Wavemaker Partners clinches third "VC Deal of the Year" at 2024 SVCA Awards for leading US$80 million funding round for Lhoopa

SINGAPORE: Wavemaker Partners, a top venture capital firm in Southeast Asia, recently won the “VC Deal of the Year” award at the 32nd Annual Singapore Venture Capital & Private Equity Association (SVCA) Awards. The award recognises the US$80 million funding round that Wavemaker Partners led for Lhoopa, an innovative prop-tech company from the Philippines that is revolutionising affordable housing solutions in emerging markets.

Founded in 2018 by husband and wife Marc-Olivier Caillot and Sabrina Tan, Lhoopa aims to tackle the growing housing shortage in the Philippines, helping families secure their first homes. Lhoopa uses advanced technology, including artificial intelligence (AI), to streamline the construction process. The firm also collaborates with local property contractors and brokers. Since starting operations, Lhoopa has sold over 2,500 homes in around 60 cities.

In July 2024, Lhoopa finalised its US$80 million equity and debt round, co-led by the International Finance Corporation, part of the World Bank Group, and Wavemaker Partners. Debt support came from the Asian Development Bank and the US International Development Finance Corporation, along with Lendable, known for financing fintechs in emerging markets.

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This is the third time Wavemaker Partners has received the “VC Deal of the Year” award in four years.

In 2022, it was recognised for its US$90 million Series C investment in Indonesia’s eFishery, and in 2021, for its investment in Growsari’s Series C round. Since 2012, Wavemaker has invested in over 200 start-ups in the Enterprise, Deep Tech, and Sustainability sectors, tackling significant challenges with innovative, scalable, and sustainable solutions across Southeast Asia.

The firm has more than US$600 million in assets under management (AUM) in the region, with exits over US$1.8 billion in total enterprise value

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.

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Mr Santos added, “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. /TISG