Aditya Hadi Pratama · · 2 min readWavemaker Impact hits first close for its $25m maiden fund
Wavemaker Impact, a Singapore-based venture builder that focuses on climate tech, announced that it has hit the first close of its US$25 million maiden fund.
Bloomberg reported that the total amount raised in the first close is around US$13 million.
(From left) Wavemaker Impact founding members Quentin Vaquette, Doug Parker, Marie Cheong, Paul Santos, and Steve Melhuish / Photo credit: Wavemaker Partners
The limited partners of the fund include Pavilion Capital, Kajima Ventures, Grantham Foundation, and JG Digital Equity Ventures – the VC arm of Philippine conglomerate JG Summit Holdings.
Wavemaker Impact also gained a new strategic partner in EDB New Ventures, the venture building arm of the Singapore Economic Development Board.
Launched by Wavemaker Partners last year, Wavemaker Impact aims to build companies that will reduce 10% of global emissions by 2035. The founding members include executives from Engie Factory, PropertyGuru, and NuTonomy, who join Wavemaker Partners managing partner Paul Santos.
Since its establishment, Wavemaker Impact has launched four new companies. It aims to establish another 12 firms by the end of 2024 and invest in them up to their series A and series B stages.
See also: SEA tech companies’ efforts into net zero
Last month, Wavemaker Impact announced a partnership with Bill Gates’ Breakthrough Energy Ventures, along with Temasek and its subsidiary fund GenZero, to create an agritech venture that will focus on rice decarbonization in Asia.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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