After raising $15 million in September, Southeast Asian venture builder Wavemaker Impact, which specializes in climate technology, announced the final close of its debut fund at US $60 million.
This represents a 2.5-fold increase over the original US $25 million goal. British International Investment and the US Development Finance Corporation are two of its limited partners.
With the extra funds, Wavemaker Impact plans to grow the companies in its portfolio and keep funding its initiatives.
The venture builder, which was established by Wavemaker Partners in 2021, collaborates with seasoned business owners to create sustainability-focused startups with the objective of lowering global emissions by 10% by 2035.
It has made investments in six startups so far, including WasteX, Agros, Rize, Helios, Bumi Baru, and RegenX. Four more deals are expected to be closed soon. Additionally, Wavemaker Impact is establishing its first businesses in Australia and India.
Its goal is to create “100×100” ventures, which means that each startup can generate US $100 million in revenue while cutting 100 million tonnes of carbon emissions.
“There’s a paradigm shift in the investor community’s perspective, with growing belief that climate tech ventures can be profitable, high growth investments that significantly contribute to the fight against global warming,” said Marie Cheong, founding partner at Wavemaker Impact.
In addition to creating over 15 companies from the ground up, Cheong and the Wavemaker Impact founding team have invested over $300 million in Asian tech companies.
