Inside Southeast Asia's Impact Network: 10 Leading ESG & Impact Investors Driving Positive Change

As Southeast Asia increasingly embraces sustainability, ESG and impact-focused investors are stepping up to back startups championing environmental responsibility, social impact, and inclusive growth. Here’s a closer look at 10 key players powering the region’s sustainable startup surge:

1. LeapFrog Investments

A pioneer in inclusive investment across Asia and Africa, LeapFrog closed its fourth fund (Fund IV) at roughly US $1.02–1.15 billion in late 2024, expected to fuel expansion in healthcare and financial services in underserved markets .

• Notable ESG deal: Jumped into India’s Electronica Finance in a ~US $48M investment to finance rooftop solar loans for SMEs and households. LeapFrog also invested in HealthifyMe, a consumer health and wellness platform providing nutrition and fitness tracking services.

• Average cheque size: Typically tens to hundreds of millions, driven by its $1.02B Fund IV, with a dedicated US $500M climate allocation

2. VinaCapital Ventures

Specializing in cleantech and sustainable finance, VinaCapital backs startups pivotal to Vietnam’s green economy transition though detailed cheque size and recent portfolio data are less publicly disclosed.

• Notable ESG deal: Led the Series A‑3 round in INNOHAS, a plant-based meat alternative innovator, as part of its green-tech push. VinaCapital also funded ELSA Speak.

• Average cheque size: While precise numbers remain private, VinaCapital typically participates in mid-to-large VC rounds ($5M–$20M+) in sustainable infrastructure and energy transition sectors

3. Sweef Capital

Launched in 2021, Sweef’s Southeast Asia Women's Economic Empowerment Fund closed at about US $45 million in 2023, deploying capital to 5–6 growth-stage, EBITDA-positive SMEs earning 30–40% growth per year, and offering technical assistance to seven companies in its portfolio .

• Notable ESG support: Backing growth-stage, women-led SMEs across sustainability and tech, using its proprietary Gender ROI™ methodology. Investments include Teky (Vietnam’s pioneering EdTech platform enhancing digital literacy and STEAM education for children) and Vilo Gelato (Indonesia’s artisan food brand empowering women suppliers and advancing sustainable sourcing).

• Average cheque size: Deploys around US $5–10M per investment, within its US $45M women’s empowerment fund

4. Golden Gate Ventures

Maintaining a robust ESG strategy, the firm invests in healthtech and agritech startups tackling sustainability challenges in the region details on cheque sizes and recent deals are proprietary.

• Notable ESG portfolio: Invested in healthtech and agritech startups improving access to care and sustainable farming especially in Indonesia and Vietnam. They’ve funded Carousell and Alodokter.

• Average cheque size: Series A rounds generally range from US $3M–10M, scaling up in subsequent rounds

5. Wavemaker Partners

Through its Wavemaker Impact initiative, the firm targets climate-focused ventures across early-stage startups. Specific investment amounts remain undisclosed but typically range from seed to Series A.

• Notable ESG initiative: Through its Impact venture builder, it co-founded climate tech startups that deliver measurable carbon abatement. With bets on Silent Eight and Zilingo, their cheque sizes usually land between $500K and $2M.

• Average cheque size: Seed to Series A rounds (~US $1M–5M), aligned with its focused impact strategy

6. East Ventures

Combining digital transformation with sustainability, East Ventures supports startups contributing to both economic vitality and ecological resilience in Southeast Asia. Investment sizes span pre‑seed to Series B across fintech, logistics, and climate-adjacent tech.

• Notable ESG investment: Backed firms like Tokopedia and Xendit that promote digital inclusion and logistics efficiency across the region.

• Average cheque size: Early-stage checks from US $250K–500K, with follow-on investments up to $1M

7. Openspace Ventures

Focused on fintech ventures championing financial inclusion and responsible lending, Openspace promotes economic equity across Southeast Asia. Investments typically range from $1M – $5M at Series A–B stage.

• Notable ESG-aligned deal: Invests in fintechs that promote financial inclusion, responsible lending, and sustainable business growth. Openspace is also an investor of SCB Abacus and FinAccel a leading fintech platform in retail credit across Southeast Asia.

• Average cheque size: Series A–B tickets typically range from US $1M–5M per company

8. 500 Southeast Asia (500 Global)

As part of 500 Global’s regional VC strategy (with US $2.4 billion AUM), 500 SEA focuses on early-stage startups.

• Notable ESG-aligned deal - impact-driven ventures like eFishery (aquaculture agritech improving food sustainability) and fintechs such as FinAccel.

• Average cheque size: Early checks typically range from US $250K–500K with follow-ons.

9. IIX – Impact Investment Exchange

IIX is a Singapore-based impact investment platform bridging finance and development via equity, bonds, and funds.

• Notable ESG instrument: Launched Women’s Livelihood Bond™ Series, including a US $100M bond, generating clean‑energy, gender inclusion, and climate impact. Supported >750,000 lives through clean energy and impacted CO₂ emissions, all with zero defaults reported. IIX has also provided capital to Kinara Capital and Dvara KGFS. Both highlight IIX’s mission to channel capital toward enterprises that drive measurable social outcomes.

• Average ticket size: Ranges from US $50K to US $5M depending on vehicle (e.g. seed co-funds vs. bond issuance)

10. Patamar Capital

Known for financial inclusion, sustainability and gender‑lens investing, Patamar backs early through growth-stage entrepreneurs across Southeast Asia typically investing US $1M–$3M per company in inclusive fintech, agriculture, and health ventures.

• Notable ESG contribution: Invests in early-to-growth stage firms focused on inclusive fintech, agritech, healthtech, and gender-lens entrepreneurship. Investments include Danacita and Topica Edtech Group.

• Average cheque size: Typically US $1M–3M per company in Southeast Asian inclusive economy ventures.

Why They Matter

These investors matter because their capital and strategic guidance accelerate the growth of startups that tackle urgent sustainability issues. By emphasizing ESG criteria, they not only support profitable business models but also ensure long-term, positive societal and environmental impacts.

What Happens Next?

Looking ahead, ESG and impact investing are set to grow exponentially as global and regional regulations intensify and consumers increasingly demand ethical and sustainable business practices. Expect these investors to double down on innovative solutions across sectors like clean energy, sustainable agriculture, digital inclusion, and climate tech.

WOWS Take

The momentum generated by these investors is critical to Southeast Asia's sustainable future. At WOWS, we believe connecting startups with purpose-driven capital is key to accelerating impactful innovation.

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