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Wavemaker Partners bags USD 111 millions for its third SEA fund

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

Photo: Wavermaker Partners Managing Partner Paul Santos (R) and Operating Partner Sui Ling Cheah (L) at Wavemaker Partners' annual startup showcase #Wavemakers 2019 held in Singapore in January.

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.”

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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 Coins.ph 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