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?”
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