Singapore's Wavemaker Impact, a venture capital fund, has recently procured an impressive $15M from the United States International Development Finance Corporation (DFC). The fund anticipates being oversubscribed by the conclusion of 2023.
Partnership: Quentin Vaquette, the brain behind Wavemaker Impact, enthusiastically welcomes DFC's partnership. He's of the firm belief that their shared objective of addressing critical issues such as agriculture, food, and land management, can bring significant change to Southeast Asia.
History: Established in 2021, Wavemaker Impact is a VC-backed climate tech venture builder. Their mission is ambitious: a 10% reduction in the global carbon budget by 2035. Their strategy? Developing '100×100' companies, each capable of preventing 100 million metric tons of carbon while generating $100 million in revenue.
Growth: The DFC's investment will enable Wavemaker Impact to expand its portfolio to 20 companies by the end of this year and another 16 by the next. These companies focus on diverse areas including carbon sequestration, regenerative agriculture, sustainable fuels, and residential solar penetration.
Backing Wavemaker Impact are the Singapore government’s Enterprise Singapore and EDB New Ventures, the United Nations Development Programme, and Bill Gates’ Breakthrough Energy Ventures.