New Wave, a subsidiary of Philippines-based IP E-Game Ventures, has signed an agreement with Malaysia’s boutique investment firm Emissary Capital to set up a US$50-million fund for ASEAN startups.
The Emissary Capital Growth Fund 1 aims to build stronger collaboration between startups in the region, with a key focus on the Malaysian and Philippine market.
As per a press release, New Wave will invest up to US$7.5 million in the new fund as a Limited Partner. The two firms will form a joint venture to serve as General Partners to manage the fund’s investment decisions.
“We are looking to strengthen the corridor between Malaysia and the Philippines, as well as with the rest of Southeast Asia. Technology businesses today must have a regional outlook and entrepreneurs must demonstrate the ability to scale this way,” said Enrique Gonzalez, Director, New Wave.
“Our fund is looking to invest in Southeast Asia’s growth companies led by founders that have proved resilience and success,” he added.
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