(L-R) Wavemaker Impact founding members Quentin Vaquette, Doug Parker, Marie Cheong, Paul Santos, and Steve Melhuish
Singapore-based climate tech venture builder Wavemaker Impact has announced the first close of its debut fund.
The details remain undisclosed.
At the time of its launch in October 2021, Wavemaker Impact said it targeted raising US$25 million for its first fund.
Its Limited Partners include Pavilion Capital, JG Digital Equity Ventures (the VC arm of the Philippine’s JG Summit Holdings), Kajima Ventures, US-based Grantham Foundation, and many family offices and high net-worth investors in Asia and Europe.
Wavemaker Impact is a climate tech venture builder that co-founds sustainability-focused businesses in Southeast Asia with proven entrepreneurs. Central to its investment thesis is the idea that successful climate tech companies must focus on value creation for their customers, not just emissions reduction.
Also Read: ‘The next generation of unicorns will be from greentech’: Wavemaker Impact’s Steve Melhuish
The VC firm has grown its presence in three key markets in Southeast Asia (Singapore, Indonesia, and Vietnam) and launched four new companies through its venture-building methodology. It plans to launch another eight to 12 new companies in the next two years, funding them from launch to Series A and, in some cases, Series B.
The company also stated that EDB New Ventures, the venture-building arm of the Singapore Economic Development Board, has supported Wavemaker Impact as a new strategic partner. Previously, Wavemaker Impact signed strategic partnerships with Enterprise Singapore (to help it grow its venture-building programme in Singapore) and the United Nations Development Programme (to assist it in stage-appropriate impact measurement).
Last month, Wavemaker Impact, along with Bill Gates’s Breakthrough Energy Ventures, GenZero, and Temasek, launched an agritech startup that brings together climate tech, agri-food, and venture-building capabilities to accelerate rice decarbonisation in Asia.
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