Timothy Draper, a Silicon Valley venture capitalist (VC), known for his investments in Hotmail, Skype and Baidu has disclosed to business publication VentureBeat that he is targeting increased deals flow in Southeast Asia, as well as acquiring new talent for his board of directors.
According to a VentureBeat report, Draper has invested in excess of a million dollars in VC firm Wavemaker Partners, which is based in Santa Monica and operates offices in Singapore under the brand Wavemaker Pacific. According to the report, the investment is in the capacity of being a limited partner, with the funds split across their Wavemaker Partners 3 and Wavemaker Labs funds.
This comes in the aftermath of integrating Wavemaker into the Draper Venture Network. In a statement to VentureBeat, Draper said, “Some of my best investments have come from outside the US, like Baidu (China) and Skype (Estonia). I want to find another one in Southeast Asia, together with Wavemaker.”
Wavemaker Pacific is led by former serial entrepreneur Paul Santos, with a focus on deals in the Association of Southeast Asian Nations (ASEAN). Currently, Wavemaker Pacific is focused on raising a third fund valued at $50 million, with a strong Asia Pacific (APAC) focus.
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Santos has led investments into successful ventures like online cosmetics startup Luxola, inventory management software startup TradeGecko and marketing network Gushcloud. According to the report, Santos wishes to shift into a more active role with portfolio firms, by helping them leverage on the resources of teh Draper Venture Network, as well as influence its leanings with reference to startup ventures from emerging markets like Southeast Asia.
In addition, Santos was asked to join the Draper Venture Network by managing director Gabe Turner, who stated to VentureBeat: “Paul represents the dynamic region of Southeast Asia, where his ability to help innovators succeed among growth opportunities and challenges will be of utmost value in helping to grow our network globally.”
By comparison, earlier funds raised by Wavemaker in 2003 ($8 million) and 2011 ($20 million) had a much smaller focus on Asia. with a reported five per cent of the first fund being spent on Asian deals and approximately 15 per cent of the second fund being deployed to Asian investments. Their third fund is expected to allocate at least 30 percent of its capital to APAC investments, according to the report.
Wave maker is also adding to new directors to its board, to strengthen its capabilities as an early-stage fund in the Asia Pacific. The two directors are serial entrepreneur and VC Dado Banatao and Lee Kheng Nam, the deputy chairman of Vertex Venture’s, chairman of IIPL’s Investment Committee, and a venture partner at Global Granite Ventures.