Daily Briefing: Wavemaker closes its third SEA fund at $154.25m; Redeveloped Marina Bay floating platform to house new elements

And shorter operating hours for Thomson-East Coast Line stations in stage 2 opening.

From e27:

VC firm Wavemaker Partners has closed its third Southeast Asia (SEA) fund at $154.25m (US$111m), exceeding its initial target of $138.96m (US$100m), according to an announcement.

The backers of the new fund include new investor Concentric Equity Partners, who will join the existing ones, Pavilion Capital, Temasek, IFC, and Vulcan Capital.

As per an earlier press release, Fund III aims to invest in 60 new companies with an initial check size of about $694,800 (US$500,000).

Since 2012, Wavemaker has built a wide-ranging portfolio across industry verticals, horizontal processes, and technologies. It has invested in over 130 startups, of which 100 are enterprise-focused with over 40 of these in deeptech and AI.

Companies that have received funding from the VC firm include Zilingo, ThinCI, CashShield, Lynk, Structo, Growsari, Igloohome, Silent Eight, Novade, GudangAda and Transcelestial.

Read more here.

From ChannelNewsAsia:

The redeveloped Marina Bay floating platform will house various new elements, including a water sports centre, a swimming pool, and a National Service-themed gallery, when it is completed by 2025, according to the Ministry of National Development (MND) and Ministry of Defence (MINDEF)

The ministries have awarded the design consultancy tender for the redevelopment of The Float @ Marina Bay to a team led by WOHA Architects.

Redevelopment works are scheduled to start in March 2022 and completed by end-2025, although the project scope and timeline may be adjusted because of the pandemic.

When completed, the platform will be transformed into a "fit-for-purpose and flexible events venue for different scales and types of events", the ministries said.

Food and beverage as well as retail offerings are also being considered, in line with feedback received from the public on enhancing the site's facilities.

Read more here.

From ChannelNewsAsia:

Operating hours for the three stations on the Thomson-East Coast Line (TEL) will be further shortened in preparation for the opening of Stage 2 of the line, according to SMRT.

Train services between Woodlands North and Woodlands South MRT stations will end at 9pm daily from 20 July to 30 August. The announcement comes after operating hours for the line were first shortened on weekends from 3 April to 26 July.

"The additional engineering hours will be used to continue testing of the integrated systems and trains in preparation for the opening of Stage 2 of the Thomson-East Coast Line," SMRT said.

The second phase of the TEL comprises six stations from Springleaf to Caldecott, with two interchange stations at Bright Hill and Caldecott.

It is expected to open by the end of 2020, with LTA noting in January that works were about 90% complete.

Read more here.

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