WAVEMAKER Impact has clinched US$13 million at the first close of its debut fund, which has a minimum target size of US$25 million, it told The Business Times.

The climatech venture builder, which counts Temasek’s Pavilion Capital as one of its limited partners, co-founds sustainability-focused businesses in South-east Asia. This includes business models which address land use and deforestation, agriculture, mobility, industry, buildings and energy, it said in a press statement on Wednesday (Nov 9).

Its other limited partners include JG Digital Equity Ventures, Kajima Ventures, Grantham Foundation and a number of family offices and high-net-worth investors in Asia and Europe. EDB New Ventures, the venture-building arm of the Singapore Economic Development Board, is also a new strategic partner.

Since its launch in October 2021 by venture capital firm Wavemaker Partners, Wavemaker Impact has extended its presence to Singapore, Indonesia and Vietnam. It has also launched four new companies, with plans to launch another eight to 12 new companies in the next two years and fund them from launch to Series A, and Series B in some cases, it said.