
The venture capital exit landscape is undergoing a fundamental reset, and nowhere is this more evident than in today’s M&A environment.
The latest State of Exits 2025 report makes one thing brutally clear: the age of outsized, effortless mega-exits is over. With 96 per cent of transactions valued below US$500 million — and 70 per cent under US$100 million — the market has shifted decisively towards smaller, tightly scrutinised acquisitions.
Yet even as deal volumes fall, values have risen 15 per cent, a contradiction that reveals the new truth of this cycle: buyers are willing to pay, but only for the very best. For Southeast Asian founders, this means the bar for being considered “acquirable” has never been higher. Flaky forecasts, patchy revenue quality, or volatile performance now kill deals instantly.
Compounding this shift is the dominance of structured deals. With 73 per cent of M&A transactions involving earnouts — and 42 per cent of consideration tied to future performance — the risk has moved squarely onto founders’ shoulders. The average earnout now stretches 3.2 years, binding leadership teams long after the cheque is signed.
Add collapsing SaaS valuations, stabilising at a sober 7x revenue, and a surge in early-stage acquisitions (60 per cent occurring before Series A) and the message is unmistakable: founders must plan exits earlier, execute flawlessly, and build relationships long before the data room opens. The new exit reality is unforgiving, but navigable for those who prepare with discipline rather than hope.
REGIONAL
NTT Group to launch its first startup investment vehicle in SEA: Synexia Ventures will target startups in Singapore, Indonesia, Malaysia, and the Philippines, with an emphasis on AI, IoT, smart cities, robotics, and drones. NTT Docomo Ventures and NTT Finance will jointly manage the Singapore-based vehicle.
SG VC firm GFTN, Japan’s SBI launch US$200M fintech fund: The fund will invest in growth-stage fintech companies globally, focusing on AI, digital assets, cybersecurity, and tokenisation. GFTN connects innovators, entrepreneurs, investors, and policymakers across more than 130 countries.
Singapore leads ASEAN fintech with over US$725M funding: This represents 87% of the region’s total fintech investment, according to a report by UOB, PwC Singapore, and the Singapore FinTech Association. Across ASEAN’s six largest economies, fintech funding dropped 36% YoY to about US$835M, with the number of deals down 60%.
Canadia Group enters venture investing with new impact fund, backs Jalat Logistics: The group formalises its CVC arm, targeting high-growth Cambodian startups in logistics, education, healthtech, and renewable energy sectors.
Indonesia’s Superbank reportedly targets US$322M IPO by 2025-end: The IPO on the Indonesia Stock Exchange is expected to take place between mid-November and the end of this year. Superbank is a digital bank based in Indonesia backed by Grab, Singtel, and Kakao Bank.
Singapore regulator to trial tokenised bills in 2026: MAS is also developing a regulatory framework for stablecoins, focusing on reserve backing and redemption reliability. The bank is also supporting trials under the Bloom initiative, which tests tokenised bank liabilities and regulated stablecoins for settlements.
UK, Singapore, Thailand to test cross-border currency settlement: The project will use simulated real-time gross settlement systems and distributed ledger technology environments to examine how different central bank infrastructures can work together.
Anomaly Bio powers the future of ingredient manufacturing with US$2.6M in pre-seed funding: Backed by Pebblebed Ventures, Anomaly Bio aims to reprogram biology to transform global ingredient production and supply resilience.
The Librarian secures US$2M to redefine what an executive assistant can be: Investors include Golden Gate Ventures, Jeremy Stoppelman, and Twenty Five Ventures. Unlike Siri or Alexa, The Librarian mirrors real EA workflows, choosing the right tool and completing tasks autonomously.
Singapore greenlights expanded AV testing as WeRide and Grab prepare for public rollout in 2026: WeRide-Grab secure regulatory approval to quadruple AV test runs, accelerating Singapore’s first residential autonomous shuttle rollout.
REPORTS, FEATURES & INTERVIEWS
Founders face a brutal new reality: Tiny exits, tougher buyers, endless earnouts: M&A exits shrink as buyers grow selective, with 96 per cent of deals under US$500M and structured earnouts dominating founder outcomes.
Sea Limited roars back to profit, yet credit loss provisions flash warning signs: Garena and Shopee drive Sea’s profitability rebound, while Monee’s lending surge triggers a sharp spike in credit loss provisions.
The new exit reality: How secondary deals became the lifeblood of venture capital: Secondaries hit US$152B in 2024, accounting for 71 per cent of exit dollars and redefining how venture-backed companies achieve liquidity.
Poni’s Cassandra Wee on why the most meaningful insurtech innovation will not come from operating in silo: Under her leadership, Poni has emerged a leading insurtech platform that aims to redefine how tech and advisory services converge to deliver smarter, more accessible solutions.
Spectral is breaking Nvidia’s monopoly — one line of CUDA code at a time: How a London startup is reprogramming the rules of accelerated computing, and giving developers freedom from the world’s most powerful moat.
Vincent Tan: The elevation architect designing intentional growth for leaders and teams: Tan, the Elevation Architect, blends architecture and coaching to help leaders design growth through curiosity and adaptability.
INTERNATIONAL
Pine Labs smashes expectations with surging market debut after US$439M IPO: Shares surge up to 28 per cent after Pine Labs’s listing, reflecting renewed investor confidence in its payments platform and Southeast Asia expansion plans.
Apple, OpenAI lose bid to dismiss Musk’s xAI lawsuit: xAI accuses the tech giants of working together to limit competition in the AI sector. The case claims Apple’s integration of OpenAI into the iPhone’s OS restricts consumer choice and stifles innovation.
Tencent Q3 revenue rises 15% on AI, cloud expansion: The Chinese tech giant reported US$27.1B in revenue in Q3 2025. Operating profit was US$9B. The company said AI improved its ad targeting and gaming performance during the quarter.
Blackstone, SoftBank said to eye investment in Indian AI startup: Neysa Networks provides cloud infrastructure for AI. Blackstone may take a majority stake, while SoftBank could take a minority position, but no decisions are finalised and other investors might join.
SoftBank shares plunge 10% after Nvidia stake sale: The Japanese tech investor made the sale to raise funds for further AI-related investments. The Nvidia sale comes as investors debate whether large-scale spending on AI by major tech firms will generate the expected returns.
ECHELON
Scaling with the state: Partnering with governments for growth: This panel underscored the value of understanding local contexts, leveraging government initiatives, and fostering regional collaboration.
The influence advantage: How creators and platforms are sharing the future of business visibility: The discussion also covered the growing influence of AI on content production, the need to balance virality with authenticity.
SEMICONDUCTOR
AMD shares jump 9% on CEO’s forecast for AI, data centre growth: CEO Lisa Su said that hyperscaler clients have increased spending as AI technology reaches a turning point, adding that companies are starting to see the benefits of these investments.
IBM unveils new quantum chips, targets 2029 fault tolerance: The company introduced the Quantum Nighthawk processor with 120 qubits and higher connectivity, set to be available by the end of 2025, and the Quantum Loon processor, which demonstrates components needed for fault-tolerant quantum computing.
ASML opens new chip equipment hub in South Korea: The Dutch firm is the largest producer of extreme ultraviolet lithography systems, which are essential for advanced chip production. The 16,000 sqm facility will function as a manufacturing and repair hub for equipment like EUV and deep ultraviolet systems.
Nvidia secures land for new campus in northern Israel: The chipmaker plans to build a campus in Kiryat Tivon that could eventually host 8,000 employees. The site is part of a larger employment zone called Campus Tivon, which currently allows for 120,000 square meters of construction.
AI
AI takes centre stage in Singapore’s push for Zero-SIF construction sites: Modern construction sites are complex ecosystems. From heavy machinery moving through congested zones to fall-from-height risks, dangers can emerge suddenly and silently. AI is transforming how EHS teams detect and prevent these risks.
When AI talks nonsense: Why it’s not the end of the story: Next time you feel frustrated, remember: you’re not just using AI, you’re teaching it. And like any good student, it learns fastest when the teacher is clear, patient, and willing to try again.
How CCTV-based vision AI is transforming manufacturing: Traditionally, human inspectors check product quality one by one, which is slow and prone to errors. On the other hand, CCTV-based Vision AI watches the production line 24/7 and instantly spots tiny defects before they move forward.
THOUGHT LEADERSHIP
Beyond resilience: A call to action for a climate-proof Philippines to the tech ecosystem: After Super Typhoon Fung-wong, the Philippines must move beyond resilience by investing in startups and innovation for sustainable growth.
No CPI, no confidence: How data paralysis is fueling crypto’s November slide: The path forward is clouded by the absence of the CPI data, but its eventual release or its continued absence will be a critical test.
In finance, intelligence is human before it is artificial: Finance’s slower adoption of AI stems not from conservatism but from accountability. Every output, whether a risk score or a research summary, must be explainable, auditable, and defensible.
Homegrown AI: Mongolia’s blueprint for developing nations: Mongolia’s AI journey shows how developing nations can achieve digital sovereignty through local problem-solving and sustainable growth.
The future of startups: Where AI handles work and humans handle meaning: Automation in 2025 is redefining work by freeing time for creativity and connection, showing that true efficiency amplifies human presence.
Weathering the tariff turbulence: How AI and collaboration can lift SEA SMEs: Tariffs are reshaping trade in Southeast Asia, challenging SMEs while opening space for strategy, regional collaboration, and resilience.
Pakistan’s carbon market: A new opportunity for startups and SMEs: The country’s involvement in the world carbon market offers an opportunity for economic growth as well as an environmental one.
Building Indonesia’s green momentum: What comes after 2025’s lessons: The ecosystem gap between innovation and capital readiness held back Indonesia’s clean energy startups in 2025. If these gaps persist, Indonesia risks losing its competitive edge as the region’s emerging clean-energy hub.
What Southeast Asia can learn from Europe’s insurtech revolution: European insurtech startups have identified a critical gap in traditional insurance models: the one-size-fits-all approach often leaves consumers either over-insured for their actual needs or inadequately covered for specific risks.
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