High-tech and green-focused Irish firms are being encouraged to apply for a new fund that will help them expand into the Asian market.

ADB Ventures is an investment vehicle that was established by the Asia Development Bank last year, and is focused on areas including agritech, fintech and green technology.

It can offer assistance and grants of up to $200,000, which allows companies to test their products in the Asian market.

The fund can also invest up to $4m in a firm, in return for a minority stake, and describes itself as a "patient venture capital facility" that makes investments over a ten-year period.

It plans for around 80% of its investments to be climate-related, while it wants three-quarters to have a strong female focus.

Later this week it will put out a call at the Global Asia Matters Business Summitt for tech-focused Irish firms that are eyeing an Asian expansion.

It will offer them help navigating regulatory challenges, while also linking them in with local operators.

"We are a patient venture capital facility and are trying to connect start-ups, high-impact technology firms and growth firms interested in coming into AsiaPacific, and helping them to reduce their market entry risks," said Saumya Kailasapathy, ADP Ventures lead on impact tech.

"Irish companies breaking into AsiaPacific typically land in China, but typically they have no knowledge on how to approach South and South-East Asian markets such as India, Thailand and Myanmar, where there are huge opportunities."