In a move to fuel Southeast Asia’s scaling start-ups, Singapore-based venture capital (VC) firm Wavemaker Partners has announced a US$30 million first close for its Wavemaker Growth Opportunities Fund, targeting a US$60 million fund total.

With backing from investors like QLA Investment and Cercano Management, the VC firm aims to support the region’s top emerging companies in enterprise, deep tech and sustainability at Series B stage and beyond.

The fund also aligns with a strategic rebranding at Wavemaker Partners, now operating under a unified structure with three funds – Wavemaker Ventures, Wavemaker Impact and Wavemaker Growth.

This integrated approach, the firm says, enables it to support founders from early stages through growth financing, cementing its commitment to guiding start-ups throughout their journey to scale and impact.

The fund will primarily focus on the company’s existing portfolio firms that show strong potential to expand and tackle complex challenges in their sectors.

The creation of Wavemaker Growth, the company argues, could be well-timed as Southeast Asia’s Series B landscape has historically faced challenges in attracting specialized capital and strategic support. Despite robust growth in the early-stage start-up ecosystem, gaps still remain for firms looking to scale beyond initial rounds.

Wavemaker Growth plans to make investments of between US$3 million and US$8 million in up to 12 companies, joining syndicate rounds of approximately US$20 million that may also include debt options.

“Through Wavemaker Growth, we are expanding our reach to help founders navigate the critical growth stages,” adds Paul Santos, the VC firm’s co-founder and managing partner. “With deep expertise in our core sectors, we aim to close gaps in capital and operational support that can often hinder start-ups in the region from scaling effectively.”