ACUMEN FUND INC.Status: Approved investment
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Who is our customer
Acumen Fund Inc. (“Acumen”) provides capital to innovative seed or early stage companies in low-income and emerging markets. Acumen will receive a grant from the Access to Energy fund (AEF) and the use of funds will be restricted to investments and non-investment activities that are part of the Pioneer Energy Investment Initiative (“PEII”) managed by Acumen.
What is our funding objective?
PEII has the goal to provide early stage investments in companies providing clean, affordable, renewable off-grid energy solutions. In April 2019, the Dutch Ministry of Foreign Affairs (“MoFA”) approved a commitment of EUR 2.5 mil (USD 2.8 mil) to PEII from the special AEF Non-Revolving Grant Budget, specifically from the EUR 5.9 mil envelope for Early Stage Investment Grants.
Why do we fund this investment?
A grant to PEII will allow AEF to support pre-VC stage companies through investment and value adding activities. This grant funding, also referred to as ‘patient capital’, targets the unserved poor without access to energy and provides AEF with an additional opportunity to strengthen partnerships, learn early stage lessons and bridge the gap between early stage grant funding and follow-on commercial risk bearing funding.
|Date||Total FMO financing|
|12/19/2019||EUR 0.50 MLN|
- Website customer/investment
- Publication date
- Effective date
- Total FMO financing
- EUR 2.50 MLN