Wavemaker Partners: Southeast Asia's enterprise and deep-tech seed leader — investor profile

Wavemaker Partners is Southeast Asia's go-to early-stage investor for the unglamorous, high-conviction bets that others miss — enterprise software, deep tech and sustainability. Its Singapore-led team has operated in the region since 2012, backing more than 200 companies across Southeast Asia with over US$600 million in assets under management.

Overview and thesis

Wavemaker's thesis is simple: true opportunity equals value minus perception. It backs founders with unique insight into markets others underestimate — B2B e-commerce in the Philippines, aquaculture automation in Indonesia, industrial decarbonisation — and helps them scale globally. Around 85 percent of its portfolio sits in enterprise and deep tech, and 95 percent of its active Southeast Asian startups contribute to at least one UN Sustainable Development Goal.

Sectors and stages

The firm invests at pre-seed to Series A in enterprise, deep tech and sustainability, and has now added a growth sleeve: Wavemaker Growth backs companies from Series B onwards, holding a US$30 million first close in February 2026 toward a US$60 million target. The broader Wavemaker network traces to Los Angeles, where the firm was founded in 2003, and has backed 360+ companies globally.

Fund size

Wavemaker states over US$600 million in AUM across its Southeast Asia platform, spanning Wavemaker Ventures, Wavemaker Impact and Wavemaker Growth. It has also generated over US$2 billion in enterprise value through exits. Its limited partners include Pavilion Capital, Temasek Holdings, the International Finance Corporation, DEG, Cercano Management, the US International Development Finance Corporation, British International Investment and Qarlbo Energy.

Notable portfolio

Exits include TradeGecko (acquired by Intuit), and Moka and Coins.ph (acquired by Gojek). Active standouts include eFishery, Growsari — which won back-to-back SVCA VC Deal of the Year awards — GudangAda, Silent Eight and Blue Bottle Coffee from its US book.

Partners and team

Paul Santos, managing partner, established Wavemaker's Southeast Asia office in 2012. The Singapore-led team has become the region's most active enterprise/deep-tech investor, with operational support and a growing network of corporate partners around its founders.

Programs and resources

Wavemaker Impact, launched in 2021 as Southeast Asia's first climate-tech venture builder with a US$25 million target for its first fund, co-founds sustainability businesses with proven entrepreneurs. The firm also runs internal sustainability programmes for portfolio founders, including carbon-footprint workshops and a scaling pledge.