Wavemaker Partners bags USD 111 millions for its third SEA fund

Written by Ursula Florene Published on 

Wavemaker’s previous fund was already the largest in Southeast Asia with focus on enterprise and deep tech.

Early-stage focused VC Wavemaker Partners on Wednesday announced the closing of its third Southeast Asia fund. The Singapore-based firm managed to bag USD 111 million, exceeding the initial target of USD 100 million, according to a statement.

The new investor Concentric Equity Partners is joining existing backers that include Pavilion Capital, Temasek, International Finance Corporation (IFC), and Vulcan Capital.

“We’re grateful to be able to achieve our fund target despite the tough economic environment,” said managing partner Paul Santos. “We’re hopeful that our focus on investing in enterprise and deep tech startup teams will pay off in the long term.”

kr asia community

Wavemaker said that the previous fund, SEA Fund 2, was already the largest in Southeast Asia with focus on enterprise and deep tech. Since 2012, the firm has invested in over 130 startups, with one third in deep tech and artificial intelligence. Companies that recently raised funding include construction site management software Novade, B2B FMCG marketplace GudangAda, and laser communications startup Transcelestial.

In 2019, Wavemaker managed to sell for USD 72 million to Gojek, Red Dot Payment to Naspers-owned PayU, and Wavecell for USD 125 million to US cloud company 8×8. In April, point-of-sale startup Moka was acquired for USD 130 million, also by Gojek.

Read this: We will see global champions coming out of Southeast Asia, Wavemaker Partners’ Paul Santos says


You might like these

  • News

    Delivery Hero launches USD 60 million fund for early-stage startups



    13 Jan 2021    11:35 AM

KrASIA InsightsKrASIA Insights

  • What should have been a smooth-sailing ride for WhiteHat Jr after getting acquired by edtech giant Byju’s, it turned out to be a rocky one.


    Coding, campaign, and controversies: WhiteHat Jr’s journey from highflyer to the eye of storm

    By Moulishree Srivastava

    14 Jan 202109:33 AM

Most PopularMost Popular

See All