Pinoy-led venture capital firm wins awards for major deals – Manila bulletin
Wavemaker Partners, Southeast Asia’s leading venture capital (VC) firm for advanced technology and enterprises, won two awards at the 29th Singapore Venture Capital & Private Equity Association (SVCA) Awards ) for transactions worth more than $ 80 million.
The company has won awards for “VC Exit of the Year” and “VC Accord of the Year”. This is the first time that a VC has received both awards in the same year.
Wavemaker won the VC Exit of the Year award with TradeGecko, a retail inventory and order management software company that was acquired by a dominant U.S. player in 2020 for $ 80 million.
It received the VC Deal of the Year award with Growsari, a B2B platform for mom-and-pop stores that is one of the best-funded (US $ 30 million) Series B startups based in the Philippines at this day.
Joining a roster of renowned award winners including publicly traded Southeast Asian tech giant Sea Ltd (formerly Garena) and Singapore’s newest unicorn logistics startup Ninja Van, Growsari is the premier Filipino startup. to win the SVCA award.
“We are delighted to have won both the ‘VC Exit of the Year’ award with TradeGecko and the ‘VC Deal of the Year’ with Growsari. These companies are proof that fortune favors the bold, ”said Paul Santos, managing partner of Wavemaker, which received the awards for the venture capital firm.
He noted that “Singapore had just emerged as an innovation hub in 2012, but that didn’t stop the founders of TradeGecko from launching a global software company as an order and inventory management service. . “
“The Philippines was not a popular market for tech investors in 2016, but that didn’t stop the founders of Growsari from launching a one-of-a-kind B2B marketplace. We hope their travels inspire the next generation of Southeast Asian tech entrepreneurs, ”added Santos.
Filipino, Santos led the creation of Wavemaker in Southeast Asia in 2012. The company manages $ 180 million in assets in three funds in the region and has had 10 exits valued at nearly $ 700 million.
“We are very honored to be recognized as ‘Venture Capital Deal of the Year’ for 2021. The Growsari team is energized and will continue to pursue their mission of helping more retail stores and MSMEs order. and sell consumer goods. and financial services on our platform, ”said ER Rollan, co-founder and CEO of Growsari.
In awarding the VC Exit of the Year award, the judges examined TradeGecko’s pioneering status in the enterprise software industry in Southeast Asia and how its $ 80 million exit in 2020 – one largest ever in Singapore since the Covid-19 pandemic – rewarded Wavemaker with well over 10 times the returns and returns of his entire fund 1.
In the VC Case of the Year, the judges recognized Growsari’s role in empowering tens of thousands of iconic sari-sari stores in the Philippines by cutting out middlemen and providing them with credit from select partners.
With nearly all of these stores run by women, Growsari has made a positive impact on lives by allowing people to stay home and provide for their families.
In addition to Wavemaker, Growsari has raised a total of $ 30 million to date from leading investors including Pavilion Capital, the private equity unit of Temasek Holdings, Tencent, the International Finance Corporation (IFC), ICCP SBI Venture Partners and Saison Capital, as well as Robinsons Retail Holdings of the Philippines Gokongwei Group and JG Digital Equity Ventures.
“In both cases, Wavemaker identified opportunities early on, pioneered the ideas as a primary institutional investor and provided significant assistance in refining strategies. They also provided valuable advice to the founders and opened up their networks locally and internationally to attract follow-on funding to further propel their growth, ”said Doris Yee, SVCA Executive Director.
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