One of Southeast Asia’s leading early stage venture capital firms, Wavemaker Partners have announced the closing of its second Southeast Asia-focused fund at US$66M, which was 32% above its original target, with backing from IFC, a member of the World Bank Group.
Paul Santos, Managing Partner for Wavemaker Partners Southeast Asia comments: “We’ve come a long way since we started in Singapore five years ago. In many ways, we went through the same growing pains that startups do. Yet we are encouraged by the results we’ve achieved so far and the response to the fund by investors.”
Wavemaker took a differentiated approach in Southeast Asia, involving more than 80% of its investments were made in seed stage business-to-business (B2B) and deep technology companies led by founders with deep domain expertise. The strategy enabled the company to attract leading global investors like IFC and Singapore’s Temasek, as well as top companies and families from all around the region. IFC’s US$10M investment in the fund is part of a wider effort to support early-stage entrepreneurship, innovation ecosystems, and drive growth in emerging markets in Asia.
Within this new fund’s portfolio, significant follow-on investment rounds have already been raised by several companies. These include:
- Coins.ph, a blockchain-based financial services platform
- Wavecell, a cloud communications platform
- Zilingo, a mobile fashion marketplace which provides tools for sellers.
Three more are expected to close their Series B rounds before the end of the year. Others have already achieved more than $3M in annualized revenues. These include:
- Smove, a free-floating car sharing platform
- Ematic, a provider of intelligent marketing solutions
- Lynk, an expert-driven knowledge sharing platform.