Netherlands-based financial services firm ING set up a €100m ($123m) fund on Thursday aimed at sustainable companies that are working on products and services with a positive environmental impact.
The fund, Sustainable Investments, will invest the money over the next three to four years. It will be sector-agnostic and seek out startups that require capital to scale their operations either organically or through acquisitions.
The vehicle will initially focus on companies in the Netherlands, Luxembourg and Belgium, but long-term hopes to expand to other markets in which ING operates.
Mark Weustink, a director of ING’s Corporate Investments division, will lead and manage the initiative.
Weustink said: “Sustainability has become a strategic priority and board room topic for many of our clients. Our commitment of risk-bearing capital, ranging from junior debt to ordinary equity, enables ING to fill a client need and add to our overall sustainable finance strategy.
“This step enables ING to support our clients who are proactively making changes in their business models to adapt to a more sustainable and energy-friendly way for the future, and further support them throughout their journey.
“We are very keen to make this initiative a success for our clients and will thoroughly review every opportunity we receive.”