Temasek Foundation, Touchstone launch climate startup competition in Vietnam

Photo credit: Touchstone Partners

Touchstone Partners, a Vietnam-based VC firm, and Temasek Foundation have co-launched a global climate innovations competition in partnership with the Ho Chi Minh City Institute for Development Studies.

Called Net Zero Challenge 2023, the program seeks to support climate solutions in Vietnam, which have received less funding compared to other tech sectors, according to a joint statement.

The competition covers three main climate issues: renewables and carbon removal, food systems and sustainable agriculture, as well as circular economy and waste management. Its investor partners include the likes of Singapore-based Pavilion Capital and Indonesia-focused East Ventures.

Participating teams will vie for equity-free grants worth a total of about US$630,000 to pilot their solutions in Vietnam. They will also receive global exposure as well as access to investors, corporate partners, policy makers, and climate alliances.

The competition is open to startups, research teams, corporate projects, and nonprofits that are ready for a large-scale pilot. International teams that have commercialized their solutions elsewhere but want to expand their scope to Vietnam can also apply.

Earlier this year, Temasek Foundation launched a similar competition in Indonesia with East Ventures. Called Climate Impact Innovations Challenge, it aims to provide a platform for startups with sustainable solutions and has a prize pool of around US$650,000.

See also: Mapping Temasek’s role in the startup space (updated)