Wavemaker Partners eyes $150m raise for next fund: sources

Wavemaker Partners co-founder Paul Santos / Photo credit: Paul Santos’ LinkedIn page

Wavemaker Partners, a VC firm focusing on early-stage investments in Southeast Asia, is nearing its target of US$150 million for its fifth fund, sources told Tech in Asia.

The firm has reportedly secured commitments of around US$100 million so far, and it intends to raise the remaining US$50 million within the next couple of quarters. The total amount exceeds that of Wavemaker’s Fund 4, which the VC firm closed in March 2022 at US$136 million.

Fund 5 has attracted a mix of returning and new limited partners (LPs), the sources added.

Long-standing Wavemaker LPs, including Temasek, the International Finance Corporation, and Pavilion Capital, have returned for the new fund. Additionally, new partners such as DEG and Siguler Guff have joined, further broadening the firm’s investor base, according to the sources.

The sources said Wavemaker continues to see “interesting deal flow” in the enterprise, deeptech, and sustainability sectors – areas where it has over a decade of experience.

They added that Wavemaker has started investing from the new fund, including deals such as Meiro, Vama, and Zuno Carbon.

Since its establishment in Southeast Asia in 2012, Wavemaker has backed more than 190 companies across Southeast Asia, including agritech startup eFishery, Indonesia’s newest unicorn; B2B ecommerce platform Growsari in the Philippines; and anti-financial crime AI company Silent Eight based in Singapore.

It recently launched Wavemaker Impact, a climate tech venture builder, which closed its own fund in December 2023 at US$60 million.

See also: The hidden alliances between Southeast Asia’s VCs, uncovered