SINGAPORE, June 1, 2021 /PRNewswire/ -- The Asian Development Bank (ADB) is a key player in resolving Asia and the Pacific's biggest development challenges. In early 2020, ADB set up a new venture arm, ADB Ventures, to invest in technologies with the ability to contribute positive and scalable impact on climate change, gender equality, and the Sustainable Development Goals in emerging Asia and the Pacific.
Plug and Play is partnering with ADB Ventures to help identify, validate, and invest in these high-potential technologies. Plug and Play and ADB Ventures will collaborate to identify cleantech, clean energy, sustainable agriculture, food, inclusive fintech, and inclusive healthcare solutions with potential to scale to US$100 million topline or more.
Plug and Play's global expertise and network is unique in bridging the startup ecosystem with Corporations and key stakeholders across most major markets. Plug and Play will leverage its stakeholder network to validate targeted startups' ability to grow in emerging ASEAN economies such as Indonesia, the Philippines, Thailand, and Vietnam.
"Our vision is to crowd in more than US$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. 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," said Suzanne Gaboury, ADB's Director General for Private Sector Operations.
"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," said Sherwin Pu, who leads ADB Ventures.
"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."
ADB Ventures and Plug and Play's commitment to achieve a more sustainability future, goes beyond this partnership. In collaboration the parties will bring together Corporations, Governments and Investors to participate in regional Accelerator programs to create substantial technological advancements and impact across multiple markets in Asia Pacific. ADB Ventures and Plug and Play look forward to onboarding more partners to join this vision.
About the Asian Development Bank
The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. https://www.adb.org/
About ADB Ventures
ADB Ventures is the venture arm of the Asian Development Bank (ADB), focused on investing in early-stage technology companies solving big development problems in emerging Asia and the Pacific. ADB Ventures' inaugural $60 million equity fund invests up to $4 million initially in highly scalable, technology-enabled solutions that contribute positive impact on climate change and gender equality. ADB Ventures aspires to crowd in more than US$1 billion of risk capital to contribute to the achievement of the Sustainable Development Goals by 2030. For more information, visit: https://ventures.adb.org/
About Plug and Play
Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in more than 30 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 30,000 startups and 500 official corporate partners, we have created the ultimate startup ecosystem in many industries. Companies in our community have raised over US$9 billion in funding, with successful portfolio exits including Danger, Rappi, Dropbox, Lending Club and PayPal. For more information, visit: https://www.plugandplayapac.com
