Wavemaker Partners hits US$60m first close of US$100m SEA-focused fund, bags Temasek and IFC as investors

WAVEMAKER Partners, an early-stage venture fund focused on enterprise and deep tech startups, has hit a US$60 million first close of its US$100 million fund. Investors in the firm's third South-east Asia-focused fund include Temasek Holdings, Temasek-linked Pavilion Capital and the International Finance Corporation (IFC).

Other investors include the family offices of the co-founders of Microsoft and Facebook, Keppel Corporation, multi-family office Aglaia Family Office, and Lance Gokongwei, chief executive of Philippine conglomerate JG Summit Holdings.

Wavemaker anticipates investing in 60 new startups with an initial cheque size of about US$500,000.

Paul Santos, managing partner for Wavemaker Partners South-east Asia, said: "Most VCs in SEA invest in consumer tech, and we're grateful to have had our share of consumer success with Luxola (acquired by luxury goods firm LVMH) and Coins.ph (acquired by Gojek)."

However, 81 per cent of investments the firm has made in South-east Asia since 2012 are in enterprise and deep tech, he said.

"This is where we've built our experience, expertise and network. This is where our conviction and momentum have grown. With this new fund, we are thrilled to have the opportunity to continue to work with many of the best enterprise and deep tech founders in the region."