Wavemaker Partners Research
Overview
Wavemaker Partners is Southeast Asia's leading venture capital firm, founded in 2012 and headquartered in Singapore. The firm is dedicated to investing in early-stage Enterprise, Deep Tech, and Sustainability startups across the region. With over $600 million in total assets under management and a portfolio of 200+ companies, Wavemaker has become a cornerstone investor in Southeast Asia's technology ecosystem.
Investment Thesis
Wavemaker Partners invests in founders solving meaningful problems that traditional venture capitalists might overlook. The firm's distinctive approach is captured in their philosophy: "We get you. We get it. We got you." This reflects their commitment to understanding founders' visions that extend beyond financial success and their recognition of bold ideas that challenge the norm.
The firm believes in backing:
- Authentic, trustworthy founders with clear impact vision
- Bold, impact-driven teams addressing critical global challenges
- Ever-curious entrepreneurs with innovative perspectives
- Action-oriented, resilient builders across Southeast Asia and increasingly in the US
The firm emphasizes people-first investing, viewing portfolio companies as ventures where founders' deeper purpose and trustworthy partnerships drive success.
Sector Focus
Wavemaker Partners focuses on three primary investment areas:
1. Enterprise Software & Developer Tools
Focused on unsexy but essential B2B solutions that improve operational efficiency, including:
- Supply chain and logistics optimization
- Fintech and payments solutions
- Healthcare administration and biotech infrastructure
- Retail and e-commerce enablement
- Financial services and compliance tools
2. Deep Tech
Investing in technologies with 10x improvement potential, including:
- Hardware and embedded systems
- Climate and clean energy solutions
- Quantum computing and advanced materials
- Autonomous systems and robotics
- Sustainable manufacturing and resource management
3. Sustainability & Climate Tech
A core focus area, including:
- Climate change mitigation technologies
- Renewable energy and clean power
- Sustainable agriculture and food systems
- Circular economy and waste solutions
- Water and resource efficiency
- The firm runs Wavemaker Impact, a dedicated $60M venture-building fund for climate tech
Fund Structure
Wavemaker operates multiple funds with distinct mandates:
Wavemaker Ventures (Early-Stage Fund)
The flagship fund focusing on Seed and Series A investments. This is the primary vehicle for early-stage Enterprise, Deep Tech, and Sustainability startups.
Wavemaker Impact ($60M)
A venture-building fund dedicated exclusively to climate tech and sustainability, partnering with proven entrepreneurs to create companies aimed at reducing the global carbon budget by 10%.
Wavemaker Growth ($30M+ first close)
A growth-stage fund capitalizing on maturing opportunities in Enterprise, Deep Tech, and Sustainability, building on foundations established through Wavemaker Ventures.
Stage Focus
Wavemaker Partners primarily invests in:
- Seed: $500K-$3M for early-stage companies with product-market validation
- Series A: $2M-$10M+ for companies demonstrating traction and scaling potential
- Selective Pre-Seed investments for exceptional technical teams
The firm prefers to lead or co-lead rounds and is known as a high-volume, first-check partner for technical founders.
Check Size
Typical investment range: $250,000 - $2,500,000
- Pre-Seed: $100K-$500K
- Seed: $500K-$3M
- Series A: $2M-$10M+
- Follow-on reserves: Significant (up to 50% of fund)
Recent Activity & Fund Status
Wavemaker Partners is actively deploying across its fund portfolio:
Recent Investments (2025-2026)
- February 2026: Promoted Rachel Ng to Partner, People & Platform, signaling continued firm growth
- December 2025: Invested in DataMasque (Network Management Software)
- September 2025: Atomionics raised $12.7M Pre-Series A (quantum sensing for resource exploration) with Wavemaker participation
- May 2025: Invested in VFlow Tech (Singapore-based data infrastructure)
- December 2024: Invested in 24X (Thailand-based)
Portfolio Highlights
Notable Exits & Acquisitions:
- Nativo (acquired by Life360, November 2025) - $120M exit
- 89 companies from portfolio have been acquired
- $2B+ in exit value generated
- Multiple unicorn seed investments (Mindbody, Viagogo, Digital Globe, Floqast, Daily Pay, AuditBoard, VideoAmp, Icon Build)
Active High-Impact Portfolio:
- Growsari: B2B platform providing family-owned stores direct access to manufacturers (Philippines, $110M+ raised)
- Lhoopa: Climate-focused housing solutions for informal settlements
- Silent Eight: Compliance and AML solutions (first investment 2015, long-term partnership)
- Novade: Enterprise apps for construction operations
- LiveIn: Long-stay property rental across Southeast Asia
- ZUZU Hospitality: B2B SaaS empowering independent hotels
- GoZayaan: Worker welfare and benefit solutions (Bangladesh)
- Neocrete: Sustainable concrete and building materials
Fund Status: Actively deploying across all three fund vehicles (Ventures, Impact, Growth)
Team & Leadership
Founding Partners
- Paul Santos: Co-founder and Managing Partner since 2012. Serial entrepreneur (co-founded 6 companies, sold 3 before VC). Previously Product Manager at P&G. Board member at Enterprise Singapore, advises Monetary Authority of Singapore's Enterprise and Markets Workstream.
- Eric Manlunas: Co-founder and General Partner. 2-time entrepreneur (founded and exited Interfoods and Sitestar). Founded Frontera Group (Wavemaker's predecessor, 200+ investments). Now co-owner of 2XU (global sports compression apparel).
General Partners
- Andy Hwang: Joined as GP in 2022. Former leader at Facebook (managed $6B annual SMB advertising revenue in Asia), Google, and Stripe. MBA from Wharton.
Founding Partners (Deep Tech & Climate)
- Doug Parker: Deep tech entrepreneur (built and exited nuTonomy, autonomous vehicle company). 100% focused on clean tech, green energy, and sustainability.
- Steve Melhuish: Entrepreneur with Asia/Europe experience. Co-founder of PropertyGuru Group (37M monthly users). Sustainability advocate and angel investor.
Investment Leadership
- Joel Ang: Principal, Investment. Joined 2016. Deep tech specialist, hardware focus. Background in M&A and venture capital.
- John Wisnioski: Principal, Investment. Decade of high-growth startup experience (Skuad acquisition by Payoneer, Horangi by Bitdefender). Grab and JD.ID background.
- Phuong Tran: Principal, Investment / Head of Vietnam. Founded VinaCapital Ventures Vietnam office. Forbes 30 Under 30 Vietnam 2022.
- Rachel Ng: Partner, People & Platform (recently promoted February 2026). Drives team and platform initiatives.
Investment Team
- Michael Mizrahi: VP Investment / Head of US. 15+ years in tech/media finance and strategy. Advised on $1B+ transactions.
- Junius Said: VP Investment. EY Strategy & Transaction background. Indonesia specialist focusing on Retail, Supply Chain, Fintech.
- Shannon Tan: Senior Associate, Investment. Supported two exits (acquisition and IPO). Previous experience at Tembusu Partners and Beijing-based funds.
- Plus 20+ team members across portfolio management, ESG, operations, and platform teams
Geographic Focus
Wavemaker Partners has strong presence across:
- Primary: Singapore (HQ), Indonesia, Philippines, Vietnam, Thailand, Malaysia
- Secondary: Australia, New Zealand, Japan, South Korea
- Growing: United States (VP-level presence through Michael Mizrahi)
- Selective: Europe (London, Berlin)
Portfolio companies operate across 18+ countries including Bangladesh, Canada, China, Hong Kong, India, Pakistan, Taiwan, UK.
Decision Process
- Structure: Partnership-based with investment committee oversight
- Speed: Known for efficient decision-making with high-volume investment activity
- First-Check Partner: Positioned as accessible first institutional investor for technical founders
- Founder Engagement: High-touch operational support, not passive capital
Typical Involvement
- Board seat or observer rights
- Active advisory role in strategy and operations
- Operational support through portfolio management team
- Connections to corporate partnerships and ecosystem resources
- ESG guidance and impact measurement
Founder Profile Preferences
Wavemaker Partners seeks founders who are:
- Technical: Deep domain expertise, often with experience at hyperscalers or successful scale-ups
- Impact-driven: Vision extends beyond financial returns
- Bootstrapped mindset: Resourceful, lean, capital-efficient approaches
- Underestimated: Teams or ideas that other VCs might overlook
- Southeast Asia-focused: Deep regional market understanding or ambitions to build regional champions
Anti-Thesis
Wavemaker does NOT typically invest in:
- Consumer-focused businesses without clear B2B underpinnings
- Pure hardware plays without software defensibility
- Companies misaligned with UN Sustainable Development Goals
- Businesses with weak governance or integrity concerns
Investment Philosophy
Wavemaker's distinctive philosophy centers on three core beliefs:
- "We get you": Understanding founders' motivations and impact vision
- "We get it": Believing in unconventional ideas with potential for massive impact
- "We got you": Being a true partner committed to founder success through thick and thin
The firm emphasizes that 85% of their active portfolio contributes to UN Sustainable Development Goals, reflecting genuine commitment to impact.
Competitive Strengths
- Regional Reach: Largest VC group in Southeast Asia with offices across the region
- Track Record: $2B+ in exit value, 89+ acquisitions, successful unicorn seeding
- Operational Network: Strong connections to corporates, governments, and ecosystem partners
- Impact Specialization: Dedicated climate tech fund and sustainability focus (rare combination)
- People Expertise: Recent Partner hire in People & Platform signals HR/culture sophistication
- Capital Flexibility: Multiple fund vehicles allow deployment at different stages
- Sector Expertise: Deep teams for Enterprise, Deep Tech, and Sustainability
Notable Recent Achievements
- 92% of active portfolio contributing to UN Sustainable Development Goals
- 200+ companies invested since 2012
- 5 industry awards received
- $600M total assets under management
- Rachel Ng promotion signals team scaling and professionalization
- Strong pipeline of follow-on investments and exits
Market Position
Wavemaker Partners is positioned as:
- Southeast Asia's leading early-stage VC group
- Specialist in unsexy, defensible B2B Enterprise solutions
- Climate tech and sustainability venture builder
- High-volume, founder-friendly first institutional partner
- Bridge between Southeast Asian founders and global opportunities