Singapore-based venture capital firm Wavemaker Partners has reached a $60m close for its third Southeast Asia fund, securing the capital from limited partners (LPs) including infrastructure conglomerate Keppel.
The firm is targeting $100m for a final close and has also received LP commitments from the Singaporean state-owned Temasek, the World Bank-managed International Finance Corporation (IFC), growth equity firm Pavilion Capital, private investor Lance Gokongwei and family offices including Aglaia.
Wavemaker intends to back 60 emerging developers of enterprise and deep technologies through the fund, providing roughly $500,000 per company as a first investment.
The fundraising comes after Wavemaker closed its second Southeast Asian fund at $66m in late 2017, with contributions from Temasek and IFC as well as AddVentures, the corporate venturing unit overseen by building materials producer Siam Cement Group.
Paul Santos, Wavemaker Partners Southeast Asia’s managing partner, said: “[Enterprise and deep tech] is where we have built our experience, expertise and network. This is where our conviction and momentum have grown.
“With this new fund, we are thrilled to have the opportunity to continue to work with many of the best enterprise and deep tech founders in the region.”
