Venture capital firm Wavemaker Partners has launched Wavemaker Impact, a climate tech venture builder in Southeast Asia. It aims to raise USD 25 million for its first fund.
Wavemaker Impact’s founding members include several investors and entrepreneurs who have shaped more than 35 startups collectively. Some notable names are PropertyGuru co-founder Steve Melhuish; former Nutonomy COO Doug Parker; Wavemaker Partners managing partner in Southeast Asia, Paul Santos; as well as Quentin Vaquette and Marie Cheong, who have built over ten climate tech startups during their time at Engie Factory, a venture capital arm of global energy corporation Engie Group.
Climate change has intensified in recent years. As an archipelagic region, Southeast Asia is particularly vulnerable. Urban centers like Jakarta, Bangkok, and Ho Chi Minh City are facing the threat of being submerged by 2050. The founders of Wavemaker Impact believe that entrepreneurs could create solutions for climate change and they aim to launch companies that will reduce 10% of global emissions by 2035.
Entrepreneurs that work with Wavemaker Impact will be able to tap into the VC firm’s global network of investors, advisors, and corporate partners. “With existing technology, we already have the solutions to cut global carbon emissions by 50%, but we need to create incentives to disrupt traditional businesses, change behavior, and drive adoption,” said Marie Cheong in a statement. “A lot of entrepreneurs want to make an impact, but don’t know where to start, and that’s where we come in.”
The team at Wavemaker Impact has identified around 50 areas with the potential to reach USD 100 million in annual recurring revenue and eliminate 100 million metric tons of carbon at scale. Wavemaker Impact refers to startups in these spaces as “100 x 100 companies.” These opportunities are present in sectors like land use and carbon sinks, agriculture and food, industrial processes, and energy.
