Bangkok - AddVentures, the corporate venture capital (CVC) arm of SCG, has announced its first investment in Southeast Asia's leading seed-stage venture capital firm, Wavemaker Partners, in the hopes of backing B2B startups and helping build the regional startup ecosystem.
Dr. Joshua Pas, Managing Director of AddVentures, said the first fund-of-funds investment was put in Wavemaker's second SEA-focused fund, which will target seed to series A stage investments, primarily in B2B startups.
"We chose to invest through 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 Dr.Pas.
Wavemaker Partners was selected to become a member of Draper Venture Network (DVN), the 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 is 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.
Strategically, AddVentures can leverage opportunity of the access to B2B startups, enabling it to develop its main business and possibly create SCG's pipeline products.
Presently, AddVentures and SCG have started to make a commercial deal with some ventures backed by Wavemakers. It is believed that the investment could cause a positive direction of the company as well as a better startup ecosystem of Thailand and the region.
AddVentures, a corporate venture capital arm of SCG, was officially launched on June 8. The establishment 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.
Its strategic investment will go towards direct investment in startups and also contributions into VC funds to tap into innovative startups in 3 verticals, including enterprise, industrial and B2B. AddVentures is looking for potential startups around the globe, such as Thailand, Southeast Asia, Silicon Valley (USA), Tel Aviv (Israel) and Shenzhen (China) that fits SCG business direction.
Photo caption: Joshua Pas - Managing Director - AddVentures by SCG