Our investment
Description of the investment.
Description of the investment.
This investment is part of our strategy to (i) support the local entrepreneurial ecosystem in our markets in order to build new businesses which create jobs, and; (ii) provide us access to early-stage companies that have the potential to create transformational impact at scale.
Wavemaker Impact supports South-East Asia’s early-stage climate-tech venture capital ecosystem by building high-impact start-ups that will significantly reduce greenhouse gas emissions at scale.
We aim to catalyse the market by investing in first-mover climate venture building platform across South-East Asia to demonstrate the viability of early-stage climate-tech ventures and influence other market actors to invest in scalable climate change solutions.
Impact information
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
What?
| Impact |
|---|
|
|
|
How?
| Primary | Secondary |
|---|---|
|
Support South-East Asia’s early-stage climate-tech venture capital ecosystem by building high-impact start-ups that will significantly reduce greenhouse gas emissions. The fund exclusively builds and invests in ventures that have the potential to solve specific climate bottlenecks at scale while being profitable. |
Increase access to solutions aiming at increasing productivity and efficiencies in key targeted sectors. |
Who?
| Stakeholder | Geography | Characteristics |
|---|---|---|
| Planet |
Global |
Emissions for agriculture, energy and industry were 2,474.28 MtCO2e in South-East Asia and are continuing to rise. |
| Smallholder farmers |
South-East Asia: the Philippines, Vietnam, Indonesia |
The fund plans to have approximately 50 per cent of investments in the ag-tech sector, which has a strong inclusion potential given that smallholder farmers are likely to be the main beneficiaries of these investments. |
How much?
| Scale | Depth/Duration |
|---|---|
|
Variable depending future investments |
Depth: Impact is expected to be deep; reducing greenhouse emissions and building ability to adapt and be more resilient to climate-related hazards in South-East Asia are crucial solutions to climate change and its adverse effects. The impact on productivity will be deeper with low-income populations, i.e. significant improvements in terms of productivity, revenue increase, access to energy, which could have spillover effects on their quality of life. |
Contribution/additionality
| Contribution/additionality |
|---|
|
Risk
Execution RiskThe ability of the fund manager to successfully identify opportunities and hire entrepreneurs to build and scale up new ventures from ideas to profitability. This will be mitigated by the extensive experience of the team in venture building, venture capital and entrepreneurship. Alignment RiskRelates to the risk that the fund manager expands in sectors or geographies that are outside our areas of focus. This will be a small proportion of the fund and we will exercise our excuse rights in these cases. |
Impact score
|
Impact score (at point of investment)
The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. The Impact Score shown is based on the 2022-2026 Impact Score methodology. You can find out more here. The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party. |
|---|
8 |
Environmental and social information
-
Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
-
Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
We agreed an ESAP with Wavemaker focused on improving and customising the Fund’s ESMS quality (including E&S awareness and capacity), to address risks associated with early-stage (pre-seed) portfolio companies in a manner proportionate to the Fund’s venture build model.
Environmental and social risk
Medium-Low
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at [email protected]
-
Key facts
- First published
:
When the investment was first published on the website database.
- March 2024
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2026
- Project number
:
An identifier number shared by investments in the same project.
- D6044
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- Rest of the World
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- Australia, Cambodia, India, Indonesia, Myanmar, Philippines, Singapore, Thailand, Vietnam
- Sector
:
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Business and consumer services, Construction and real estate, Financial services, Food and agriculture, Health, Infrastructure, Manufacturing, Technology and telecoms
- Investment policy :
- Catalyst
- Investment type :
- Fund
- Start date :
- November 2023
- Amount :
- $6m
- Currency of investment :
- USD
- Fund manager:
- Wavemaker Pacific Partners Pte. Ltd.
- Domicile
:
The company or investment fund’s place of incorporation.
- Singapore
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
Type of investment portfolio that each investment is made under. Since 2014, we have run two investment portfolios: Catalyst and Growth. In addition, our Kinetic Portfolio enables us to manage concessional investment strategies.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- First published
-
Gender and climate finance facts
- Climate finance
:
Indicates whether the investment is climate finance qualified or partially climate finance qualified and the type of climate finance (adaptation, mitigation or both). We define climate finance using the multilateral development bank (MDB) and the International Development Finance Club (IDFC) Common Principles climate finance methodology. See Common Principles for Climate Mitigation Finance Tracking and Common Principles for Climate Change Adaptation Finance Tracking. We provide the climate finance qualification and type for commitments from 2020 onwards, which is when we launched our Climate Change Strategy.
- Fully qualified
- Climate finance type
:
Mitigation: Indicates investments which, by avoiding or reducing GHG emissions or increasing GHG sequestration, contributes substantially to the stabilisation of GHG concentrations in the atmosphere – at a level which prevents dangerous anthropogenic interference with the climate system consistent with the long-term temperature goal of the Paris Agreement
Adaptation: Indicates investments aimed at preventing or reducing the risks or vulnerabilities posed by climate change and increasing climate resilience. This includes both adapted activities and enabling activities to manage and reduce physical climate risks
Dual: Indicates investments directed towards activities contributing to both climate change mitigation and climate change adaptation and meeting the respective criteria for each category
The climate finance type of the investment is determined at time of commitment.
-
- Mitigation
- Fossil Fuel or Renewable Exposure
:
‘Renewable’ includes energy sources with very low lifecycle emissions such as solar, wind and tidal or those meeting a certain criteria such as hydro power, biomass or geothermal. ‘Fossil fuel’ includes coal, oil and gas. Investments labelled as ‘Mixed’ support a combination of renewable and fossil fuel assets.
- Renewable
- Climate finance
Investments made by this fund into companies:
For further information about these companies, visit https://wavemakerimpact.com/
| Investment name | Country | Region | Sector | Fossil Fuel or Renewable Exposure | Start date | Status |
|---|---|---|---|---|---|---|
| 10ants Enterprise Pte Ltd | Thailand | Rest of the World | Construction and real estate | March 2025 | Active | |
| Arysun Energy Group Pte. Ltd. | Indonesia | Rest of the World | Infrastructure | Renewable | March 2025 | Active |
| Biora Energy Private Limited | India | South Asia | Infrastructure | December 2025 | Active | |
| BumiBaru Pte. Ltd. | Indonesia, Vietnam | Rest of the World | Business and consumer services | December 2023 | Active | |
| GBN Food Solutions Pte Ltd | Indonesia | Rest of the World | Business and consumer services | March 2024 | Active | |
| Helios Solar Pte. Ltd. | Philippines | Rest of the World | Infrastructure | Renewable | December 2023 | Active |
| HiFeed | Indonesia | Rest of the World | Food and agriculture | September 2024 | Active | |
| Lumio Solar Pte. Ltd. | Singapore | Rest of the World | Infrastructure | Renewable | December 2025 | Active |
| Metroelectro Pty Ltd | Australia | Rest of the World | Infrastructure | Renewable | March 2024 | Active |
| Muun AI Pte. Ltd. | Indonesia | Rest of the World | Technology and telecoms | March 2026 | Active | |
| Neoterra Innovations Private Limited | India | South Asia | Manufacturing | June 2025 | Active | |
| Nul Global Technologies Pte. Ltd. | Singapore, Vietnam | Rest of the World | Manufacturing | March 2025 | Active | |
| Numat Pte. Ltd. | Philippines | Rest of the World | Manufacturing | June 2024 | Active | |
| Octayne Green Fuel Pte Ltd | Indonesia | Rest of the World | Infrastructure | March 2024 | Active | |
| Refy Pte Ltd | Singapore | Rest of the World | Financial services | March 2024 | Active | |
| RegenX Impact Pte. Ltd. | Indonesia, Vietnam | Rest of the World | Financial services | December 2023 | Active | |
| Rize Pte. Ltd. | Indonesia, Vietnam | Rest of the World | Food and agriculture | December 2023 | Active | |
| Valtor Pte. Ltd. | India | South Asia | Technology and telecoms | September 2025 | Active | |
| Virdalis Pte Ltd | Philippines | Rest of the World | Health | March 2026 | Active | |
| WasteX Pte. Ltd. | Philippines | Rest of the World | Business and consumer services | December 2023 | Active | |
| Zentide Pte. Ltd. Fund | Indonesia | Rest of the World | Health | March 2025 | Active |
