Nurturing the next
Wave of tech leaders
in Southeast Asia
Nurturing the
next Wave of
tech leaders in
Southeast Asia
Scaling
the future
As the Growth Fund of Wavemaker Partners, we leverage the success of our Early-Stage Fund to capitalise on high-potential opportunities in B2B, Deep Tech, and Sustainability. Our mission is to bridge Southeast Asia’s Series B and later-stage funding gap, empowering companies to scale and create lasting impact.
Net Promoter Score from our founders
startups, limited partners, co-investors, corporates and other institutions in the Wavemaker community
Strengthening
long-term
partnerships
Strengthening long-term partnerships
At Wavemaker Growth, we are committed to fostering trusted, long-term partnerships. We align closely with founders, providing ongoing strategic support and access to Wavemaker's extensive network of partners. Our goal is to guide them through their growth journey and help them achieve their next stage of success.
Empowering founders
with proven
expertise
Empowering founders
with proven expertise
With decades of collective investment and late-stage operational experience, our team and board bring valuable insights to help companies further scale, strengthen corporate governance, and prepare for successful exits. We are more than just investors; we are partners in driving sustainable growth.
Xue heads the investment team for Black Kite Capital, a Singapore-based single family office. He manages a diversified portfolio across multiple asset classes, from public equity to early-stage direct investments into angel, pre-seed, and seed stage companies.
Prior to Black Kite Capital, Xue honed his investment acumen at Silver Lake, one of the largest technology-focused private equity buyout firms. He worked closely with Silver Lake’s portfolio companies as an operator in Silicon Valley and subsequently opened Silver Lake’s Singapore office and led their Southeast Asia practice from 2020-2023.
Xue began his career as a Consultant with the Boston Consulting Group in San Francisco. Xue graduated with distinction from Stanford University with a BS and MS in Chemical Engineering.
Xue Koh
Venture Partner
Shiv Choudhury is one of the Co-Founders of Growsari and a Partner at Wavemaker. Previously, he served as Managing Director at The Boston Consulting Group (BCG) and held multiple regional leadership roles at Procter & Gamble (P&G). With over a decade of experience leading the Consumer and Retail practice in ASEAN, he is a seasoned entrepreneur, investor, and advisor. He is also a member of YPO and a 2X Endeavor Outlier.
Shiv Choudhury
Venture Partner
Successfully exited three tech companies
B. Paul Santos is Managing Partner of Wavemaker Partners and led the establishment of the venture capital firm’s Singapore-headquartered Southeast Asia office in 2012. Wavemaker Partners is Southeast Asia’s go-to VC firm investing in early-stage enterprise, deep tech, and sustainability startups. Since 2012, it has backed 180+ companies, of which 160+ (85%) are in enterprise, deep tech and/or sustainability. The firm has over US$300 million in AUM across four funds in the region, and has seen more than 10 exits with an aggregate enterprise value of over US$700 million. These exits include TradeGecko’s acquisition by Intuit, and Moka’s and Coins.ph’s acquisitions by Gojek. Notable active portfolio companies include eFishery, Growsari, GudangAda, Silent Eight, Borneo, and Iterative Scopes. Today, 75% of Wavemaker’s active portfolio startups in Southeast Asia are aligned with at least one UNDP Sustainable Development Goal.
Paul is also one of the founding partners of Wavemaker Impact, a Southeast Asian venture builder partnered with Enterprise Singapore (ESG) and the United Nations Development Programme (UNDP), that aims to co-found climate tech startups. He also chairs the investment committee for Asian Development Bank (ADB) Ventures. Prior to starting Wavemaker Partners, Paul was an entrepreneur who co-founded six companies and sold three. He started his career as a product manager at Procter & Gamble. He graduated from the Ateneo de Manila University with a B.S. in Management Engineering and a Joint Minor in International Management with the University of Antwerp.
Paul Santos
Managing Partner
Andrea is involved in the sourcing and evaluation of deals, due diligence, and the preparation of investment proposals for the fund’s investment decisions. Prior to joining Wavemaker, Andrea interned at Vulpes Ventures, focusing on early-stage SEA investments; and at Deloitte, where she drove the execution of strategic innovation partnerships by establishing key collaborations with start-ups and venture builds. Andrea graduated from Nanyang Technological University with a Bachelor’s degree in Economics (Highest Distinction), specializing in Finance. During her university years, she took on a leadership role in NTU Entrepreneurship Society, which serves as NTU’s entrepreneurial ecosystem for aspiring student entrepreneurs.
Andrea Lim
Analyst
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