Wavemaker SEA Fund II pulls in US$5 million from IFC

Wed Aug 16, 2017 - 1:10pm UTC

International Finance Corporation (IFC), the investment arm of the World Bank Group has committed US$5 million to venture capital firm Wavemaker’s latest investment vehicle SEA Fund II.

Based in Singapore, SEA Fund II is on the overall Wavemaker’s fifth fund and the second Southeast Asia-focused vehicle that will target ventures related to B2B and B2B2C operations in the Philippines, Malaysia, Thailand, and Indonesia.

Aside from IFC, the latest fund is also sponsored by a US$15 million anchor investment by Wavemaker Partners III L.P., a limited partnership formed in the United States as well as North American venture capital investor Tim Draper.

The 58-year old investor who co-founded Draper Fisher Jurvetson (DFJ) and Draper Associates, is known for his investments in some of the most renowned tech companies in the world, including Hotmail, Baidu, and Tesla.

The fund manager of Wavemaker SEA Fund II is Wavemaker Pacific Partners which is primarily owned by Paul Santos, the Managing Partner at Singapore and Eric Manlunas and David Siemer, the Managing Partners at Los Angeles.

“The fund has already been deployed to about 40 companies,” said Paul Santos. “In total, the firm is hoping to hit 80 startups, injecting seed to pre-series A fundings.”

Wavemaker Partners is among the active technology investors in the region and has 10 portfolio companies which count Indonesia as a key market. The company reportedly has at least five successful exits in the last two years including Luxola and Pie.

Launched in 2003, Wavemaker has made investments in more than 54 companies. Following this investment, the dual-headquartered company based in both Singapore and Los Angeles will now manage more than US$150 million in assets under management (AUM).

On the other hand, IFC has been increasingly active in the venture funding space. It has made capital commitments to venture funds in the region through its IFC Startup Catalyst program. Just last week, IFC has invested us$7.5 million in EMIA’s fund targeting Cambodia, Laos, and Myanmar.

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