The Danish venture capital firm 3B Ventures invests in high-tech startups addressing the Sustainable Development Goals with blockchain, smart sensors and virtual and augmented reality.
The firm has secured $12 million towards its $60 million target for Frontier Fund II, 3B Ventures James Digby told DealStreet Asia.
“Using AI through a dedicated data driven process, we’re identifying opportunities and selecting our startups and entrepreneurs based on thousands of data points from a network of partners across the globe,” 3B Ventures’ website says.
3B Ventures current portfolio includes drone-based agtech startup Agrieye, which helps small farmers manage usage of pesticides and fertilizers to save costs and preserve soil health; and 5th Element, an early-stage company that makes modular off-grid energy and sanitation systems.
- SDG mission… “We’re looking to make an impact in the lives of the next three billion. It could be the next three billion that will gain access to the internet with their first smartphone, or the next three billion that will move from blue collar to white collar roles or the impacting the lives of the three billion that currently live under $3 per day,” the firm states on its website.
- Pilot fund… 3B Ventures launched last year. To overcome the fundraising hurdles of a first time fund manager, it pitched its investment thesis and tech-based screening approach to Nordic investors with a $500,000 pilot fund. At the time, it had already identified three companies it would invest in.
- Investment profile… 3B Ventures targets pre-revenue and early revenue investments in the $25,000 to $50,000 seed-stage range, with the potential for follow-on investments of up to $2 million.
- Asia operations… The firm has recruited a fund manager for its Frontier Fund IIbased in Kuala Lumpur, Malaysia, where its Asia operations will be based.