Wavemaker Partners, Southeast Asia’s leading early-stage VC firm focussed on enterprise and deep-tech startups, today announced the first close of its third fund at US$60 million.
The firm targets to make the final close at US$100 million.
Blue chip institutions such as Pavilion Capital, the International Finance Corporation (IFC), and Temasek invested in the fund together with the family offices of the Co-founders of Microsoft (Vulcan) and Facebook (EE Capital). Other investors include Singapore’s Keppel Corporation, multi-family office Aglaia Family Office, and Lance Gokongwei, CEO of top Philippine conglomerate JG Summit Holdings.
The new fund aims to invest in 60 new companies with an initial check size of about US$500,000.
Paul Santos, Managing Partner for Wavemaker Partners Southeast Asia, said in a blog post titled Conviction & Momentum. “Most VCs in Southeast Asia invest in consumer tech, and we’re grateful to have had our share of consumer success with Luxola (acquired by LVMH) and Coins.ph (acquired by Gojek).”
“However, 88 out the 109 investments we’ve made since 2012 have been in enterprise and deep tech startups (about 81 per cent). This is where we’ve built our experience, expertise, and network. This is where our conviction and momentum have grown. With this new fund, we are thrilled to have the opportunity to continue to work with many of the best enterprise and deep tech founders in the region,” he added.
Wavemaker has built a wide-ranging portfolio across industry verticals (e.g. financial services, healthcare, food/agriculture), horizontal processes (e.g. HR, sales & marketing, cybersecurity), and technologies (AI, IoT, additive manufacturing). Companies that have received funding from the VC firm include Zilingo, ThinCI, Moka, and CashShield. Other companies showing promising traction include Lynk, Wavecell, Red Dot Payment, Structo, Growsari, Igloohome, and Silent Eight.