Singapore-based climate venture builder 100×100 (formerly Wavemaker Impact) has announced the launch of its second fund targeting $100 million to build new climate companies across Southeast Asia and India.
The new vehicle, dubbed Fund II, aims to build 50 startups from the ground up rather than invest in existing companies, the firm said on Wednesday. The strategy builds on its inaugural $60 million fund, which closed in 2023.
100×100, which was established by members of the team behind climate investment platform Wavemaker Impact, said its first fund has co-founded 27 companies across eight countries in Asia.
The firm said portfolio companies have collectively raised more than $28 million from external investors.
Among them is Rize, an agricultural technology startup focused on reducing methane emissions from rice farming, while Philippine residential solar company Helios is another portfolio investment.
Investors in the firm’s first fund include the US International Development Finance Corporation, the Singapore Economic Development Board, British International Investment, Triple Jump, Qarlbo Energy, JG Digital Equity Ventures, Kajima Corporation, and Beacon Ventures.
The firm said every 100×100-built company has the potential to abate 100 million tonne of carbon dioxide equivalent and achieve $100 million in revenue.
The fundraising comes as investors remain cautious on venture capital amid a prolonged funding slowdown, while climate-focused investors increasingly seek business models with clearer paths to profitability and commercial adoption.
“We believe that solving the world’s most pressing emissions challenges also represents a significant economic opportunity,” said Marie Cheong, Founding Partner, 100×100.
100×100 did not disclose whether it had secured commitments for Fund II or provide a target timeline for the fund’s final close.
The Singapore-based firm said the new fund will focus on creating businesses across sectors including agriculture, energy, industry, materials, and buildings in Southeast Asia and India.
“By deploying our venture-building infrastructure here, with a target of reducing 10% of global emissions collectively, we are building the very companies the world needs right now, and that will become the most compelling investment opportunities of this decade,” said founding partner Quentin Vaquette.
The six-partner investment team includes Guillem Segarra, Marie Cheong, Paul Lam Wai, Quentin Vaquette, Steve Melhuish, and Subhadeep Sanyal.
Wavemaker Impact rebranded to 100×100 to become an independent fund manager in October last year.
The firm said it aims to help abate 10% of the global carbon budget by building “100×100” companies, or businesses that can each mitigate 100 million tonnes of CO2 and reach $100 million annual revenue.
