“In both instances, Wavemaker recognized the opportunities very early on, seeded the ideas as the first institutional investor, and provided significant help to refine the strategies. The annual SVCA Awards celebrate the achievements of outstanding VC and private equity firms for their contribution to value creation and empowering entrepreneurship through their portfolio investments. The SVCA is a 180-plus member organization comprising top venture capital and private equity firms, limited partners, family offices, and other stakeholders in the private capital ecosystem.
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In making the VC Exit of the Year award, the judges considered TradeGecko’s pioneer status in Southeast Asia’s enterprise software industry and how its US$80-million exit in 2020 – said to be one of the biggest seen in Singapore during COVID-19 pandemic – has rewarded Wavemaker with well over 10 times the returns.
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Growsari is also considered to be one of the best-funded Series B startups based in the Philippines to date. With almost all of these stores run by women, Growsari has positively impacted lives by enabling people to stay home and also provide for their families.Īpart from Wavemaker, Growsari has also raised a total of US$30 million in funding to date from prominent investors, including Temasek Holdings’ private equity unit Pavilion Capital, Tencent, the International Finance Corporation (IFC), ICCP SBI Venture Partners and Saison Capital, as well as the Philippines’ Gokongwei Group’s Robinsons Retail Holdings and JG Digital Equity Ventures. Thank you, Wavemaker, for being with us from the beginning, all our investors, and the SVCA for this award,” said Growsari co-founder and CEO ER Rollan, who’s also part of the Endeavor entrepreneur network.įor the award, the judges acknowledged Growsari’s role in empowering the tens of thousands of sari-sari stores in the Philippines by eliminating middlemen and extending credit to them from selected partners. The Growsari team is energized and will continue to press on in our mission to help more retail stores and MSMEs with the convenience of ordering and selling consumer goods and financial services on our platform. “We are very honored to be recognized as the ‘VC Deal of the Year’ for 2021. Growsari is the first Filipino startup to have won “Deal of the Year” joining the likes of publicly-listed Southeast Asian tech giant Sea Ltd (formerly Garena) and Singapore unicorn logistics startup Ninja Van. The firm has US$180 million in assets under management across three funds in the region, and has seen 10 exits valued at close to US$700 million. We are hopeful that their journeys will inspire the next generation of Southeast Asian tech entrepreneurs,” said Wavemaker managing partner Paul Santos, who collected the awards for the VC firm.Ī Filipino, Santos led the establishment of Wavemaker in Southeast Asia in 2012.
The Philippines wasn’t a popular market for tech investors in 2016, but that didn’t stop Growsari’s founders from launching a first-of-its-kind B2B marketplace.
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