BOARDROOM
Wagely raises $23mn for daily salary app for workers in Indonesia and Bangladesh…
Asia’s ‘largest financial wellness platform’ closed its latest funding round with a combination of debt and equity financing. The Indonesian company, also operating in Bangladesh, helps workers manage their money better by letting them access their salary after each workday. wagely also allows workers to track their salary and access financial literacy information. Nearly three quarters of the 195mn workers in Indonesia and Bangladesh regularly navigate challenging financial circumstances according to Finextra, so these tools have the potential to help millions mitigate stress and achieve financial empowerment. wagely says it disbursed $25mn in salaries in 2023 across one million transactions and 500,000 workers.
US red state investment funds withdraw over $13bn from Blackrock…
This is the latest move in a nearly two-year campaign by Republican states against the world’s largest asset manager, which currently has over $10tn assets under management. Pension-fund managers in states like Texas and Mississippi say Blackrock’s ESG investment strategies run counter to their home states’ best interests. A representative from the Texas Permanent School Fund commented that Blackrock’s “destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duty to Texans,” while Mississippi’s Secretary of State has accused Blackrock of fraud and hit the New York City-based firm with a cease-and-desist. The order alleges that Blackrock has misled investors in relation to its ESG policies and threatens to impose a multi-million dollar fine on the firm. Other Republican states have criticized Blackrock without divesting capital, like in Kentucky where pension officials stated that such a move would violate their own fiduciary duties.
World Fund raises €300mn for European climate tech companies…
The European climate tech venture capital firm closed its first fund in March with investments from the European Investment Fund, UK Environment Agency Pension Fund, search engine Ecosia and others. Though the raise was originally set for €350mn, the target was revised down due to adverse fundraising conditions. Craig Douglas, Partner at World Fund, told Impact Investor that the fund’s focus on climate was key to his team’s success in reaching larger investors. The fund will make 25-30 investments into startups working on technologies with the potential to disrupt and decarbonise whole industries like food and agriculture, fashion, and housing.
Green steel start-up Electra claims it can make emissions-free iron at commercial scale…
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