Sydney VC fund Investible is gearing up to launch a new global climate tech fund in a partnership with Mandiri Capital Indonesia (MCI).
MCI is the VC subsidiary of Indonesia’s largest financial institution, Bank Mandiri. The joint venture Mandiri-Investible Global Climate Tech Fund will support and back climate tech startups in the Southeast Asia and Oceania regions and beyond.
It’s two years since Investible, which last week was part of the opening of the Sydney Greenhouse climate tech hub, launched its Climate Tech Strategy, and $100 million climate tech fund.
Since then the VC has looked at more than 3000 deals across 20 countries, investing in 19 early-stage startups through the fund, including female-founded threatened species startup Xylo Systems and most recently, an $8 million Seed round for Western Australian battery recycling startup Renewable Metals.
Investible CEO Rod Bristow said the new joint venture fund will offer a sustainable investment alternative in a region facing significant environmental challenges and immense opportunities, with Indonesia receiving up to 30% of the investments.
“Indonesia offers significant growth potential and a diverse and dynamic startup 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,” he said.
“MCI recognised the unique opportunity presented by Investible’s proprietary early-stage investment process, methodology, global networks, and experience as an early-stage climate tech investor. We are excited to be further establishing our on-ground presence in Indonesia to bring this investment strategy to life.”
Investible has been investing in Southeast Asia, via its Singapore office, since 2018 and has backed several Indonesian startups including Eden Farm, Rakamin Academy, BintanGO, and in MyRobin — a recent exit for Investible’s Fund 2.
Mandiri Capital Indonesia’s chief investment officer, Dennis Pratistha, said the partnership with Investible aligns with their strengths and shared vision for climate tech.
“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,” he said.