Wavemaker Partners today announced that it has closed its fourth fund at US$136 million, anchored by returning investors Pavilion Capital, Temasek Holdings, the International Finance Corporation, and Vulcan Capital.

In a press statement, the firm said that it has also secured commitments from a diverse investor group, comprising institutional investors, university endowment funds, funds of funds, family offices, corporates, and high net worth individuals. It claims to be the largest fund focused on early stage enterprise, deep tech, and sustainability startups in Southeast Asia.

“We are grateful to our limited partners who have believed in us and stayed with us over the past 10 years, and we welcome the new investors who have decided to take the leap with us. We hope to validate their trust as we continue to back high-growth startups that solve meaningful problems in enterprise, deep tech, and sustainability,” said Paul Santos, Managing Partner at Wavemaker.

In addition to the closing of the fourth fund, Wavemaker Partners also announced the appointments of Melissa Ho to Principal and Phuong Tran to VP for
Investments and Country Head for Vietnam.

In this role, Ho will lead the firm’s whole investment team, as well as sit on the boards of portfolio companies, while Tran will lead Vietnam investments for Wavemaker and solidify the VC firm’s efforts in the country, according to the firm.

Also Read: SEA tech founders playbook: A to Z of becoming a fundraising legend (Part 2)

Making waves in the ecosystem

In November 2021, Wavemaker Partners launched a climate tech venture co-builder called Wavemaker Impact. Teaming up with Enterprise SG, they aim to work with at least 12 climate tech companies over the next three years.

The firm puts its focus on enterprise, deep tech and sustainability startups. Out of the 170-plus companies it has invested in since 2012, it said that about 150 (85 per cent) are in enterprise, deep tech and/or sustainability.

Wavemaker Partners said has delivered more than 10 exits so far with an aggregate enterprise value of over US$700 million. These exits include mobile point-of-sale system Moka (acquired by Gojek), cloud communications software company Wavecell (acquired by 8×8), inventory and order management platform TradeGecko (acquired by Intuit), and online payment solutions provider Red Dot Payment (acquired by PayU/Naspers).

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Image Credit: Wavemaker Partners

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