Wavemaker’s Founding Partner Paul Santos
Wavemaker Partners, a prominent venture capital firm in Southeast Asia, has announced the first close of its inaugural Wavemaker Growth Opportunities Fund at US$30 million.
The fund, with a target size of US$60 million and a hard cap of US$100 million, will focus on supporting high-potential startups in the enterprise, deeptech, and sustainability sectors across Southeast Asia in Series B funding rounds and beyond.
Also Read: Wavemaker Impact launches Numat to transform bamboo into sustainable products
This initiative seeks to bridge the operational and funding gaps that startups often encounter as they scale. Historically, securing Series B funding has been a challenge for many promising startups in the region due to limited specialized support and capital. Wavemaker Growth will predominantly invest in promising companies already within the Wavemaker group’s portfolio.
Wavemaker Growth intends to invest in eight to 12 companies, with individual investments ranging from US$3 million to US$8 million as part of syndicate rounds of approximately US$20 million. These rounds may include other equity and debt investors.
The launch of Wavemaker Growth coincides with a strategic rebranding of the firm, uniting its various investment arms under the Wavemaker Partners brand.
The organization now comprises three distinct fund strategies:
Wavemaker Ventures: Concentrates on early-stage investments in Enterprise, Deep Tech, and Sustainability startups. Since 2012, it has backed over 200 companies across the region, managing over US$500 million in assets and generating over US$2 billion in enterprise value through successful exits. Notable portfolio companies include eFishery, Growsari, Lhoopa, and Silent Eight.
Wavemaker Impact: A climate tech venture builder in Southeast Asia launched in October 2021. It collaborates with established entrepreneurs to co-found startups aiming to reduce the global carbon budget. In December 2023, Wavemaker Impact closed its debut fund at US$60 million, surpassing its initial target by 2.5 times. Portfolio companies include Agros, WasteX, Helios, Rize, Bumibaru, RegenX, Refy, Elevate Foods, MetroElectro, Octayne, Numat, and HiFeed.
Wavemaker Growth: The newly established growth fund aims to support startups scaling from Series B onwards, offering financial backing and strategic guidance to help them overcome operational hurdles and prepare for successful exits.
Also Read: A deep-dive into Wavemaker Impact’s decarbonisation strategies in SEA
In addition, the VC firm has announced that Shiv Choudhury and Xue Koh have joined as founding partners of Wavemaker Growth.
Choudhury, co-founder of Growsari, previously led the regional consumer and consumer tech practice at The Boston Consulting Group (BCG) and held various regional leadership roles at Procter & Gamble (P&G). Koh leads the investment team at Black Kite Capital, a Singapore-based single-family office, and previously worked at Silver Lake and The Boston Consulting Group.
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