Asian Tech Press (Mar. 8) -- Singapore-based venture capital firm Wavemaker Partners LLC closed its fourth fund at $136 million to support startups in Southeast Asia's fast-growing technology sector.

The firm exceeded its initial target of $120 million with participation from existing backers Temasek Holdings Pte, Pavilion Capital, International Finance Corp and Vulcan Capital, according to Bloomberg.

The fourth fund will bring Wavemaker's total assets under management to $300 million.

As one of the first venture capital firms in Singapore, Wavemaker has invested in over 170 companies since 2012.

Southeast Asia, a region of about 650 million people, is seeing a rise in investor interest in companies that can capitalize on the surge in online activity amid COVID-19.

The report said private market investors like Wavemaker are optimistic that the emerging region has the potential to give birth to a large number of companies that could be worth billions of dollars in the future.