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VC

Wavemaker Makes a $60M Splash into Climate Tech

Aileen Lor
Last updated: February 12, 2024 1:48 pm
Aileen Lor
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Contents
New $60M FundParadigm Shift

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​

​

• Wavemaker Impact closed oversubscribed $60M climate tech fund.

• Fund originally sought $25M but hauled in $15M more amid swelling investor appetite.

• Wavemaker Impact can now double down on seeding sustainability-focused founders across more sectors.

Summary

New $60M Fund

Singapore’s Wavemaker Impact closed its debut sustainability fund at $60 million, fueling climate tech founders in SEA amid swelling investor appetite.

The VC builder launched by prolific firm Wavemaker Partners targets hacking 10% off global emissions by 2035.

Wavemaker Impact originally sought just $25 million but hauled in $15 million more this September from backers like the US International Development Finance Corporation.

It has now built or backed 10 startups – including waste management and agritech plays – in Indonesia, India and Australia. The goal is cultivating “100×100” ventures on track to cut 100 million tonnes of emissions apiece while generating $100 million in revenue.

Paradigm Shift

“There’s a paradigm shift in the investor community’s perspective, with growing belief that climate tech ventures can be profitable, high growth investments that significantly contribute to the fight against global warming,” says founding partner Marie Cheong.

She and the launch team have already poured over $300 million into Asian startups while founding 15 companies from scratch.

With outsized early support, Wavemaker Impact can now double down on seeding sustainability-focused founders across more sectors and geographies.

The inflated debut funding proves market forces increasingly back ideas, spurring greener economics and environmentally sound development.

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 VC builder raises 2.5x overplanned fund to accelerate emissions-slashing startups across Asia  

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