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April 2024

SE ASIA DEAL REVIEW:

Q1 2024
SINGAPORE | INDONESIA | PHILIPPINES | THAILAND | MALAYSIA | VIETNAM | MYANMAR
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A Note From the Authors

This report focuses on fundraising by private companies in Southeast Asia in the fourth quarter of 2023. While
we provide historical data for context, more details on fundraising performance in previous quarters can be
found on DealStreetAsia’s Reports page.

All data cited in this report is based on industry reports, company announcements, media reports, regulatory
filings and DealStreetAsia's research.

Considering the opaque nature of the Southeast Asian market, we strive to constantly update our data to ensure
accuracy. If you spot an error or inaccuracy, please let us know at [email protected] and/or
[email protected].

Andi Haswidi Abhishek Chatterjee Deepshikha Monga

Head of Research Research Analyst Senior Editor
[email protected] [email protected] [email protected]

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Table of Contents
Anaemic start of the year 4 Software & IT soared on demand for blockchain solutions 26
Key findings 5-8 Blockchain solution providers cornered market in Q1 27
Singapore remained epicentre of blockchain innovations 28
Regional overview Climate awareness drove green tech investments 29
Funding value fell to lowest in more than five years 10 Waste management lost momentum after strong 2023 30
Early-stage transactions drive equity deal volume 11 E-commerce plunged despite rebound in consumption 31
Philippines nearly matched Indonesia in terms of deal value 12 Indonesia, Singapore held back regional performance 32
Late-stage deal volume continued to decline 13 E-commerce: Funding crunch felt across all funding stages 33
Late-stage funding proceeds fell 81% YoY 14
Pre-seed and seed deals lifted early-stage volume 15 Country review
Seed to Series B median values showed diverging trajectory 16 Singapore 35-36
Not a single deal surpassed $100 million in Q1 2024 17 Indonesia 37-38
High-value deals continued downward slide 18 Malaysia 39-40
Top 20 equity deals in Q1 2024 19 Vietnam 41-42
Philippines 43-44
Deal trendspotting Thailand 45-46
E-commerce dropped out of top 10 verticals by deal value 21
Fintech recovered as DeFi startups found new momentum 22 Insider Insights 48-52
Wealthtech regained top spot among fintech startups 23
Top three fintech categories humbled by liquidity crunch 24 Disclaimer & Terms of Use 53
Decentralised Finance got boost from crypto market recovery 25 Contact Us 54
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Anaemic
After a deep correction in 2023, shortening the timelines for achieving
expectations were high for a rebound in breakeven or profitability by reducing
venture capital investments in marketing expenses and raising take

start to Southeast Asia this year. The first

quarter funding data, however, paints a
different picture. Several key indicators
rates – measures aimed at extending
their financial runway.

the year
E-commerce firms were among those
fell to the lowest levels in over five
that recorded the highest declines in
years on the back of a continued global
Q1, securing the lowest quarterly
liquidity crunch, dampening valuations
performance on record and extending a
and risk appetites for big-ticket funding
downward trend that began with the
rounds.
start of the global monetary tightening
While it remains too early to say in 2022. Meanwhile, fintech saw a
whether 2024 will likely underperform, glimmer of recovery, especially in
startups beyond the seed stage are decentralised finance and crypto,
undoubtedly faced with a challenging driven by renewed investor interest.
task. In order to secure funding in a However, the volatile nature of crypto
tough macroeconomic environment, markets and regulatory uncertainties
they must demonstrate superior mean investors remain cautiously
margins relative to their competitors. optimistic about the sustainability of
Simultaneously, they are tasked with this rebound.

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Key findings
A sluggish start. Southeast Asia's startup
fundraising landscape had a mixed start in the
first quarter of 2024. Deal volume recovered
slightly, with 180 equity transactions
surpassing the previous quarter's 164 deals.
However, the total private capital raised
plummeted to its lowest level in five years; the
Q1 haul of $1 billion was less than half that of
Q4 2023 and a significant 41% drop compared
to Q1 2023. This stark decline reflects the
ongoing global liquidity crunch, which has
particularly dampened late-stage funding. For
context, funding for Southeast Asia-based
startups peaked in Q4 2021 with a staggering
$8 billion raised, followed by a volume peak of
312 deals in Q1 2022.

Singapore led the recovery. In the first

quarter, Singapore remained SE Asia’s largest
startup investment destination, accounting for
62% of deals and 63% of the capital raised.
Indonesia was a distant second with

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Regional Overview

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Southeast Asia
Funding value fell to lowest in more than five years
Equity vs debt funding value per quarter

Source: DealStreetAsia - DATA VANTAGE

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Southeast Asia
Early-stage transactions drove equity deal volume
Equity vs debt funding volume per quarter

Source: DealStreetAsia - DATA VANTAGE

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Southeast Asia
Philippines nearly matched Indonesia in terms of deal value
Equity funding volume & value by HQ location Share of equity funding value by HQ location

Note: Charts on this page exclude Cambodia and Myanmar

Source: DealStreetAsia - DATA VANTAGE
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Southeast Asia
Late-stage deal volume continued to decline
Quarterly equity deal volume by investment stage

Source: DealStreetAsia - DATA VANTAGE

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Southeast Asia
Late-stage funding proceeds fell 81% YoY
Quarterly equity deal value by investment stage

Source: DealStreetAsia - DATA VANTAGE

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Southeast Asia
Pre-seed and seed deals lifted early-stage volume
Quarterly deal volume by funding round

Note: Excluding angel investment and bridge rounds

Source: DealStreetAsia - DATA VANTAGE

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Southeast Asia
Seed to Series B median values showed diverging trajectory
Median value of equity funding deals by stage Average value of equity funding deals by stage

Source: DealStreetAsia - DATA VANTAGE

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Southeast Asia
Not a single deal surpassed $100 million in Q1 2024
Quarterly equity deal volume by funding range

Note: Excluding deals with undisclosed value

Source: DealStreetAsia - DATA VANTAGE

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Southeast Asia
High-value deals continued downward slide
Number of equity deals greater than $100 million per quarter

Source: DealStreetAsia - DATA VANTAGE

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Southeast Asia: Top 20 equity deals in Q1 2024

HQ Company Vertical Stage Value Investors (not exhaustive)
PH Asialink Financial services PE (growth capital) $71.3m Creador
SG SingAuto Mobility tech Series A $45.0m Undisclosed
ID Qoala Fintech; Insurtech Series C $44.9m MassMutual Ventures, PayPal Ventures, AppWorks
SG Climate Impact X Green tech Venture - Unclassified $44.8m Mizuho Financial Group, DBS Bank, Eurazeo
SG Sygnum Fintech; Digibank Venture - Unclassified $40.0m Azimut Holding
PH UNOBank Fintech; Digibank Pre-Series B $32.1m Creador, Gateway Partners, Nextinfinity
VN Be Group Mobility tech Venture - Unclassified $30.3m VPBank Securities
SG Atlan Data analytics; AI/ML Series B $27.5m Salesforce Ventures, AT13 Fund, Peak XV Partners
ID AwanTunai Fintech; Fintech lending Series B $27.5m Finnfund, MUFG Innovation Partners, Norfund
SG Oobit Fintech; E-payment Series A $25.0m Tether, 468 Capital, Titan Fund
PH Dali Discount General trading; Retail Venture - Unclassified $25.0m Venturi Partners
SG Xcelerate Regtech Venture - Unclassified $25.0m Federated Hermes, Altair Capital, Exacta Capital Partners
ID Wagely Fintech; Fintech lending Venture - Unclassified $23.0m Capria Ventures
SG GDMC Healthtech Series A $21.0m Celadon Partners, NSG Ventures, SEEDS Capital
SG Allies of Skin Consumer product PE (growth capital) $20.0m Meaningful Partners
SG CleanEdge Resources Green tech Venture - Unclassified $20.0m responsAbility Investments
SG Morph Software & IT Seed + Angel Investment $20.0m Dragonfly, Foresight Ventures, Pantera Capital
SG Biobot Surgical Healthtech Series B $18.0m Tony Tan Choon Keat, ZIG Ventures
SG Mystiko.Network Fintech; Wealthtech Seed $18.0m Peak XV, Morningstar Ventures, Samsung NEXT
SG Qapita Fintech; Cap table mgmt Series B $17.2m Cercano Management, East Ventures, MassMutual Ventures
Source: DealStreetAsia - DATA VANTAGE

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Deal Trendspotting

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Trendspotting
E-commerce dropped out of top 10 verticals by deal value
Top 10 verticals by equity deal volume Top 10 verticals by equity deal value

Source: DealStreetAsia - DATA VANTAGE

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Fintech
Fintech recovered as DeFi startups found new momentum
Equity funding for fintech firms per quarter Share of equity deal value for fintech by HQ

Source: DealStreetAsia - DATA VANTAGE

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Fintech
Wealthtech regained top spot among fintech startups
Fintech categories based on deal volume in Q1 2024 Top 10 fintech deals in Q1 2024

Firm Sector Value Funding type

Qoala Insurtech $44.9m Series C

Sygnum Digibank services $40.0m Venture - Unclassified

UNObank Digibank services $32.1m Pre-Series B

AwanTunai Fintech lending $27.5m Series B

Oobit E-payment $25.0m Series A

Wagely Fintech lending $23.0m Venture - Unclassified

Mystiko.Network Wealthtech $18.0m Seed

Qapita Cap table mgmt. $17.2m Series B

Tokenize Xchange Wealthtech $11.5m Series A+

Alex Wealthtech $10.0m Series A

Source: DealStreetAsia - DATA VANTAGE

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Fintech
Top three fintech categories humbled by liquidity crunch
First quarter performance of top 3 fintech categories by volume First quarter performance of top 3 fintech categories by value

Source: DealStreetAsia - DATA VANTAGE

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Fintech
Decentralised Finance got boost from crypto market recovery
Share of deal volume: DeFi versus TradFi Share of deal value: DeFi versus TradFi

Source: DealStreetAsia - DATA VANTAGE

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Software & IT
Software & IT soared on demand for blockchain solutions
Equity funding for software & IT solutions providers per quarter

Source: DealStreetAsia - DATA VANTAGE

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Software & IT
Blockchain solution providers cornered market in Q1
Equity funding for software & IT solutions providers per quarter

Source: DealStreetAsia - DATA VANTAGE

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Software & IT
Singapore remained epicentre of blockchain innovations
Share of funding by volume (inner) and value (outer) in Q1 2024 Top 10 Software & IT deals in Q1 2024

Firm Sector Value Funding Type

Morph Blockchain solutions $20m Seed

peaq Blockchain solutions $15m Series A

AltLayer Blockchain solutions $14.4m Series A

UXLINK Blockchain solutions $9m Seed

Initia Labs Blockchain solutions $7.5m Seed

Pontem Network Blockchain solutions $6m Venture - Unclassified

OxScope Blockchain solutions $5m Pre-Series A

BitLayer Blockchain solutions $5m Seed

LightLink Blockchain solutions $4.5m Seed

Startale labs Blockchain solutions $3.5m Seed

Source: DealStreetAsia - DATA VANTAGE

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Green tech
Climate awareness drove green tech investments
Equity funding for green tech firms per quarter

Source: DealStreetAsia - DATA VANTAGE

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Green tech
Waste management lost momentum after strong 2023
Top 2 most active green tech categories by volume since 2020 All green tech deals in Q1 2024

Firm Sector Value Funding Type

Climate Impact X Carbon exchange $45m Venture - Unclassified

CleanEdge Resources Water treatment $20m Venture - Unclassified

Ideation3X Waste mgmt. & recycling $5m Series B2

Pyxis Maritime electric vehicle $5m Seed

Thryve.Earth Carbon analytics $3m Seed

FlyORO Sustainable fuel $2m Pre-Series A

Alcom Carbon
Renewable energy Undisclosed Pre-Series A
Markets
Arkadiah Land restoration Undisclosed Seed

Carbcoin Carbon exchange Undisclosed Seed

Green COP Renewable energy Undisclosed Angel

Lambdai Space Climate analytics Undisclosed Pre-Seed

Skye Renewables Renewable energy Undisclosed Venture - Unclassified

Source: DealStreetAsia - DATA VANTAGE

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E-commerce
E-commerce plunged despite rebound in consumption
Equity funding for e-commerce firms per quarter

Source: DealStreetAsia - DATA VANTAGE

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E-commerce
Indonesia, Singapore held back regional performance
Equity funding volume in top two most active markets

Equity funding value in top two most active markets

Source: DealStreetAsia - DATA VANTAGE

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E-commerce
Funding crunch felt across all funding stages
Equity deal volume in e-commerce by investment stage All e-commerce deals in Q1 2024

Firm Sector Value Funding type

Konvy.com B2C Commerce $11m Series A

Motorist B2C2C Commerce $3m Series A

OppDoor E-commerce enabler $2m Seed

Toki B2C Commerce $1.8m Pre-Seed

Messenger Co B2C Commerce $110k Pre-Seed

Seafoody B2C Commerce $110k Pre-Seed

Untukumu.AI B2C Commerce Undisclosed Seed

Komerce E-commerce enabler Undisclosed Seed

Zolo E-commerce enabler Undisclosed Pre-Seed

ScaleUp E-commerce enabler Undisclosed Seed

Source: DealStreetAsia - DATA VANTAGE

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Country Review

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Singapore
Deal volume surged to highest in seven quarters
Equity funding for Singaporean firms

Source: DealStreetAsia - DATA VANTAGE

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Singapore
Late-stage funding value dropped to all-time low
Equity funding volume by investment stage Share of early vs late stage funding value per quarter

Source: DealStreetAsia - DATA VANTAGE

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Indonesia
Sluggish start to the year for Indonesian startups
Equity funding for Indonesian firms

Source: DealStreetAsia - DATA VANTAGE

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Indonesia
Late-stage drought continued in Q1
Equity funding volume per investment stage Share of early vs late stage funding value per quarter

Source: DealStreetAsia - DATA VANTAGE

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Malaysia
Funding for local startups hit four-quarter low
Equity funding for Malaysian firms

Source: DealStreetAsia - DATA VANTAGE

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Malaysia
No late-stage deals recorded in Q1
Equity funding volume by investment stage Share of early vs late stage funding value per quarter

Source: DealStreetAsia - DATA VANTAGE

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Vietnam
Vietnam maintained course in a tough climate
Equity funding for Vietnamese firms

Source: DealStreetAsia - DATA VANTAGE

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Vietnam
Crypto market revival may positively influence outlook
Equity funding volume by investment stage Share of early vs late stage funding value per quarter

Source: DealStreetAsia - DATA VANTAGE

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Philippines
Philippines still a long way from achieving potential
Equity funding for Philippine firms

Source: DealStreetAsia - DATA VANTAGE

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Philippines
Late-stage transactions remain scarce
Equity funding volume by investment stage Share of early vs late stage funding value per quarter

Source: DealStreetAsia - DATA VANTAGE

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Thailand
Deal volume slowed to a trickle in Q1
Equity funding for Thai firms

Source: DealStreetAsia - DATA VANTAGE

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Thailand
Second consecutive quarter with no late-stage deals
Equity funding volume by investment stage Share of early vs late stage funding value per quarter

Source: DealStreetAsia - DATA VANTAGE

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Insider Insights

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Insider Insights surrounding global macros. This risk aversion

naturally translates into a more selective approach to
The general sentiment among managers seems to be
improving, albeit not without caution. For us at MHV,
new investments. our investment strategy remains consistent, with
steady, disciplined deployment based on a
Investors aside, companies themselves are adapting to first-principle assessment approach. We average
Susli Lie this environment of scarce capital by managing their three to six deals a year and we expect to achieve the
Partner cash flows and maximizing their runways in same volume in 2024.
Monk’s Hill Ventures anticipation of uncertainty in the market. This also
contributes to fewer companies coming back to Venture capital is a long game that requires a
market and less transactions overall. long-term outlook, so while quarterly trends are
useful to track, we tend to think in years and decades.
The current liquidity crunch in the VC market has This dynamic is also at play in Indonesia, which saw The silver lining is that in down times, there is less
been well-documented. What specific factors have large volumes of funding during 2021 to 2022 driven distraction, and both founders and VCs can truly focus
led fund managers to further tighten their by the attractiveness of its sheer size, positive on identifying and creating meaningful value. History
investment spigots in recent months? Can you also demographic trends, growing consuming class, and has shown that some of the best companies were born
comment on Indonesia? Our data shows a 66% the rate of company formation. What we are seeing during the trough years, and the best VCs will
year-on-year drop to $148 million in equity funding now is a “normalisation to the mean” as a response to continue to look for these companies to back.
in Q1. the over-exuberance in earlier years, but the
opportunity remains robust and at Monk’s Hill As a fund manager, how are you assessing and
For a few quarters now, we have seen a notable Ventures (MHV), we continue to add Indonesian mitigating the geopolitical risks associated with the
reaction to overvaluation, buoyed by the availability companies to our portfolio, most recently we led the broader SWANA region, as well as the evolving great
of cheap capital from 2021 to 2022. This has Series A round for DELOS in 2023. power rivalries and the ongoing U.S.-China
prompted investors to take a conservative approach, decoupling? How do these complex geopolitical
focusing on preserving capital and managing risk Many fund managers anticipated disbursing more factors inform your investment strategies and
within their portfolios. capital in 2024 based on our past conversations. decision-making processes when considering
Does the Q1 performance indicate that a VC market opportunities in Southeast Asian markets?
There's also been a prevailing "risk-off" mode among recovery is unlikely to materialise this year or is it
investors more generally, driven by uncertainty too early to tell? We are fortunate that SEA remains relatively stable

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despite the geopolitical turbulence happening to build large and impactful tech companies in SEA. your portfolio companies?
throughout the rest of the world. In many cases, the We expect the next ten years to bring even more
region’s neutrality has benefitted from some of the innovation led by visionary startup founders. Fundraising is always difficult, even in the best of
developments. times, and being a startup founder is about having the
Are there specific sectors or types of startups that resilience, grit and foresight to keep the company
The global supply chain diversification away from you believe are more likely to achieve successful afloat.
China has resulted in record levels of FDIs flowing into exits in the near future? If so, what factors contribute
the region - attributed to both global players as well as to their attractiveness to potential acquirers or The quicker the company achieves healthy
Chinese companies and exceeding flows into China for public markets? fundamentals, the more control it has over its destiny.
the second consecutive year in 2022. Markets like Think of it as a two-axis problem: profitability and
Vietnam, Malaysia, Thailand, and Indonesia stand to In my view, the goal posts have not shifted - the runway. The higher your margins are, the slower your
benefit and we’re watching this space closely to see market has always valued assets that demonstrate or cash depletion, buying you more runway. The lower
how it positively impacts the startup landscape. are on a clear path to profitability coupled with your margins are, the quicker you run out of cash.
growing, sizable revenues where tech is an enabler to When you have that leeway, you have more control
Post-Covid, we’re also seeing swelling domestic scale. In order to achieve this, founders have to target over how much you invest in growth, with a path to
consumption patterns attributed to a pick-up in travel a problem with a large enough market and come up achieving “default alive”. This is a muscle that
as well as a growing middle class that is insulating the with not just a 10x better tech solution, but also an companies are getting better at in lean times.
region against some of the incoming headwinds. innovative business model to acquire customers and
capture value. As board members, we help companies make
Another mitigating factor is SEA’s increasing strategically critical decisions that move them
participation in the global green transition. The While the SEA landscape is relatively nascent, it is towards high-quality revenue models. We also
existing OEM base and availability of precious gradually building up a track record. When companies provide hands-on help with capital planning
minerals such as nickel and other rare and base now focus on building high-quality revenues with supported by a dedicated in-house Corporate
material, puts SEA in a good position to absorb the improving margins, exits will become a matter of Development team to complement our high-touch
increasing demand in electric vehicles (EVs) and “when” and “how”, not “if.” engagement model with our portfolio companies.
interest in green technology.
In the event of prolonged market downturns or Amidst the current bullish cryptocurrency market
The last ten years have shown us that it is possible unexpected challenges, what contingency plans do conditions, what specific areas within the broader
you have in place to facilitate successful exits for blockchain and DeFi ecosystems are you specifically

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targeting for new investment opportunities? What amongst many other factors.
thesis or characteristics are you focusing on to
identify the most promising sectors or use cases?
***
Blockchain, and the various applications it has made
possible, have struggled to find real-world use cases.
While the jury is still out, we may be at the cusp of
seeing some interesting opportunities. Across the
region, governments are selectively encouraging the
adoption and use of blockchain technology on a wider
scale.

Singapore, in particular, is widely regarded as one of

the most crypto-friendly jurisdictions globally, with
clear regulatory frameworks for stablecoin issuers
under the Payment Services Act. Last year, the
Monetary Association of Singapore also unveiled
plans to pilot the “live” issuance of a wholesale central
bank digital currency for interbank settlements. With
these encouraging developments in the region, we see
opportunities in the application of blockchain and
DeFi, for instance in facilitating cross-border money
flow and trade.

As a hub for financial activities for the region, we

expect spillover effects in other SEA markets.
However it will take time to establish a clear
investment case in each market, dependent on the
developments in their regulatory environments,

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Insider Insights exceptional unit economics. Startups that

demonstrate these two metrics are most likely to
a reasonable timeframe.

achieve successful exits. Many fund managers anticipated disbursing more

capital in 2024 based on our past conversations.
In the event of prolonged market downturns or Does the Q1 performance indicate that a VC market
Dave Richards unexpected challenges, what contingency plans do recovery is unlikely to materialise this year or is it
Managing Partner you have in place to facilitate successful exits for too early to tell?
Capria Ventures your portfolio companies?
We expect to see some recovery in 2024 versus last
We work with our portfolio founders to prioritize year, but not fully. For companies beyond the seed
achieving profitability/cash flow break-even (CFBE) stage, the overall capital deployment will shift towards
What are the current trends in exit strategies for and build smart, sustainable growth strategies so that profitable companies.
VC-backed startups in Southeast Asia, considering these startups can weather challenging market
the recent market conditions? conditions. This is the best path to a liquidity Amidst the overall conservative trend, are there
opportunity. specific sectors or technologies that still promise
Roll-up mergers and acquisitions (M&A)/ acqui-hires higher returns, potentially enticing a greater risk
are on the rise for companies that are subscale and The current liquidity crunch in the VC market has appetite from investors?
don’t have a path to profitability. The key is the been well-documented. What specific factors have
transaction should be accretive in the hands of the led fund managers to further tighten their Investors are increasingly drawn to startups that
acquirer. Meanwhile, strategic trade sales remain a investment spigots in recent months? clearly articulate and demonstrate a strategic
viable option for more scaled companies. application of Generative AI, even if for internal use
Fund managers are much more selective about their initially. This is already true for all startups getting
Are there specific sectors or types of startups that investments due to a host of factors, such as the lack funded in the US. Additionally, startups must show
you believe are more likely to achieve successful of a path demonstrated by startups towards cash flow superior margins than their competitors in order to
exits in the near future? If so, what factors contribute break-even (CFBE) with a new round of capital, enable them to re-invest more in growth without
to their attractiveness to potential acquirers or unattractive unit economics (high customer having to raise more capital. B2C models currently
public markets? acquisition cost, insufficient gross margin) and face challenges such as high customer acquisition
unrealistic valuations based on the potential for costs (CAC), low customer retention, and excessive
VCs generally favor startups with strong growth and business to grow and deliver venture-scale returns in reliance on discounts. B2B2C models are gaining

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traction due to lower customer acquisition costs, but of Indonesia, Singapore, and Vietnam. However, VC
they also need to demonstrate growth for which investment strategies are likely to incorporate a
companies have only an indirect impact. cautious approach towards co-investing with Chinese
partners.
How do you plan to capitalize on the expected global
monetary easing vis-à-vis US Fed interest rate cuts?
Are there any adjustments to your funding strategies ***
or capital allocation that you are considering?

We expect this to bring back more investors/LPs to

VC strategies as other investment assets have a lesser
ability to hit institutional hurdle rates. This is
particularly an issue with pension funds, which have
huge long-term distribution requirements to their
beneficiaries and have been largely underfunded.

As a fund manager evaluating opportunities in

Southeast Asia, how are you assessing and mitigating
the geopolitical risks associated with the broader
SWANA region, as well as the evolving great power
rivalries and the ongoing U.S.-China decoupling? How
do these complex geopolitical factors inform your
investment strategies and decision-making processes
when considering opportunities in Southeast Asian
markets?

Southeast Asia's geopolitical landscape presents a

nuanced picture for VC firms. Generally, the
geopolitical situation is positive for our core markets

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