Wavemaker Partners is an early-stage venture firm operating out of Singapore and Los Angeles that invests in Enterprise, Deep Tech and Sustainability companies in Southeast Asia. Its stated approach is contrarian value: it frames opportunity as 'Value minus Perception' and looks for revenue-generating businesses it considers undervalued relative to global comparables, led by founders with a specific industry or technology insight. The firm says it has made over 200 investments since 2012 and that its portfolio has produced exits worth more than US$2B in enterprise value. Wavemaker Partners is the umbrella for several distinct vehicles: the early-stage Wavemaker Ventures funds (the Wavemaker Pacific fund series) which are the core of this record, the growth-stage Wavemaker Growth, the climate-tech venture builder Wavemaker Impact, and the non-profit Wavecrest; Wavemaker 360 Health is a separate healthcare vehicle in the wider Wavemaker family. It is unrelated to Wavemaker Global, the WPP media agency network.
US$500M (total assets under management, stated on wavemaker.vc) AUM70/100 Power Score™2012 FoundedSingapore, Singapore
Eric Manlunas launches Frontera Group in Los Angeles, a US$8.3M angel vehicle anchored by his own capital that becomes the predecessor to Wavemaker Partners (Los Angeles Business Journal).
2012
Paul Santos establishes the Singapore-headquartered Southeast Asia business; the firm dates its regional record from this year - 'Since 2012, we have made over 200 investments' (wavemaker.vc).
2019
Portfolio company Wavecell is acquired by US-listed 8x8 in a deal worth US$125M.
2020
Third Southeast Asia fund closes at US$111M, above target (DealStreetAsia; Bloomberg, July 2020).
2021
Wavemaker Impact, described as Southeast Asia's first climate-tech venture builder, is launched in October with a US$25M target for its first fund (DealStreetAsia, TechCrunch).
2022
Fourth Southeast Asia fund closes at US$136M in March, surpassing its initial target (DealStreetAsia).
2024
Wavemaker Pacific 5, the fifth Southeast Asia fund, is reported in January to be raising against a US$150M target (DealStreetAsia, citing a US regulatory filing).
2024
Wavemaker Growth announces a US$30M first close of its Growth Opportunities Fund on 13 November, targeting US$60M with a US$100M hard cap for Series B and later rounds.