Siemer Ventures, an early-stage technology VC, has announced its third fund, a $45 million raise to focus on e-commerce and ad-tech startups. In announcing the fund, the Santa Monica firm said it would also rebrand as Wavemaker Partners.
Siemer, now Wavemaker, has invested in over 130 companies in the last 12 years, including tech studio Science Inc. and membership airline SurfAir. In 2011, the company closed a $28 million fund.
The group plans to further expand its presence across the Pacific, allocating more than 30 percent of the latest fund to Southeast Asian startups. Wavemaker Pacific, the company’s Singapore branch, also announced Wednesday it would join the DFJ Global Network, which connects independent venture funds across the world.
“Our quantitative and highly diversified model has been successful across a global portfolio and we are excited to continue our strategy with a larger fund,” David Siemer, co-founder and managing partner of Wavemaker Partners, said in a statement.