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Siemer Ventures, an early-stage firm dedicated to technology investments, announced today the first closing of Wavemaker Fund III, a $45 million venture capital fund. The fund focuses on global late seed stage B2B and B2C opportunities.

In addition, Siemer Ventures will officially rebrand as Wavemaker Partners. The decision coincides with the 4th annual Siemer Summit, a two-day gathering of entrepreneurs and venture capitalist partners from around the world starting today in Santa Monica, Calif.

David Siemer, co-founder and managing partner of Wavemaker Partners, commented in a statement that he is excited to continue to support growing entrepreneurs, especially in their focus markets of Southern California and Southeast Asia.

“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,” said Siemer.

Wavemaker’s second fund raised $28 million in 2011, approximately 20% of which is invested in Southeast Asia. As one of the most active investment funds in Southern California, Wavemaker and its principals average 25-30 new global investments per year, investing in over 130 companies over the last 12 years.

“We’re grateful to our Limited Partners’ continued support and thrilled to have more opportunities to support emerging entrepreneurs,” said Eric Manlunas, another co-founder and managing partner of Wavemaker Partners, in a statement. “This business is all about supporting and helping entrepreneurs succeed and we’re honored to play a small role in that enterprise formation process.”