capital and climate innovation, demonstrate the region’s potential to be a climate tech leader,” Investible CEO Rod Bristow said in a statement.
Investible, which established a Singapore office in 2018, is an active investor in Southeast Asia. It launched a climate tech strategy in 2021, which has backed 19 early-stage companies to date. Indonesian investees include food logistics company EdenFarm, skills training provider Rakamin Academy, marketing platform BintanGO, and in jobs portal MyRobin.
For Mandiri, the fund is a continuation of its Indonesia Impact Fund, which launched in 2021 with a target of USD 25m. That fund collaborated with the UN on implementing an impact measurement framework for portfolio companies. Standout investments include insurance technology platform Qoala, which raised USD 65m last year.
“Our deep-rooted relationships with investors across Indonesia will serve as the cornerstone for this venture, with the aim of elevating and supporting climate tech companies to a global stage,” Dennis Pratistha, CIO at Mandiri, added.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.