Wavemaker Impact raises US$60 million for its maiden fund
CLIMATE tech venture builder Wavemaker Impact announced the final close of US$60 million for its first fund on Tuesday (Dec 5), more than 2.5 times its initial target of US$25 million.
Limited partners (LPs) include international development finance institutions and impact investors, such as the United States International Development Finance Corporation, the British International Investment and the Dutch Good Growth Fund (DGGF). Regional LPs include Thailand’s KBank’s venture arm.
“Climate change is no longer merely a problem of technological development, but also of technology adoption, particularly in emerging markets,” said Sonia Srikuruwal, investment manager for DGGF.
The additional capital will be used to expand Wavemaker Impact’s portfolio and make follow-on investments in its best-performing companies till their Series B funding rounds.
The fund’s focus is on startups supporting the decarbonisation efforts in South-east Asia via technology that tackles climate change issues.
Wavemaker Impact has launched and invested in six companies, such as WasteX, dealing with agriculture waste, and Rize, a platform for reducing methane emissions in rice cultivation. The other four are currently in development. The firm said it is on track to finalise its 10th investment by year-end.
A NEWSLETTER FOR YOU
Asean Business
Business insights centering on South-east Asia's fast-growing economies.
Wavemaker Impact is part of the venture capital firm, Wavemaker Group, which includes Wavemaker Partners. By 2035, the venture builder aims to lower the global carbon budget by 10 per cent.
“There is a paradigm shift in the investor community’s perspective, with a growing belief that climate tech ventures can be profitable, high growth investments that significantly contribute to the fight against global warming. We look forward to working with all our LPs to realise this vision,” said Marie Cheong, founding partner of Wavemaker Impact.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
Grab-led GXBank teams up with Zurich to offer affordable insurance
GoTo eyes private placement of 120.1 billion shares
SoftBank leads US$1 billion funding for UK self-driving startup Wayve
Singapore battles to revive struggling stock market
NSG BioLabs bags US$14.5 million funding; inks tie-ups with Merck, EnterpriseSG
Singapore’s Anywheel gets green light to expand fleet to 35,000