Wavemaker Partners, Southeast Asia’s leading early-stage VC firm focussed on enterprise and deeptech startups, has announced the final close of its third Southeast Asia (SEA) fund at US$111 million, exceeding its initial target of US$100 million.
The backers of the new fund include new investor Concentric Equity Partners will join existing ones Pavilion Capital, Temasek, IFC, and Vulcan Capital.
As per an earlier press release, Fund III aims to invest in 60 new companies with an initial check size of about US$500,000.
Since 2012, 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). It has invested in over 130 startups, of which 100 (86 per cent) are enterprise-focused with over 40 (32 per cent) of these in deeptech and Artificial Intelligence.
Companies that have received funding from the VC firm include Zilingo, ThinCI, CashShield, Lynk, Structo, Growsari, Igloohome, Silent Eight, Novade, GudangAda and Transcelestial.
It also has some exits to its name, including Indonesian mobile point-of-sale system Moka (acquired by Gojek), cloud communications software company Wavecell (acquired by 8×8) and regional payments solutions provider Red Dot Payment (acquired by PayU/Naspers).
“We’re grateful to be able to achieve our fund target despite the tough economic environment. We’re hopeful that our focus on investing in enterprise and deeptech startup teams that solve meaningful problems with superior, differentiated offerings and robust unit economics will pay off in the long term,” said Managing Partner Paul Santos.
Wavemaker’s second fund worth US$66 million was one of the largest early-stage fund focused on enterprise and deeptech startups in the region.
The post Wavemaker exceeds initial target to close its third SEA fund at US$111M appeared first on e27.