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IFC proposes $5m commitment to Wavemaker Southeast Asia fund

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The International Finance Corporation (IFC), the investment arm of the World Bank, is considering a commitment of up to $5 million to Wavemaker Partners’ Southeast Asia-focused venture capital fund.

The vehicle, Wavemaker Pacific 1, launched in 2014 with a target of $50 million. IFC's investment is not to exceed 20% of the total fund commitments, according to a disclosure. It will be managed out of Wavemaker's Singapore office and will seek seed-stage investment opportunities in companies in the automation, artificial intelligence, machine learning and other deep technology fields with business-to-business applications.

IFC plans to leverage its sector expertise and portfolio to assist Wavemaker's investee companies, while also helping Wavemaker with fund structuring and ESG principles. The group will also support Wavemaker with advisory services, potential co-investments and follow-on rounds.

Wavemaker, part of the DFJ Global Network, is headquartered in Los Angeles and Singapore. Its Southeast Asia division invests in Singapore, the Philippines, Malaysia, Thailand and Indonesia. Investments include Singapore-based cloud communication platform Wavecell and Thai online fashion retailer Zilingo. The firm has also made several exits in Asia, including Singapore online cosmetics store Luxola, which was acquired by LVMH, and mobile ad firm Art of Click, bought last year by Philippines-based Xurpas.

Last June, Wavemaker took over the venture portfolio of Thailand-based Ardent Capital following its merger with the GP's venture capital arm Ardent Ventures. Ardent retained legal ownership of the portfolio, sharing profits with Wavemaker.

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