Crossborder early-stage VC firm, Wavemaker Partners has closed its fourth fund at US$136 million.
The fund exceeded the firm's US$120 million fundraising target, bringing its total assets under management to more than US$300 million.
Wavemaker mentioned that the new fund is the largest of its kind that focuses on Southeast Asia's early-stage enterprise, deep tech, and sustainability startups.
The fund is contributed by returning investors including Temasek, Pavilion Capital, the International Finance Corporation, and Vulcan Capital.
Wavemaker Partners' Background
- Since 2012, Wavemaker Partners has invested in over 170 companies, with around 150 of them in the deep tech, enterprise, and sustainability sectors.
- To date, the firm has completed more than 10 exits with a total value of more than US$700 million.
- Among the exits include Indonesian point-of-sale system Moka, which was acquired by Gojek, and the cloud communications software business Wavecell, which was acquired by 8x8.
- The firm's notable portfolio companies include agritech business, Fishery, e-commerce platforms Growsari and GudangAda, and crime-detecting artificial intelligence firm, Silent Eight.
"We are grateful to our limited partners who have believed in us and stayed with us over the past 10 years, and we welcome the new investors who have decided to take the leap with us," Wavemaker managing partner, Paul Santos said.
Melissa Ho, who has recently been promoted to principal, joins Santos on the team, leading the investment team and sitting on the boards of portfolio companies.
Besides that, the company also promoted Phuong Tran from senior associate to vice president of investments and country head for Vietnam.
