In June, Los Angeles and Singapore-based venture capital fund Wavemaker Partners raised $60M for the first close of its third Southeast Asia focused fund. Many notable American single family offices were amongst the investors.
Wavemaker’s third Southeast Asia Focused Fund
Wavemaker Partners was founded in 2003 and has – so far – $335M in assets under management. The venture capital firm invested in more than 300 firms in the United States and Southeast Asia. The US fund of the company focuses on enterprise, digital media and consumer startups. Well-known, exited companies include Blue Bottle Coffee, Viagogo, Shift, Akana or Anymeeting. The Southeast Asia fund has a quite similar focus; main verticals are enterprise-focused startups, deep tech & AI and consumer-focused firms. Well-known exits in SEA were Wavecell, Gushcloud or Caarly. In November 2019, Wavemaker Partners invested in Singapore-based startup Hydroleap’s $1.9M funding round. Hydroleap works on innovative wastewater treatment solutions.
Family Offices Invest In $60M Southeast Asia Fund As Limited Partners
Wavemaker raised for its third Southeast Asia-focused fund $60M in June. During the lifetime of the fund, the venture capital firm expects to invest in approximatley 60 new startups with initial investments of $0.5M. Investors include Temasek Holdings, Pavilion Capital and the International Finance Corporation. Also, many notable single family offices invested in the new fund. Amongst others the Paul Allen single family office Vulcan Capital or EE Capital, the single family office of a Facebook co-founder. Also the Aglaia multi family office and the CEO of the Philippine-based JG Summit Holdings (Lance Gokongwei) invested.
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