Wavemaker Partners raises US$30 million in new fund, rebrands

VENTURE capital firm Wavemaker Partners announced it has raised US$30 million in the first close of its new fund, the Wavemaker Growth Opportunities Fund.

The firm is targeting US$60 million for the final close of the fund, with a hard cap of S$100 million. The initial close saw investors such as QLA Investment and Cercano Management coming on as limited partners.

This fund will support startups in the enterprise, deep tech and sustainability sectors in South-east Asia, focusing on Series B funding rounds and beyond.

The firm is also rebranding, with Wavemaker Partners as the parent company. There are three fund strategies under it: Wavemaker Ventures, Wavemaker Impact and Wavemaker Growth.

The growth fund strategy seeks to bridge the gaps startups face as they scale.

“With Wavemaker Growth, we’re extending that support to help them navigate the critical stages of scaling up,” said Paul Santos, co-founder of Wavemaker Partners.

In South-east Asia, startups often struggle to secure Series B funding due to a lack of specialised support and capital. Wavemaker Growth intends to invest in eight to 12 companies, with cheque sizes ranging from US$3 million to US$8 million in syndicated rounds of about US$20 million, with other investors.

The fund will strengthen Wavemaker’s existing portfolio.

In addition to Santos, Shiv Choudhury and Koh Xue have been appointed as founding partners of Wavemaker Growth.

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Choudhury is a former managing director at Boston Consulting Group. Koh is investment head at Black Kite Capital, the family office of Koh Boon Hwee, his father.

“We aim to be more than investors; we want to be partners who contribute to the long-term success of startups in South-east Asia’s dynamic tech ecosystem,” said Koh.