2012
Eric Manlunas and Paul Santos founded Wavemaker Partners in Singapore on a mission to back entrepreneurs in Southeast Asia who were solving meaningful problems but often overlooked for their unconventional ideas.
As former entrepreneurs, they understood the challenge of raising early-stage funding.
Eric Manlunas (left) and Paul Santos at a conference in Bali
At the time, Eric had co-founded Wavemaker’s predecessor firm Frontera in the US. From 2003 to 2022, he led Frontera to US$100M+ in AUM and 200+ portfolio companies across four funds. Frontera focused on the Seed stage, filling the gap between angel and Series A funding even before “seed” became mainstream. Eric and Paul, who were also active angel investors, invested in a few deals together before setting up Wavemaker in Southeast Asia.
What’s Eric’s story?
In 1995, Eric pursued his dream of being an entrepreneur. Within 7 years, he had successfully exited two companies...
In 1995, Eric pursued his dream of being an entrepreneur. Within 7 years, he had successfully exited 2 companies Interfoods, an online specialty food retailer acquired by La Reina in July 1999, and SiteStar, a narrowband connectivity provider sold to Lynchburg.net in December 2002.
Eric Manlunas
What’s Paul’s story?
Mid-1997, Paul left his five-year product manager role at P&G...
Mid-1997, Paul left his 5-year product manager role at P&G in the Philippines to start his first business, a digital database marketing company. He faced significant challenges as the Asian Financial Crisis struck just one week after launching the company.
Paul Santos
Wavemaker raised US$6.7M for its Fund 1 at a time when Southeast Asia was not receiving the level of investment it does today.
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Driven by curiosity, the firm explored the region to shape its investment thesis. Early investments were a mixed bag, including companies like Luxola (B2C) and TradeGecko (Enterprise/B2B), both of which were initially overlooked by investors.
Investing in the less obvious
More than a decade ago, e-commerce wasn’t as trusted as it is today, and few wanted to back companies like Luxola...
More than a decade ago, e-commerce wasn’t as trusted as it is today, and few wanted to back companies like Luxola and believed in its potential. Founded in 2011, the beauty/cosmetics e-commerce startup had a solo, non-technical female founder.
Even fewer believed that a Singapore-based SaaS company like TradeGecko could become a global success. Years later, both companies saw notable exits, winning VC Exit of the Year (2016 and 2021, respectively) from the SVCA. TradeGecko returned Wavemaker’s entire Fund 1 and then some.
2015
In true Wavemaker fashion, Eric and Paul asked themselves the question we typically ask founders we meet: “What important truth do very few people agree with you on?” This often leads to insights that help founders create real value.
For the duo, the unconventional truth was that when B2C was attracting all the attention, there were massive opportunities in unpopular areas like B2B and Deep Tech. They also believed the best venture opportunities in Southeast Asia were companies that addressed local nuances, instead of copying proven models imported from elsewhere.
Eric Manlunas (left) and Paul Santos at a conference in Bali
As Eric and Paul built this conviction, Wavemaker began raising its Fund 2 with a US$50M target, investing in startups like Silent Eight in Singapore and Growsari in the Philippines.”
While B2C investments were capturing most of the attention, Wavemaker saw massive potential in unpopular areas like Enterprise/B2B and Deep Tech. The firm also believed that the strongest venture opportunities in Southeast Asia lay in companies addressing unique local nuances, rather than replicating proven models from other regions. With this conviction, Wavemaker began raising its Fund 2 with a US$50M target, investing in startups like Silent Eight in Singapore and Growsari in the Philippines.
Investing in the Silent Eight founding team
In 2015, when most investors were hesitant, we backed Silent Eight, an AI platform that accurately spots financial...
In 2015, when most investors were hesitant, we backed Silent Eight, an AI platform that accurately spots financial crime before it happens. Back then, AI was not a thing yet, especially in Southeast Asia. Today, Silent Eight has raised a total of US$55M, and partnered with major financial institutions, including Standard Chartered, HSBC, AIA, and Emirates NBD.
How Growsari became a movement
It’s the same story for Growsari. The Philippines wasn’t a popular market for tech investors in 2017 but we invested in Growsari, seeing its massive potential...
It’s the same story for Growsari. The Philippines wasn’t a popular market for tech investors in 2017 but we invested in Growsari, seeing its massive potential to transform the business of over a million sari-sari stores (mom-and-pops) in the country by giving them direct access to FMCG products and other services like loans. Growsari has raised a total of US$100M so far, the largest-ever B2B startup funding in the Philippines, and was awarded VC Deal of the Year by the SVCA in 2021.
2017
Wavemaker raised US$63.5M for its Fund 2
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Now with a clear focus on Enterprise and Deep Tech, Wavemaker Partners closed its Fund 2 at US$63.5M, exceeding its target and a huge leap from Fund 1. It became the largest early-stage fund focused on Enterprise and Deep Tech startups in Southeast Asia.
2018
By this time, Wavemaker was raising its Fund 3. Still on a mission to fund the often overlooked, the firm invested in eFishery, an aquaculture startup that has since become one of Indonesia’s unicorns. Back then, eFishery was seeking VC funding after selling a few feeders to farmers, who were seeing great results. However, the business was a tough sell to the conventional investors. The startup often invited VCs to visit its farmers’ ponds to see the traction for themselves, but rarely anyone showed up.
Farmers who had been using eFishery feeders can get about 5 harvests a year compared to the average 3
At Wavemaker, a core investment tenet is “Opportunity = Value – Perception”, where the best opportunities emerge when the actual value of an investment far exceeds its perceived initial value.
“We always positioned ourselves as a contrarian”
"Since we started 9 years ago, we always positioned ourselves as a contrarian, entering agritech when most startups focused on consumer tech; built IoT while...
“Since we started 9 years ago, we always positioned ourselves as a contrarian, entering agritech when most startups focused on consumer tech; built IoT while the rest built apps-only solutions; developed rural ecosystems while others served the urban market. We obsessively focused on solving fundamental problems while paying close attention to profitability from the early days. That’s why, at some point in the past, we weren’t a very attractive investment for many VCs. So this award is not only an honour for us, but also a validation for our way of operating the business. And for the most part, this is an appreciation for investors who dared to back ideas like ours when no one did.”
eFishery Co-founder/CEO Gibran Huzaifah upon receiving VC Deal of the Year, together with Wavemaker Partners, from the SVCA in 2022.
Back then, eFishery was seeking VC funding after selling a few feeders to farmers, who were seeing great results. However, the business was a tough sell to the conventional investors. The startup often invited VCs to visit its farmers’ ponds to see the traction for themselves, but rarely anyone showed up."
2020
Fund 3 closed at US$111.5M, surpassing its US$100M target
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Fund 3 closed at US$111.5M, surpassing its US$100M target. It was a pivotal point for Wavemaker, as it welcomed notable institutional limited partners like:
The team had also expanded regionally, with members spread across several markets: Singapore, Indonesia, the Philippines, and Vietnam.”
Along the way, we also welcomed several venture partners such as:
Steve Melhuish
PropertyGuru co-founder who has been angel investing since 2004 and is an advocate for B2B startups. He joined us in 2018, as he...
PropertyGuru co-founder who has been angel investing since 2004 and is an advocate for B2B startups. He joined us in 2018, as he started to focus on backing/mentoring Asian greentech startups.
Doug Parker
A deep tech entrepreneur who built and exited self-driving car company nuTonomy, joined in 2021. Doug is now focused on...
A deep tech entrepreneur who built and exited self-driving car company nuTonomy, joined in 2021. Doug is now focused on clean tech, including green energy, climate change, and water and waste technologies.
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Then came another turning point–COVID-19 struck, prompting a global downturn and testing the resilience of our portfolio.
While it was challenging, it began to validate our approach, it kept us motivated in our mission
to support founders in solving meaningful problems.”
We added a new focus area–Sustainability. Internally, we launched an initiative called “Green Wave” to help the Wavemaker team and its community become more sustainability-focused.
Some of the efforts taken under the initiative include going carbon neutral, running sustainability workshops for our founders, and mapping its portfolio of startups against the UN Sustainable Development Goals (SDG).
We found that over 80% of our active portfolio was contributing to at least one SDG.”
2021
As the world navigated through the rippling effects of COVID-19, Wavemaker in October 2021, launched Wavemaker Impact. The fund is the first climate tech-focused venture builder in Southeast Asia that aims to help in the fight against climate change.
Wavemaker Impact’s founders
Wavemaker Impact’s Founding Partners include Wavemaker Partner Managing Partner Paul Santos and Venture Partners Steve Melhuish and Doug Parker; and Marie Cheong and Quentin Vaquette who built more than...
Wavemaker Impact’s Founding Partners include Wavemaker Partner Managing Partner Paul Santos and Venture Partners Steve Melhuish and Doug Parker; and Marie Cheong and Quentin Vaquette who built more than 10 climate tech startups during their time at ENGIE Factory, the Asia-based venture arm of a global low-carbon utility. Marie has worked with over 20 entrepreneurs to help them build their businesses, while Quentin has worked for 10 years in the renewable energy industry in asset development, project finance, and commercial development.
(From L-R) Quentin Vaquette, Doug Parker, Marie Cheong, Paul Santos, and Steve Melhuish
Wavemaker Impact partners with proven entrepreneurs to build ‘100×100’ climate-tech ventures with the combined goal of reducing the global carbon budget by 10% by 2035.
‘100×100’ companies have the potential to reach US$100M in high-margin revenue and abate 100M tons of CO2e emissions per year.
Wavemaker Impact and UNDP announced a partnership to support the development of scalable and sustainable technology companies
Marie Cheong
Wavemaker Impact Founding Partner
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 behaviour, and drive adoption.”
2022
Wavemaker raised US$136.1M for its Fund 4
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Marking our 10th year in the Southeast Asia ecosystem, Wavemaker Partners closed our Fund 4 at US$136.1M, exceeding our initial goal of US$120M.
It was still the largest fund for B2B, Deep Tech, and Sustainability spaces in the region. The close brought our total capital commitments for the early-stage fund to US$300M+.
As the world navigated through the rippling effects of COVID-19, Wavemaker in October 2021, launched Wavemaker Impact. The fund is the first climate tech-focused venture builder in Southeast Asia that aims to help in the fight against climate change.
Lhoopa: Solving the affordable housing crisis in SEA
Wavemaker Impact’s Founding Partners include Wavemaker Partner Managing Partner Paul Santos and Venture Partners Steve Melhuish and Doug Parker; and Marie Cheong and Quentin Vaquette who built more than...
Lhoopa initially faced challenges fundraising, with affordable housing not typically viewed as a venture play.
But Wavemaker Partners threw its support behind the company in 2022, recognising its significant potential and impact.
Later in 2024, Lhoopa would secure US$80M in funding, one of the largest raises in the Philippines ever and in Southeast Asia that year, and win VC Deal of the Year from SVCA.
Among our notable Fund 4 investments is Lhoopa, a proptech launched in 2018 that’s building affordable housing on a large scale using a unique blend of technology and decentralised operations, empowering a network of partners, such as contractors and brokers, without the need for Lhoopa’s on-ground presence.”
We also welcomed our new General Partner Andy Hwang—an angel investor, startup coach, and a former global leader at tech companies like Facebook, Google, and Stripe.
Andy Hwang
Wavemaker Partners General Partner
What attracted me most to Wavemaker were the testimonials from startup founders about how Wavemaker bet on them when nobody else would, and built a partnership based on curiosity and trust rather than a scripted playbook.”
Meanwhile, at our Annual General Meeting celebrating our 10th anniversary, we announced the launch of our charitable organisation: Wavecrest.
Wavecrest aims to transform the lives of academically talented but economically disadvantaged students by providing them with opportunities to thrive and excel.
Wavecrest’s prestigious partners
Wavecrest partners with Johns Hopkins Center for Talented Youth to support learners in academic programmes, and....
Wavecrest partners with Johns Hopkins Center for Talented Youth to support learners in academic programmes, and Barça Academy for sports.
But the funding winter started to set in. Interest rates went up, putting pressure on the public markets, which in turn, put pressure on private market valuations, especially in the later stages. Investors began shifting their focus toward quality, defensible investments, instead of popular startups with a growth-at-all-costs mindset.
While it was a tough period overall, there was a silver lining for us at Wavemaker. The winter served as a validation of our real-value investing approach and opened up opportunities for us in highly competitive and high-priced markets like Indonesia.
In Indonesia, we invested in startups like Fit Hub and Soul Parking at the height of funding winter.”
2023
By end-2023, Wavemaker Impact announced the close of its debut fund at US$60M, surpassing its initial target by 2.5x.
Its LPs include, among others:
Team Wavemaker Impact
At Wavemaker, a core investment tenet is “Opportunity = Value – Perception”, where the best opportunities emerge when the actual value of an investment far exceeds its perceived initial value.
Marie Cheong
Wavemaker Impact Founding Partner
There’s a paradigm shift in the investor community’s perspective, with growing belief that climate tech ventures can be profitable, high growth investments that significantly contribute to the fight against global warming.”
2024
In our 12th year, as many of our portfolio companies successfully scaled, we realised that a major issue continues to persist: the significant funding gap for growth-stage companies.
To complement our early-stage fund, in XX, we launched Wavemaker Growth with a US$XXM first close. Our goal is to support our existing portfolio companies in the Series B and above stages to help them achieve exits.
0 to 1 with Early-Stage, 1 to 100 with Growth.”
In addition, this year we also unveiled our rebrand, making Wavemaker Partners the parent brand and renaming our early-stage fund to Wavemaker Ventures.
This marked the beginning of a new chapter for the Wavemaker Group, as we our presence across the entire lifecycle of a business. This shift positions us to build even more momentum and strengthen our network effects.
