The climate tech-focused venture builder Wavemaker Impact, located in Singapore, announced that it has reached the first close of its US $25 million first fund.
According to Bloomberg, around $13 million USD was raised in the first close.
Pavilion Capital, Kajima Ventures, Grantham Foundation, and JG Digital Equity Ventures—the venture capital division of Philippine conglomerate JG Summit Holdings—are among the fund’s limited partners.
Additionally, EDB New Ventures, the venture development division of the Singapore Economic Development Board, became a new strategic partner for Wavemaker Impact.
Aiming to create businesses that would cut 10% of the world’s emissions by 2035, Wavemaker Impact was established by Wavemaker Partners last year. Along with Wavemaker Partners, managing partner Paul Santos, the founding members include executives from Engie Factory, PropertyGuru, and NuTonomy.
Four new businesses have been formed by Wavemaker Impact since it was founded. By the end of 2024, it plans to launch 12 more businesses and invest in them through the series A and series B phases.
In order to establish an agritech company that will concentrate on rice decarbonization in Asia, Wavemaker Impact announced a partnership with Temasek and its subsidiary fund GenZero, as well as Bill Gates’ Breakthrough Energy Ventures and Temasek.
