DBS and Heritas Capital team up with like-minded investors to bolster social enterprise funding in Asia.
DBS and Heritas Capital have announced the first close of the Asia Impact First Fund (AIFF), which has raised over US$20 million, with a commitment of US$10 million from anchor investor DBS, as well as other like-minded impact-focused family offices, foundations, corporates and high-net-worth individuals.
RELEVANT SUSTAINABLE GOALS
Asia Impact First Fund (AIFF)
The AIFF, which aims to raise US$50 million, plans to provide catalytic growth capital to 10 to 15 social enterprises in Asia, supporting innovative and high-growth social enterprises in the region. The fund seeks social enterprises that have demonstrated social and/or environmental impact under its themes of “Improving lives and livelihoods” and “Protecting the environment,” as well as viable business growth plans to scale their double bottom-line of impact and profitability.
Karen Ngui, Managing Director and Head of DBS Strategic Marketing and Communications said “As a purpose-driven organisation, we are guided by our commitment to help pave the way towards a better world for generations today and tomorrow,’’
‘’Businesses for impact, which pursue a dual bottom-line of profit and impact and are addressing key societal gaps from a systemic level, play an increasingly important role in this. There’s a heightened need to cultivate a strong ecosystem to support their growth – and through the AIFF, we hope to bring together like-minded partners who share our desire to empower more of these innovative and meaningful businesses, and enable them to thrive, scale, and go on to create greater positive impact.”
DBS Foundation found that the lack of financing options often hindered the growth of social enterprises in Asia while working with social enterprises in the region. The AIFF was, therefore, conceived to enable others to participate in plugging the funding gap for social enterprises. The AIFF is expected to be instrumental in bolstering social enterprise funding in Asia, supporting social enterprises in their efforts to create a positive social and environmental impact while maintaining a profitable business.