Wavemaker Partners, an early-stage venture capital firm, has reported raising at least $24.5 million from American investors for its fifth fund dedicated to Southeast Asia, according to its filing with the American Securities and Exchange Commission.
The fund, known as Wavemaker Pacific 5 or Wavemaker SEA Fund V, aims to support startups within Southeast Asia’s rapidly expanding technology sector. Introduced in 2023, the fund has already secured commitments from at least eight investors, each contributing a minimum of $131,509, as indicated in the filing.
Founded in 2003 by Eric Manlunas and B. Paul Santos, the firm has since specialized in early-stage investments in enterprise, deep tech, and sustainability startups throughout Southeast Asia. The firm has supported over 190 companies, with more than 170 operating in the enterprise, deep tech, and sustainability sectors.
The firm recently invested in a number of Southeast Asian startups expanding operations to the Philippines, including Malaysian proptech startup LiveIn, Vietnamese fintech platform MFast, and Filipino fintech company Advance.
Wavemaker Partners has already established an extensive portfolio in the Philippines. The portfolio includes B2B platform for sari-sari stores GrowSari, HR solutions provider Sprout Solutions, restaurant management platform klikit, and climate data and analytics software company Komunidad among many others. The firm has played varying roles in propping up these startups as supporting investors and anchors to seed rounds.
The Wavemaker Pacific 5 fund is expected to further expand the firm’s presence in the Southeast Asian startup ecosystem. It will have a special focus on the region’s enterprise, deep tech and sustainability-focused companies.
World Bank Group member International Finance Corporation (IFC) notably announced last November that it was contemplating an equity investment of up to $12.5 million in the fund, with a potential $10-million co-investment envelope also being invested alongside the vehicle.
As per the IFC, the Wavemaker Pacific 5 fund also intends to improve equity access and provide operational value for startups creating innovative and disruptive tech-driven solutions. The IFC may also allocate a minimum of 25% of its investments towards female founders, a first for the fund. This commitment is especially notable considering enterprises led by women in Southeast Asia have historically received less than 9% of equity, according to the IFC.
Wavemaker Partners is reportedly looking at raising a total of $150 million overall for its latest Southeast Asia fund.