Thirsty for funding? Goodwater Capital, a US-based VC firm, just announced that they have closed $1B in capital commitments for its two new funds.

They’ll use most of the $$$ to fund early and growth-stage consumer tech startups around the world!

• Why it matters: They’re pretty active investors in Asia.

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🌊 Ride the wave

Goodwater defines consumer tech as startups that enable ‘human flourishing’. AKA that's the housing, healthcare, food, financial services, transportation, education, and entertainment sectors. 

“There isn't a single person who wouldn't like lower cost, higher quality access to these utilities.”

• said Chi-Hua Chien, co-founder and Managing Partner of Goodwater, in a LinkedIn post

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🔢 Run the numbers

So far, this nine-year-old firm has backed 79 early to growth-stage startups across 19 countries. Here are some of their most successful moves. 

• They sold Musical.ly to Bytedance back in 2017. (It’s now merged with Tiktok).
• Goodwater also backed Photomath which was acquired by Google last year. 

For the ecosystem. They’ve also funded more than 600 seed startups through their Genesis program. Here, founders can connect and learn from tech execs like Sean Rad and Jeff Wilke!

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🔦 SEA spotlight

Founders, this could be you! They’ve invested in SEA startups like:

• 🇮🇩 BukuWarung (Indonesia) This SME-focused fintech raised a $60M Series A in 2021. 
• 🇮🇩 Pinhome (Indonesia). The proptech raised a $50M Series B last year.  
• 🇻🇳 MoMo (Vietnam). The local fintech unicorn is valued at more than $2B.