HK incubator eyes Southeast Asia for greentech investments

A FabricaX storefront / Photo credit: The Mills Fabrica

The Mills Fabrica, a Hong Kong-based incubator and VC firm, is looking to invest in Southeast Asian greentech startups this year, particularly those in agrifood tech and sustainable textiles.

“While we’re looking out for innovative startups worldwide, we are drawn to Southeast Asia as we’ve seen in the past years the region’s rising ambitions to change the world for the better in these categories,” says Cintia Nunes, the firm’s general manager and head of Asia.

The Mills Fabrica has a maximum ticket size of US$3 million for direct investments, though it doesn’t have a specific number of startups in mind.

It focuses on the circular economy, alternative ingredients, and conscious consumption, as well as novel materials, processes, and manufacturing systems.

Founded in 2018, The Mills Fabrica is the innovation arm of Nan Fung Group, a conglomerate involved in textiles, financial services, and shipping.

The VC firm’s current portfolio includes textiles company Circ, agrifood startup The Supplant Company, and tech fund Bits X Bites.

Nunes told Tech in Asia that over 50% of The Mills Fabrica’s investees have received subsequent financing.

“Aside from capital, we also provide support for businesses by utilizing our team of global industry experts and connections to like-minded manufacturers, retailers, and investors,” she added.

The company also operates a series of “impact retail” stores and event places called Fabrica X in Hong Kong and London. The storefronts showcase and sell innovative tech, introduce new tech concepts, and help educate the public.

Though The Mills Fabrica hasn’t named its next Fabrica X location yet, Nunes says Southeast Asia is “definitely on [its] radar.”

See also: It’s climate science: Atlas Capital bats for greentech in SEA