Wavemaker Partners launches $40.37m fund for SEA Series B startups

It aims to back eight to 12 companies, investing between $4m to $10.76m.

Wavemaker Partners has announced a $40.37m (US$30m) first close of its Wavemaker Growth Opportunities Fund, focusing on enterprise, deep tech, and sustainability startups in Southeast Asia at Series B stage and beyond.

The fund plans to back eight to 12 companies, investing between $4m (US$3m) to $10.76m (US$8m) each, as part of syndicate rounds averaging $26.91 (US$20m), potentially including both equity and debt partners. This aims to deepen investment in companies already within Wavemaker’s portfolio.

Key backers include QLA Investment and Cercano Management.

This move aligns with Wavemaker's rebranding under a unified structure, which now covers Wavemaker Ventures, Wavemaker Impact, and Wavemaker Growth to offer end-to-end support for startups.

The initiative seeks to address the operational and funding challenges often faced by startups at the Series B stage, where specialised regional support has historically been limited.

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