Wavemaker Impact, the climate-tech venture building arm of Wavemaker Partners, said it has begun the spinoff process to become an independent fund manager and launch a climate investment platform called 100×100 Group.
The Singapore-based team has applied for a Venture Capital Fund Manager licence with the Monetary Authority of Singapore and plans to expand its venture-building model beyond Southeast Asia to the Asia-Pacific, the firm said in a statement.
“The vision remains the same: 100×100. We are doubling down on that mission and building the platform that will allow us to move even faster and think bigger,” founding partner Quentin Vaquette said.
Launched in 2021 with a $60-million debut fund, Wavemaker Impact focuses on building ventures that tackle the biggest drivers of carbon emissions – agriculture, energy, industrial processes, the built environment, and transport – across Southeast Asia.
Wavemaker Impact’s portfolio companies
Its limited partner base includes the US International Development Finance Corporation, British International Investment, Triple Jump, JG Summit, and Qarlbo Energy.
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.
“Wavemaker Partners played a pivotal role in bringing Wavemaker Impact to life,” said founding partner Marie Cheong. “We’re at a moment where greater flexibility and speed are essential to pursue the broader set of strategies we believe are needed to meet the urgency of the climate crisis.”
Paul Santos, managing partner at Wavemaker Partners and a founding partner at Wavemaker Impact, said the move formalises a “world-class team and a clear vision for deep decarbonisation,” adding the venture firm supports the spinoff and the first Wavemaker Impact fund.
“This is a positive next step for everyone involved,” Santos said.
As part of the transition, Guillem Segarra has been promoted to partner after serving as principal, and Subhadeep Sanyal, previously a partner at agrifood investor Omnivore, will join 100×100 as a partner to lead its India activity, an appointment DealStreetAsia reported in September.
The rebranding comes as Asia’s decarbonisation investment ecosystem is still in its early stages, but with the US grappling with policy uncertainty and Europe slowed by regulation, the region could attract more climate-tech deals, investors said at the Asia PE-VC Summit 2025.
According to Southeast Asia’s Green Economy Report 2025, the region invested just $38 billion in green initiatives in 2023, or 1% of GDP—far behind China’s $659 billion (4% of GDP) and India’s $81 billion (2%).
Clean energy already contributes 9% to China’s GDP, while Southeast Asia is projected to reach only 2% by 2030. Amid this, the report said the region could unlock up to $300 billion in economic gains from the green transition.
