New funds for the environment. UK-based British International Investment (BII) just invested in three separate Asia-focused climate funds. 

• The three are Wavemaker Impact, Circulate Capital, and Global Environment Fund (GEF) Capital Partners. 

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🌊 Hello, Wavemaker

First, BII committed $6M to support Wavemaker Impact’s debut fund. 

• Wavemaker Impact is the first VC-backed climate venture builder in SEA. 

They just closed their debut fund at $60M—the initial target was $25M!

• Aside from BII, the United States Development Finance Corporation, Dutch Good Growth Fund, Beacon Capital, and Autodesk Foundation also committed to the fund.

Track record. Wavemaker Impact has launched and invested in six companies, including RegenX, WasteX, and Rize.

• They’ll use the fresh $$$ to expand their portfolio companies and make follow-on investments in their best-performing ventures up to Series B. 

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🛞 About Circulate Capital

BII also confirmed a $7M investment in Circulate Capital Ocean Fund I-B. This brings the total amount raised in its final close to $76M.

• The fund invests in companies involved in plastic recycling and waste management to prevent ocean plastic waste in South and Southeast Asia. 
• The International Finance Corporation, European Investment Bank, and Proparco also committed to the fund. 

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🇮🇳 Hey, GEF Capital

Founded in 2018, this India-focused private equity vehicle invests in businesses that offer solutions for a more eco-friendly and resilient economy. 

• BII deployed $25M for the firm’s GEF South Asia Growth Fund III.