(July 15): Wavemaker Partners LLC, an early-stage venture capital firm, has closed its third investment fund for Southeast Asia at US$111 million ($154.6 million).

The Singapore-based firm exceeded its initial target of US$100 million, drawing new investor Concentric Equity Partners along with existing backers including Temasek Holdings Pte, Pavilion Capital, International Finance Corp. and Vulcan Capital.

Wavemaker, one of the early Singapore venture firms focused on business-to-business startups, has invested in more than 130 companies since 2012. About 100 are enterprise-related ventures, while the rest are working on scientific discoveries and engineering advancements. So far, Wavemaker has had 11 exits.

“We will continue to focus on enterprise and deep tech startups that solve meaningful problems and are rewarded with attractive unit economics,” said Managing Partner Paul Santos. “We believe crisis trigger a flight to quality.”

Wavemaker’s portfolio companies include laser communications startup Transcelestial, construction site management software company Novade and business-to-business marketplace GudangAda.