There's more money to be invested in startups.

Wavemaker Partners, the Los Angeles and Singapore-based venture capital firm, has closed its third SouthEast Asia fund at US $111 million, surpassing their target of raising $100 million.

The company, known for investing in enterprise and deep-tech companies, has over $180 million in assets under management (AUM) and has invested in over 130 startups to date.

The new fund has a total of 73 investors, which include Pavillion Capital, Temasek, The World Bank's International Finance Corporation (IFC), Vulcan Capital, and Concentric Equity Partners (new).

Moving forward, Paul Santos and Eric Manlunas mentions that the firm aims to invest in 60 new companies with an initial check size of about $500,000.

“We’re grateful to be able to achieve our fund target despite the tough economic environment,” said Santos. “We’re hopeful that our focus on investing in enterprise and deep-tech startup teams that solve meaningful problems with superior, differentiated offerings and robust unit economics will pay off in the long term.”