DEEP-tech investor Wavemaker Partners has launched a venture builder aimed at building startups in South-east Asia that tackle climate change issues. The venture builder, Wavemaker Impact, is targeting to raise US$25 million for its first fund.

The founding team comprises individuals who have invested in and helped build over 35 sustainability startups.

They include Steve Melhuish, an impact investor and co-founder of PropertyGuru; Doug Parker, former chief operating officer of autonomous vehicle software startup nuTonomy; Wavemaker's South-east Asia managing partner Paul Santos; and Quentin Vaquette and Marie Cheong, who built more than 10 climate-tech startups during their time at Engie Factory, the Asia-Pacific venture arm of multinational utility company Engie.

Wavemaker Impact will co-found climate-tech companies with entrepreneurs by contributing its expertise, networks and capital.

"We may opportunistically invest in very early-stage companies - think angel round - but our main mandate is to venture-build," Santos told The Business Times.

Climate change is an existential threat for South-east Asia. The region, home to 600 million people with huge energy needs, requires US$2 trillion of investment this decade to cut emissions and remain competitive, a report by Bain & Co, Microsoft and Temasek found.

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The Wavemaker Impact team said it has identified over 50 areas of opportunity in sectors such as land use and carbon sinks, agriculture and food, industrial processes, and energy.

Said Melhuish: "Unlike other climate funds, we don't just write cheques - we roll up our sleeves and co-found these businesses, helping identify the biggest opportunities, acquire the first customers, develop scalable business models, build product prototypes and build the best teams."