Quest Ventures and the Singapore Centre for Social Enterprise (raiSE) said Tuesday they have launched Asia’s first venture capital-backed accelerator programme to provide financial and non-financial support to seed-stage start-ups in the sustainable impact sector, aimed at improving competencies and providing access to regional and global markets.
Both parties said in a statement that the Sustainable Impact Accelerator will select 30 socially impactful enterprises for funding, disbursing a total amount of SGD1.5 million ($1 million).
Under this programme, socially impactful enterprises can leverage private investors’ capital and resources to supercharge their growth and impact beyond existing markets.
Singapore’s Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam highlighted the accelerator as a key initiative that will establish stronger capabilities in the social enterprise ecosystem in Singapore.
“Environmental, social, and governance (ESG) and impact investing are not new concepts in Singapore and the region, but there is still plenty of room for growth. With the growing appetite for sustainable investments, the accelerator programme will benefit both investors and start-ups in tackling important social issues and gaps,” said James Tan, Managing Partner of Quest Ventures.