Miguel Cordon · · 1 min readWavemaker secures $60m in first close for third fund
Singapore-based early-stage venture capital firm Wavemaker Partners announced the first close of its third fund at US$60 million, out of a target of US$100 million.
Pavilion Capital, the International Finance Corporation (IFC), and Temasek invested in the fund, as well as Vulcan Capital and EE Capital.
Photo credit: Wavemaker Partners
Other investors include Singapore’s Keppel Corporation, multi-family office Aglaia Family Office, and Lance Gokongwei, CEO of Philippine conglomerate JG Summit Holdings.
Wavemaker, which focuses on backing startups focused on enterprise and deep technology, plans to invest in 60 new companies with an initial check size of roughly US$500,000. Wavemaker SEA Fund III will be managed by the company’s managing partners Paul Santos and Eric Manlunas.
In 2017, the VC firm closed a US$66 million fund for Southeast Asia, its second focused on the region. Earlier this year, Wavemaker led a US$3.7 million series A round for Singapore-based hotel management startup Zuzu Hospitality Solutions.
Editing by Eileen C. Ang
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