Southeast Asia-based companies raised US$108 million in capital across 19 funding rounds in December 2023, according to a report by startup research platform Tracxn. The number is approximately 57.5 per cent less than the amount raised by regional companies in November 2023 and 89 per cent less than the capital secured in December 2022.
December was the least funded month in all of 2023.
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Early-stage investments (10) accounted for the bulk of the deals in December 2023, followed by seed-stage (8) and late-stage (1) deals.
The top deals in December 2023 were Doctor Anywhere (US$40.8 million), Igloo (US$36 million), LiveIn (US$8.3 million), RADC (US$5.41 million), and Klinik Pintar (US$5 million).
With three deals to its credit, 500 Global stood at the top, followed by Tai Partners (2) and Wavemaker Partners (1).
With US$2.5 billion, May was the most dominant month of 2023 in terms of the total funding raised, followed by October (US$731 million), February (US$640 million), July (US$608 million), March (US$580 million), and June (US$496 million).
Overall, the region’s tech startup ecosystem faced the effects of the funding winter in 2023. The startup industry received a total funding of US$4.3 billion in 2023 (till December 5, 2023), a 65 per cent plunge from US$12.4 billion raised in the same period in 2022.
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Companies attracted late-stage funding worth US$1.9 billion in 2023, a sharp decline of 65 per cent from US$5.4 billion raised in the same period in 2022. Early-stage funding stood at US$1.9 billion in 2023 YTD, a 67 per cent drop from the same period in 2022. Seed-stage investments also fell 52 per cent to US$546 million.
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