Los Angeles-based Wavemaker Partners, an early-stage venture capital firm, has announced that the firm has raised $60 million in the first close of its third Southeast Asian (SA) fund.

Backers such as Pavilion Capital, International Finance Corp., Temasek Holdings and limited partners including family offices invested in the new fund, which is targeting a total corpus of $100 million.

The new fund, Wavemaker Pacific 3, L.P. or Wavemaker SEA Fund III, will focus on seed-stage investments primarily in business to business and deep technology.

Furthermore, Wavemaker intends to make investments in 60 new companies with an initial cheque size of approximately $500,000.