Wavemaker Partners raising $100m third fund, IFC may put in $5m

Paul Santos, Managing Partner, Wavemaker Partners

South-east Asia focused early-stage investor Wavemaker Partners is targeting to raise a $100-million third fund in which International Finance Corporation, a member of the World Bank group, is likely to come in as a limited partner.

DEALSTREETASIA had first reported this development in August last year, that said the firm was looking to raise $80 million to $100 million for its third vehicle, and added that it had begun soft marketing the fund.

According to a filing, IFC, which is an existing backer, is looking to make an equity investment of up to $5 million, not exceeding 20% of the total fund commitments.

Wavemaker Pacific 3, L.P. or Wavemaker SEA Fund III is focused on seed-stage investments primarily in B2B companies led by exceptional entrepreneurs creating superior value by leveraging technology to deliver high-impact automation, data & intelligence.

B2B and deep tech-focused Wavemaker Partners, managed by Paul Santos and Eric Manlunas, had last raised $66 million for its second Southeast Asia vehicle in October 2017, exceeding its $50-million target. The firm has invested in 75 companies from the second fund. Limited partners in the second fund included Singapore-based Temasek Holdings, World Bank’s International Finance Corp, Tim Draper, and top corporates and family offices from the region.

Wavemaker typically makes small investments at the seed stage, with an average ticket size of around $250,000. Portfolio companies include fashion and lifestyle marketplace Zilingo, enterprise fraud management solution provider CashShield, 3D printing startup Structo, and artificial intelligence, AML solutions provider SilentEight.

Its prominent exits include cosmetics e-commerce startup Luxola that was acquired by LVMH, work chat app Pie (bought by Google) and mobile advertising startup Art of Click (sold to Xurpas for $45 million). About 80 per cent of Wavemaker’s portfolio comprises startups in the B2B space while over 20 per cent is in deep tech.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.