Setareh Heshmat on the Future of Sustainable Venture Capital

 

In a world increasingly defined by climate urgency and social inequality, traditional venture capital models are being challenged—and reimagined. Leading this paradigm shift in Southeast Asia is Setareh Heshmat, the Director of ESG Investments at one of Singapore’s foremost venture capital firms. With over a decade of experience in impact finance, Heshmat has become a prominent voice in redefining how capital can serve not just profit, but purpose.

A Vision Rooted in Ethics and Impact

Born and raised in Singapore to a culturally rich Persian-Singaporean family, Setareh Heshmat was immersed in the worlds of business and academia from an early age. Her father, a real estate developer, and her mother, a professor of cultural studies, instilled in her both strategic acumen and a deep understanding of social context. That foundation laid the groundwork for her unique approach to finance—where every investment must align with long-term environmental and social goals.

“Capital isn't neutral,” she often says. “It shapes the future. So we need to ensure it’s building the right one.”

Her current role involves managing a portfolio of climate-conscious and ethically driven startups across Southeast Asia. These include ventures in renewable energy, circular economy, sustainable agriculture, and ethical fintech.

The ESG Shift: More Than a Trend

Heshmat believes ESG (Environmental, Social, and Governance) investing is more than a regulatory checkbox—it’s a complete reframing of risk and value.

“In emerging markets, especially in Southeast Asia, ESG isn’t just about compliance,” she explains. “It’s about resilience. Businesses that embed sustainability from day one are more adaptable and ultimately more profitable over time.”

She’s particularly bullish on climate tech, green logistics, and inclusive finance, noting that these areas present both untapped economic potential and urgent global need.

Balancing Data and Intuition

What sets Heshmat apart is her rare ability to blend financial analytics with intuitive leadership. As a CFA charterholder with advanced data analytics training from MIT, she’s fluent in numbers—but her decisions are often shaped by narrative and ethics as much as data.

“When evaluating startups, I look at founder integrity, supply chain transparency, and scalability. But I also listen—really listen—to what motivates the team. Are they mission-driven, or just market-chasing?”

Her approach has helped multiple startups scale without compromising their values, even in highly competitive sectors.

The Next Frontier: A Fund of Her Own

Looking ahead, Setareh Heshmat is preparing to launch her own impact-focused investment fund—with a twist. The fund will prioritize female-led ventures and underrepresented founders in Southeast Asia, a region where access to capital remains heavily gendered.

“I’ve seen brilliant women with game-changing ideas sidelined simply because they don’t fit the traditional mold. That needs to change.”

She envisions the fund as more than capital—it will be a community of mentorship, leadership training, and strategic scaling.

A Model for the Future

In a sector still dominated by short-termism, Setareh Heshmat represents a new kind of investor—one who understands that doing good and doing well are not mutually exclusive. With her blog recently launched to share insights and founder stories, she hopes to inspire the next generation of conscious investors and purpose-driven entrepreneurs.

“Sustainable venture capital isn’t just the future—it’s already happening. The question is, who’s brave enough to lead it?”

Inside the Green Mind: Setareh Heshmat’s Playbook for Purpose-Driven Venture Capital

 

In a world where capital has long been synonymous with cold efficiency and bottom-line thinking, Setareh Heshmat is building something different — something radically intentional. As the Director of ESG Investments at a leading venture capital firm in Singapore, she has carved out a niche that marries ethical vision with financial acumen. Her portfolio is a dynamic mix of climate tech startups, sustainable consumer brands, and impact-driven fintech disruptors. But beneath the surface of deal sheets and pitch decks lies a deeper strategy — a philosophy she calls “purpose-driven venture capital.”

Setareh’s approach doesn’t start with a term sheet; it starts with values. She believes that the most successful startups of the next decade won’t just be agile — they’ll be accountable. In her words, “We’re not in the business of chasing the next unicorn. We’re in the business of building resilient ecosystems. And that means investing in founders who see sustainability not as a marketing tool, but as their company’s operating system.”

Her journey to this mindset wasn’t accidental. Raised in a household where global affairs and ethical discourse were everyday conversations — her mother, a university professor in cultural studies, and her father, a real estate developer who shifted to green infrastructure in the early 2000s — Setareh was primed early for a life of bold ideas grounded in real-world impact. After earning a Bachelor’s in International Business & Finance from the National University of Singapore and a Master’s in Finance & Sustainability from INSEAD, she immersed herself in the world of impact investing. From the beginning, she gravitated toward startups operating on the fringes of traditional venture capital — clean energy in underserved communities, AI-powered supply chains that tracked ethical labor, blockchain tools for environmental monitoring.

In her day-to-day, Setareh doesn’t just evaluate a company’s market size or growth potential. She dives into how they measure environmental impact, how diverse their leadership is, and whether their governance structures are future-proof. She’s known for asking hard questions: “Who’s holding your company accountable when no one’s watching?” or “If you scale 10x, what happens to your carbon footprint?” These aren’t traps — they’re entry points to deeper conversations. And more often than not, they’re what help her identify founders who are building something with lasting integrity.

Setareh’s style of investing is not about policing ideals; it’s about partnership. She embeds herself in the journey of every founder she backs — helping them craft ESG dashboards, navigate B-Corp certifications, or prepare for high-stakes negotiations with investors who may not speak the same sustainability language. Her background in data analytics allows her to bring precision to impact metrics, but she’s also unafraid to lead with intuition. “I’ve walked away from very promising deals simply because something didn’t feel aligned. You learn to trust that gut check — especially when you’ve seen how messy the back end of ‘greenwashing’ can get.”

Her network is sprawling — from climate scientists in Jakarta to female fintech leaders in Ho Chi Minh City. But what ties it all together is her commitment to Southeast Asia’s unique intersection of biodiversity, rapid development, and innovation potential. She’s vocal about the need for localized ESG frameworks, pushing back against Western-centric models that fail to account for the region’s complexity. “Sustainability in Manila looks different from sustainability in Munich — and our investing models need to reflect that nuance.”

Beyond the boardroom, Setareh’s leadership style is deeply personal. She mentors young women navigating the world of finance, speaks at international summits on ethical investing, and still finds time to document her thoughts on a private blog where she writes candidly about the emotional dimensions of money, leadership, and trust. Recently, she’s begun drafting the blueprint for her own sustainable fund — one that will center female entrepreneurs building climate-resilient businesses across Southeast Asia. “It’s not just about funding women — it’s about backing a new kind of leadership. One that’s collaborative, conscious, and rooted in long-term thinking.”

In a field often driven by hype and fast exits, Setareh Heshmat stands apart — not just as a strategist, but as a steward of a different kind of growth. Her playbook for purpose-driven venture capital is not just a framework — it’s a philosophy. One that sees finance not as the enemy of change, but as one of its most powerful levers.

As she puts it, “Smart money doesn’t just follow trends. It anticipates the future — and right now, the future is green, inclusive, and intentional.”

Setareh Heshmat’s Mission to Empower Female Entrepreneurs in Southeast Asia

 In the world of finance and venture capital, women remain significantly underrepresented. Despite the growing number of female entrepreneurs, access to funding and resources remains a challenge. Setareh Heshmat, Director of ESG Investments at a leading Singapore-based venture capital firm, is determined to change that. Her mission is clear: to empower female entrepreneurs in Southeast Asia by ensuring they receive the financial backing and strategic mentorship needed to scale their businesses.

Championing Women in Business

With a background in finance and sustainability, Setareh has spent years navigating the complexities of impact investing. Her extensive experience in evaluating startups, particularly those focused on sustainability and ethical business practices, has made her a formidable force in the venture capital world. However, she has also witnessed firsthand the gender disparities that exist in the industry.

Studies have shown that women-led startups receive significantly less venture funding than their male counterparts, despite generating higher returns on investment. Setareh believes that this gap is not due to a lack of talent or capability but rather to structural barriers that hinder women from accessing crucial funding opportunities.

A Vision for Change

Setareh’s vision is to create a more inclusive investment landscape by prioritizing female-led startups in her ESG-focused portfolio. She actively seeks out businesses founded by women, particularly in the fields of sustainable technology, ethical consumer goods, and impact-driven fintech. Through her leadership, she has introduced initiatives that provide female entrepreneurs with:

• Access to Capital: She ensures that a significant portion of her firm’s investments go towards startups led by women, recognizing their potential to drive innovation and social change.

• Mentorship and Strategic Guidance: Understanding the challenges women face in business, she personally mentors female founders, helping them navigate fundraising, scaling, and sustainable growth.

• Networking and Visibility: By leveraging her industry connections, Setareh introduces female entrepreneurs to key investors, policymakers, and business leaders who can help propel their ventures forward.

Leading by Example

Beyond her investment role, Setareh is an active advocate for gender equality in business. She speaks at industry conferences, writes thought leadership pieces on ethical investing, and collaborates with organizations that support women in entrepreneurship. She also mentors young female professionals who aspire to enter the finance and venture capital space, ensuring that the next generation of women is better equipped to lead.

The Road Ahead

Setareh Heshmat’s journey is one of breaking barriers and challenging norms. By championing female entrepreneurs and advocating for a more inclusive financial ecosystem, she is not only changing the face of venture capital but also paving the way for a new era of impact-driven, gender-inclusive investment.

As she continues to push forward, one thing is certain—her work is not just about funding businesses; it’s about reshaping the future of entrepreneurship in Southeast Asia.