The co-founders of the companies invested by Wavemaker Impact
Singapore-based climate tech venture builder Wavemaker Impact (WMI) has hit the final close of its debut fund oversubscribed at US$60 million.
The fund, which surpassed its initial US$25 million target by 2.5 times, seeks to drive large-scale decarbonisation efforts in Southeast Asia.
The additional capital will enable the firm to expand its portfolio of companies and continue making follow-on investments in its best-performing ventures to their Series B funding rounds.
Also Read: Wavemaker Impact backs RegenX to promote regenerative farming in SEA
The firm’s latest limited partners (LPs) include the United States Development Finance Corporation (DFC), British International Investment (BII), and Triple Jump/DGGF, three leading international development finance institutions and impact investors.
Beacon Capital, Thailand KBank’s venture arm, and Autodesk Foundation, the corporate philanthropy of Autodesk, also invested in Wavemaker Impact.
To date, Wavemaker Impact has launched and invested in six companies, with another four currently in development. It is on track to finalise its 10th investment by the end of the year and is launching its first companies in India and Australia.
Its current portfolio includes Agros (a sustainable farming platform), WasteX (a distributed biochar technology company), Rize (a platform for farmers to reduce methane emissions in rice cultivation), Helios (a solar mortgage company), BumiBaru (a degraded land flipping company in Indonesia), and RegenX (a regenerative agriculture platform focusing on commodity crops like coffee and cacao).
Also Read: ‘The next generation of unicorns will be from greentech’: Wavemaker Impact’s Steve Melhuish
Marie Cheong, Founding Partner of Wavemaker Impact, commented: “There’s a paradigm shift in the investor community’s perspective, with growing belief that climate tech ventures can be profitable, high growth investments that significantly contribute to the fight against global warming. We look forward to working with all our LPs to realise this vision.”
Wavemaker Impact, backed by Wavemaker Partners, builds sustainability startups with proven entrepreneurs to reduce 10 per cent of the global carbon budget by 2035. Every company that Wavemaker Impact builds is a ‘100×100’ company, a startup with the potential to abate 100 million metric tons of carbon and be a US$100-million revenue business.
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