Team Wavemaker Impact/ Photo credit: Wavemaker Impact
Wavemaker Impact, a Southeast Asian venture builder focused on climate tech, announced the final close of its debut fund at US$60 million after raising US$15 million in September.
This marks a 2.5x jump from the initial target of US$25 million. Its limited partners include the US Development Finance Corporation and British International Investment.
Wavemaker Impact will use the additional capital to expand its portfolio of companies and continue making follow-on investments in its ventures.
Launched by Wavemaker Partners in 2021, the venture builder works with experienced entrepreneurs to establish sustainability-focused startups with the goal of reducing 10% of global emissions by 2035.
It has invested in six startups – including Agros, WasteX, Rize, Helios, Bumi Baru, and RegenX – and is on track to close four other deals. Wavemaker Impact is also launching its first companies in India and Australia.
It aims to build “100×100” ventures, meaning that each startup has the potential to cut 100 million tonnes of carbon while making US$100 million in revenue.
“There’s a paradigm shift in the investor community’s perspective, with growing belief that climate tech ventures can be profitable, high growth investments that significantly contribute to the fight against global warming,” said Marie Cheong, founding partner at Wavemaker Impact.
Cheong, along with Wavemaker Impact’s founding team, has invested over US$300 million in Asian tech companies while building over 15 companies from scratch.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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