In brief: Temasek-founded ABC Impact makes UK cooltech deal

ABC Impact, a Singaporean impact firm founded by Temasek Trust, raised $289m for its debut fund in 2019.

ABC Impact, an impact firm founded by Temasek Trust – the philanthropic arm of Singapore’s state-backed investor – has invested in a UK-based developer of cooling technology for data centres.

Iceotope reduces the energy and water needed to cool data centres, according to a statement from ABC. “We see vast potential to deploy this technology in Asia, especially in regions with tropical climates… [as] data centres in Asia [are] set to proliferate,” said ABC’s chief investment officer, Tan Shao Ming.

Singapore-headquartered ABC raised S$405 million ($289 million; €283 million) in 2019 from investors including Temasek, Temasek Trust, Pavilion Capital, Mapletree Investments, Seatown Holdings and Sembcorp Industries. The firm has a mandate to address climate change, resource scarcity and social inequality, and invests along themes such as financial and digital inclusion, health, education, climate, water solutions, sustainable food and agriculture and smart cities.

The deal marks ABC’s first UK investment: the firm typically invests in China, Southeast Asia and South Asia. ABC led the $36 million funding round, which also saw participation from Northern Gritstone – a venture capital fund seeking to close the UK’s regional wealth gap – British Patient Capital, Pavilion Capital and several corporates.