Wavemaker to raise $25m for climate tech funding

Wavemaker Partners, an early-stage venture capital firm based in Singapore, has launched a climate tech venture builder called Wavemaker Impact.

The firm looks to raise US$25 million through the initiative and plans to help launch companies that aim to reduce 10% of global emissions by 2035.

Founding members of Wavemaker Impact (from left) Quentin Vaquette, Doug Parker, Marie Cheong, Paul Santos, and Steve Melhuish / Photo credit: Wavemaker Partners

The venture builder’s founding members include Quentin Vaquette and Marie Cheong, who have also worked for sustainability-focused startup investor Engie Factory. Completing the founding team are Wavemaker Partners managing partner Paul Santos, PropertyGuru founder Steve Melhuish, and former NuTonomy chief operating officer Doug Parker.

In a statement, Wavemaker Partners says that the venture builder is the “first of its kind” in Southeast Asia. “Unlike other climate funds, we don’t just write checks. We co-found these businesses, helping identify the opportunities, acquire the first customers, develop business models, build prototypes, and build the teams,” Melhuish said.

According to a report from Temasek, Microsoft, and Bain & Company, Southeast Asia needs around US$2 trillion in investments over the next decade to cut emissions. The report cited the necessity for the region to focus on speeding up the transition to green energy, putting a value on its natural resources, and making the agriculture sector more efficient and environmentally friendly.

Last year, Wavemaker Partners also launched an internal initiative called Green Wave to ensure the company’s path toward becoming sustainable.