ADB, JICA launch SEEK fund offering Japanese startups up to $400K to expand across Asia-Pacific
What's the deal? The Asian Development BankDealroom has a profile for this one. Try Dealroom → (ADB) has partnered with the Japan International Cooperation AgencyDealroom has a profile for this one. Try Dealroom → (JICA) to help Japanese startups bring technology to developing economies in Southeast Asia and the Pacific. Launched in Nagoya on July 15, the Southeast Asia Emerging Entrepreneurs Kickstart (SEEK) will run through ADB's venture capital arm, ADB VenturesDealroom has a profile for this one. Try Dealroom →.
The money: Eligible companies can receive seed funding of up to $400,000 to move solutions from market exploration to commercial deployment. The program is backed by the High-Level Technology Fund, an ADB trust fund financed by the Government of Japan.
What's the endgame? SEEK targets startups working in clean energy, smart mobility, logistics, sustainable agriculture, circular economy, inclusive finance, and the digital economy. JICA will prepare companies for regional expansion; ADB Ventures supplies the early-stage capital.
Why now? ADB Director General for Private Sector Operations Isabel Chatterton said early-stage companies tackling development challenges often struggle to raise capital in emerging markets. The program initially targets Japan-based startups, tapping the country's technology expertise and growing community of firms focused on Asia-Pacific development.
Selected companies get market-entry support, connections to customers, investors, and partners across the region, plus expert guidance.
The signal: Beyond funding individual firms, SEEK aims to build a replicable model linking startup innovation to development needs. Takaaki Nomoto of Japan's Ministry of Finance said many Japanese startups hold "innovative technologies with strong potential" to address challenges in ADB's developing member countries while opening global markets for the firms themselves.
Read more: thediplomaticinsight.com
Image credit: DFID - UK Department for International Development
