14 June 2022 (closed)
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Giant venture capital firm Wavemaker Partners is setting up a new fund with Indonesia being a key market. The new USD $50 million fund will focus on 80 early-stage technology startups in Southeast Asia (particularly business-to-business ventures). Wavemaker Partners is part of the Draper Venture Network, a leading global venture capital collective with ten funds spread across four continents.
Wavemaker Partners already has one Southeast Asia fund equipped with an office in Singapore. The headquarters of the company that was established in 2003 is located in Los Angeles, USA. Since 2003 Wavemaker Partners has invested in more than 170 internet, mobile and enterprise technology startups.
Earlier this month Tim Draper, founding partner of Draper Associates, visited Indonesia and said he sees many opportunities in the country, while he added he is closing the doors on China to protect investors. Draper was in Indonesia to meet founders and investors, as well as to learn more about the country.
Through a statement Wavemaker Partners said it aims to raise investment in Indonesia. However, no further details were given. Indonesia is likened because it has high (and accelerating) gross domestic product and a young as well as large population that is increasingly becoming used to an "online lifestyle" (including rising Internet and smartphone penetration, rising e-commerce, and so forth).