Komunidad to scale climate tech products with venture debt deal with Global Innovation Fund
Komunidad Global is looking to scale and further the reach of its climate tech solutions as it enters a venture debt partnership with London-based Global Innovation Fund (GIF).
Global Innovation Fund has announced that it will inject 500,000 USD in Komunidad to support its climate resilience products, which include early warning systems and weather data analytics platforms in climate-vulnerable Philippines.
GIF is a London-based non-profit innovation fund that invests in the development, testing, and scaling of innovations that aim to improve the lives of the world’s poorest communities.
Launched in 2014, GIF seeks out developers and innovators that can help empower the world’s poorest, or those living on less than 5 USD per day. With capital backing from governments, private sector foundations and philanthropists, GIF has invested in 69 innovations and is on track to improve the lives of over 156 million people annually by 2033. It has offices in Washington D.C., Nairobi, and Singapore.
Komunidad COO Allister Ayque said GIF’s support to them signals a boost for climate tech start-ups to improve their innovations and further the reach of their software as solutions products across the globe.
“Imagine the scale of what we can do. If this works in the Philippines, which is number one in the World Risk Index, why not use our solutions to approach other countries in similar situations?,” he said, adding: “The support of GIF encourages others, particularly impact investors, to work with Komunidad on this journey. GIF’s support means we can access the support we need to scale and grow our innovation to other countries as well.”
Ayque stressed that the Philippines remains at the top of the list of climate vulnerable countries. “There is a lack of early warning systems which aggravates the potential catastrophic impact of disasters,” he added.
Komunidad helps empower local government units, communities, and industries to become more climate resilient through data—which GIF believes is vital for developing countries facing climate impacts.
Ayque continued: “At Komunidad, we have developed products that provide alerts and information for the government and the public. Just by providing people with the internet and a phone, we can give them their own warning system using our app.”
GIF Investment Director Francesco Valente meanwhile noted that the Philippines has been experiencing stronger storms with greater frequency due to the adverse impacts of climate change. But our country continues to face difficulties in disaster risk reduction and management, largely due to lack of “access to localized data, decision-support tools and cost-effective resilience solutions.”
“GIF's investment, the latest from our Innovating for Climate Resilience sub-fund, will provide a credit facility to help Komunidad implement The Phillipines’ disaster preparedness strategy. supporting the business's growth to and maximizing its reach to target beneficiaries,” Valente continued.
