Wavemaker raises $66m in oversubscribed Southeast Asia tech fund
US-Singaporean venture capital firm Wavemaker Partners has closed a US$66 million fund for Southeast Asia – its second focused on the region.
The new vehicle – which exceeded its initial US$50 million target – has been backed by Singapore sovereign fund Temasek Holdings, the World Bank’s International Finance Corporation, and veteran investor Tim Draper, among others. AddVentures, the corporate venture arm of Thai conglomerate Siam Cement Group, also announced an investment in Wavemaker this week.
Wavemaker has already made follow-on investments through the new fund. Those went into financial services platform Coins, which raised a US$10 million series A round earlier this year; online payments specialist Red Dot Payment, which closed US$5 million in series B funding last month; and fashion marketplace Zilingo, which recently got US$17 million for its series B. The firm said that three more series B rounds are expected to close before the end of the year.
Previous Wavemaker exits include mobile advertising startup Art of Click, which Philippines mobile tech company Xurpas purchased for US$45 million last year, and chat app Pie, which was acquired by Google.
Wavemaker is the third VC firm to have completed a significant fundraising in Singapore this week, as investors see fit to bet big money on Southeast Asia. Temasek affiliate Vertex Ventures closed its third Southeast Asia-focused fund at US$210 million with backing from Temasek, Thailand’s Kasikornbank, and Taiwan’s Cathay Life Insurance.
This was followed by Vickers Venture Partners’ announcement that it had closed a US$230 million fund which will be split between Southeast Asia, China, and India, as well as “deep tech” investments in North America and Europe.
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