Previous wins include eFishery’s Series C round in 2022 and Growsari’s Series B in 2021
MANILA & SINGAPORE, 27 SEPTEMBER 2024 – Wavemaker Partners, Southeast Asia’s leading venture capital firm investing in Enterprise, Deep Tech, and Sustainability startups, has won ‘VC Deal of the Year’ at the 32nd Annual Singapore Venture Capital & Private Equity Association (SVCA) Awards. The firm won the award for the US$80 million funding round it led for Lhoopa, an innovative prop-tech company from the Philippines revolutionising affordable housing in emerging markets. Founded in 2018, Lhoopa is dedicated to addressing the growing housing backlog in the Philippines and other emerging markets and helping families achieve homeownership.
This is the third time Wavemaker Partners has clinched ‘VC Deal of the Year’ in the last four years. The firm also won the award for Indonesia’s eFishery’s US$90 million Series C in 2022 and for Growsari’s Series C round in 2021. Since 2012, the VC firm has backed startups in Enterprise, Deep Tech, and Sustainability that are solving compelling problems with unique, scalable, and defensible solutions in Southeast Asia. To date, Wavemaker Partners has invested in more than 200 companies, with over US$600 million in AUM in the region and exits exceeding US$1.8 billion in total enterprise value.
Founded by husband-and-wife team Marc-Olivier Caillot and Sabrina Tan, Lhoopa aims to narrow the wealth gap and empower families in emerging markets to become homeowners. Lhoopa enables the large-scale development of affordable homes by leveraging AI and other advanced solutions and engaging local property contractors and brokers to streamline house development through a decentralised approach. Since its launch, Lhoopa has sold over 2,500 homes across around 60 cities, helping many families own their first homes. In July 2024, Lhoopa completed its US$80 million equity and debt round, co-led by the World Bank Group’s International Finance Corporation and Wavemaker Partners. Debt facilities were secured from development finance institutions like the Asian Development Bank and the US International Development Finance Corporation, and Lendable, a leading provider of debt financing to fintechs in emerging markets.
Paul Santos, Managing Partner at Wavemaker Partners, said: “We’re glad to have won the SVCA Award and are privileged to have earned the recognition of leading investors in private capital. Our investment in Lhoopa represents what we’ve always aimed to do at Wavemaker. Affordable housing is not typically seen as a venture play, but that didn’t stop Marco and Sabrina from launching a pioneering prop-tech startup to address the affordable housing shortage affecting about 20% of Filipinos. Without fanfare, Lhoopa is demonstrating that it is possible to build a fast-growing, profitable, and highly impactful business, even when it doesn’t resemble anything else in the world. We hope that they will inspire the next generation of entrepreneurs, not just in the Philippines but across Southeast Asia, to create significant value by solving big, compelling problems in their own unique ways.”
Marc-Olivier Caillot, Founder and CEO at Lhoopa, said: “Since we started our journey in proptech, our vision has always been to create a much-needed change in real estate and a world where homeownership becomes attainable for all. We are grateful for Wavemaker’s unwavering support and privileged to be among their portfolio companies. Wavemaker not only backs disruptive startups but also genuinely champions the founders and teams behind them. What distinguishes them is their willingness and ability to see things differently—they were the first to appreciate the novel and innovative approach we are taking to address affordable housing. Rather than being deterred by our unconventional methods, they welcomed our fresh perspective on a longstanding global problem. Their confidence in our vision, coupled with their pivotal role in our Series B round, has been crucial in scaling our business and increasing access to affordable housing for thousands of families.”
Sunil Mishra, Chairman of SVCA, said: “Congratulations to Wavemaker Partners and Lhoopa for winning SVCA’s VC Deal of the Year award! This recognition highlights Wavemaker’s ability to find value even in sectors that are not obviously attractive for VC investment and their commitment to scale businesses helping their portfolio to achieve profitability and make a lasting impact on their communities.”
As the representative association with more than 300 Corporate members, the SVCA plays a crucial role in promoting the growth and development of the venture and private capital industry in Singapore. They are steadfast in harnessing an environment of innovation, entrepreneurship, and sustainable economic progress. Initiated in 2010, the SVCA Awards has grown to become the coveted Award for the Private Capital Industry. The annual SVCA Awards seek to celebrate the achievements of outstanding fund managers for their contribution in empowering businesses and setting new standards of excellence.
About Wavemaker Partners
Wavemaker Partners is Southeast Asia’s leading VC firm investing in early-stage Enterprise, Deep Tech, and Sustainability startups. Since 2012, it has backed more than 200 companies across the region, with over US$600 million in AUM and exits generating over US$1.8 billion in enterprise value. Today, 85% of Wavemaker’s active portfolio startups in Southeast Asia are contributing to at least one UN Sustainable Development Goal. In 2021, the firm launched Wavemaker Impact, the region’s first-of-its-kind venture builder that co-founds climate-tech startups with experienced entrepreneurs. For more information, visit wavemaker.vc or email orbit@wavemaker.vc.
About Lhoopa
Lhoopa is a property technology venture that leverages the powerful blend of people and technology to address the affordable housing backlog in emerging markets. Founded in 2018, Lhoopa uses data, AI, and other advanced solutions to empower its network of local partners, including property contractors and agents, making every stage of affordable housing more efficient. This decentralised approach enables the rapid deployment of affordable homes at scale, uplifting communities and significantly contributing to sustainable development goals. To find out more, visit lhoopa.com.
About Singapore Venture Capital & Private Equity Association
The Singapore Venture Capital & Private Equity Association (SVCA) was formed in 1992 to promote the development of the venture capital and PE industry. As the common voice of the private capital ecosystem across institutional investors, family offices, asset managers, and service providers in the region, the SVCA promotes the collective interests of its members and contributes toward the development of Singapore as a leading global hub for private capital fund management. Through proactive outreach, engagement, collaboration, and expansion of its member base, the SVCA aims to further the development of a vibrant private capital ecosystem in the region and harness the power of private capital toward the achievement of sustainable development goals.
