- Southeast Asia-focused VC firm Wavemaker Partners is nearing its $150 million target for its fifth fund.
- Wavemaker has secured about $100 million.
- Since 2003, Wavemaker has established itself as a top early-stage investor in Southeast Asia.
Wavemaker’s fifth fund = US$150 million target
Southeast Asia-focused venture capital firm Wavemaker Partners is riding a fundraising wave, nearing its target of US$150 million for its fifth fund, according to sources familiar with the matter.
This marks a significant increase from its previous fund’s size of US$136 million and highlights investor confidence in the region’s early-stage tech scene.
Wavemaker has already secured around US$100 million in commitments and aims to close the remaining US$50 million within the next few quarters.
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Diverse investor base
The fund has attracted both returning and new limited partners, diversifying its investor base further. Long-standing LPs like Temasek, International Finance Corporation, and Pavilion Capital remain on board, while new players like DEG and Siguler Guff add fresh perspectives.
Sources indicate that Wavemaker is particularly excited about “interesting deal flow” in the enterprise, deep tech, and sustainability sectors, reflecting their decade-long experience in these areas.
Investments from the new fund are already underway, with Meiro, Vama, and Zuno Carbon being named examples.
A decade-long journey in Southeast Asia
Since its inception in 2003, Wavemaker Partners has established itself as a leading early-stage investor, pouring funds into over 400 companies across Southeast Asia.
Headquartered in Singapore and Los Angeles, the firm has raised over US$600 million across multiple funds. Recently, they launched Wavemaker Impact, a dedicated climate tech venture builder, which secured its own US$60 million fund in December 2023.
Wavemaker’s successful fundraising reflects the burgeoning opportunities in Southeast Asia’s vibrant tech ecosystem. The firm’s ability to attract both established and new investors underscores its robust approach and positions it well to continue supporting innovative startups in the region.
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