Wavemaker closes second SE Asia VC fund at $66m

LPs include Singapore’s Temasek Holdings, AddVentures - the venture capital arm of Thailand-based conglomerate Siam Cement - and the International Finance Corporation (IFC). IFC contributed $10 million as part of an ongoing plan to increase its exposure to the region.

“IFC’s increased focus on supporting innovation, digital transformation and entrepreneurship in emerging Southeast Asia has led us to partner with regional early-stage venture funds,” Pravan Malhotra, IFC’s venture capital lead for Southeast Asia and Asia internet investments, said in a statement. “Wavemaker's differentiated focus on B2B and deep tech will help create new, disruptive innovations that IFC will support through the fund and potentially with direct investments in the future.”

The fund was launched in July 2014 and is expected to be more than 80% invested in seed-stage B2B and deep technology companies led by founders that demonstrate domain expertise. Wavemaker claims to have realized five exits during the past two years.

Previous investments include blockchain financial technology company Coins, cloud communications platform Wavecell, and mobile fashion marketplace Zilingo, all of which have received follow-on investment rounds. Wavemaker said that three additional technology-enabled portfolio companies are expected to close Series B rounds before the end of the year, including Smove, Ematic, and Lynk.

Wavemaker was founded in 2003 and claims to have more than $185 million of assets under management. Earlier this year, the firm 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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• Topics
• Southeast Asia
• Technology
• Fundraising
• Venture
• Singapore
• IFC
• Temasek Holdings
• TMT