AddVentures, the corporate venture capital arm of building materials supplier Siam Cement Group (SCG), has invested in a $66m fund closed by US-based venture capital firm Wavemaker Partners today.
International Finance Corporation, the private investment arm of World Bank, provided $10m for the fund. Singaporean-state owned firm Temasek Holdings also contributed, as did as undisclosed additional investors.
The fund, which was oversubscribed from its $50m target, will focus on early-stage business-to-business (B2B) and deep technology startups in Southeast Asia, Wavemaker said.
Wavemaker has already invested in companies including financial services platform Coins.ph, cloud communications software developer Wavecell and car sharing service Smove through the fund.
Joshua Pas, managing director of AddVentures, said: “We chose to invest through Wavemaker Partners because of the reputation it has built through the results it has delivered – namely portfolio exits and up rounds.
“We share their interest in B2B and deep tech startups and hope to co-invest and leverage SCG’s network to help them scale.”