AddVentures, the corporate venture capital (CVC) arm of SCG, has announced its first investment in Wavemaker Partners, a leading Southeast Asia (SEA) seed-stage venture capital firm, in the hope of backing B2B startups and helping to build the regional startup ecosystem.
Joshua Pas, managing director of AddVentures, said the first fund-of-funds investment had been made in Wavemaker’s second SEA-focused fund, which targets seed-to-series A stage investments, primarily in B2B startups.
“We chose to invest in Wavemaker Partners because of the reputation it has built through the results it has delivered - namely portfolio exits and up rounds. We share their interest in B2B and deep tech startups and hope to co-invest and leverage SCG’s network to help them scale.” said Pas.
Wavemaker Partners was selected to become a member of Draper Venture Network (DVN), a global alliance of more than 17 leading VC firms that connects leading entrepreneurs and investors around the world.
He added the investment strategy of Wavemaker SEA FUND II was to build a large portfolio in order to selectively invest in B2B startups throughout its maturity, creating investment opportunities in high-potential companies in a follow-on round.
The move could lead to a co-investment between AddVentures and startups in Series A round.
AddVentures can leverage opportunities to access B2B startups, enabling it to develop its main business and possibly create SCG’s pipeline products.
SCG and AddVentures have already started making commercial deals with some ventures backed by Wavemakers. It is believed that the investment could benefit the future direction of the company as well as create a better startup ecosystem in Thailand and the region.
AddVentures, a corporate venture capital arm of SCG, was officially launched on June 8. Its mission is to strengthen its potential and invest in startups nationwide and worldwide, fueling SCG to access innovation, increase competitiveness and better products and faster services for customers.