Dear reader,
In 2024, Southeast Asia’s venture capital landscape faces a challenging reality: funding dropped sharply by 59 per cent in the year’s first nine months, reflecting global economic turbulence, geopolitical uncertainties, and a lingering funding winter.
These conditions have led investors to be increasingly cautious, impacting both domestic and international investment flows into the region’s promising startup ecosystem.
Nonetheless, Southeast Asian-based venture capitalists remain resilient, strategically deploying capital both within the region and globally. Notable firms such as Spartan Group, HashKey Capital, and Temasek Holdings illustrate this commitment by continuing to make impactful investments across sectors, particularly in blockchain, fintech, high-tech, and consumer-driven markets.
This continued momentum by regional investors underscores their strategic role in sustaining Southeast Asia’s innovative ecosystem, even in the face of headwinds.
The current landscape demands that startups and investors alike adapt to a more discerning funding environment, focusing on sustainable growth and long-term value.
Sainul,
Editor.
NEWS & VIEWS
Temasek-backed eFishery cautious on IPO plan
CEO Gibran Huzaifah said an IPO remains a key objective but he stressed that the timing would depend on the company’s overall readiness, including its financial health and operational stability, rather than on riding market trends.
Indonesia’s Sociolla says it hit profitability in Q1 2024
CEO Christopher Madiam says the beauty ecommerce firm’s revenue also grew by more than 50% year on year in 2024; He said the company had “focused on ahead-of-time investments and marketing” instead of “burning money to subsidize the market.”
GCash faces scrutiny in Philippines over gambling addiction
The app, with over 90 million users, connects individuals to platforms like Bingo Plus and Arena Plus; This connection raises concerns about its impact on gambling habits.
ADVANCE.AI’s credit bureau unit nets US$4M to drive financial inclusion in Philippines
The investor is Archipelago Capital Partners; ADVANCE.CBP aims to serve fintech firms, digital banks, and thrift banks to enhance financial inclusion through credit information and data.
Asia’s AI fintech sector to grow 2.2x in 2025 led by India, China, Singapore
The share of funding received by AI fintech companies is projected to grow from US$60.4B in 2023 to US$62B in 2024 and US$65.5B in 2025, says a UnaFinancial study.
TGV invests in Tookitaki to drive innovation in anti-financial crime solutions
Tookitaki claims to have monitored over 10 billion transactions across 100 million consumers among its clients; In 2022, Singapore-based cross-border payments firm Thunes picked a majority stake in Tookitaki for US$20M.
measurable.energy’s AI smart sockets set for SEA expansion with Vertex’s backing
The UK startup’s smart socket automatically turns off power for devices not in use (and backs them on when they are), eliminating unnecessary consumption; The investment will accelerate the company’s growth in the UK and international markets.
Hijau’s zero-capex solar model attracts investment from Clime Capital
The company said it seeks to contribute to the archipelago’s energy transition towards renewable energy by installing solar panels on its clients’ rooftops or ground-mounted areas and charging a rental fee relative to the energy produced.
ConnectingDNA bags US$550K to accelerate DNA-based wellness solutions
ConnectingDNA’s platform serves as a “digital bridge” between an individual’s nature and nurture, delivering bespoke recommendations based on each user’s unique biology.
X’s India revenue falls 90%, filing shows
Revenue plummeted 89.8% to US$2.51M; The company, which had posted revenue of US$24.7M in the previous fiscal year, also significantly reduced its expenses in India to US$2.2M from US$20M year-over-year.
Malaysia’s Borong partners Maybank to launch country’s first B2B halal marketplace
Salaam Market is designed to empower local SMEs by integrating Halal certification support and financial services, paving the way for these businesses to navigate the complex Halal market and expand their reach internationally.
FEATURES & INTERVIEWS
Who’s still investing? The 2024 power players in Southeast Asia’s venture capital
A list of top SEA-based venture capital investors actively investing globally across various sectors, despite 2024’s challenges.
Green for tokens: How to use blockchain to promote a more sustainable lifestyle
In creating blockchain solutions that promote sustainable behaviour, startups need to consider the X-to-Earn factor.
Echelon Philippines 2024: Empowering early-stage startups through accelerators, educators, and enablers
The Echelon Philippines panel highlighted the importance of AI, semiconductors, and the creative industry in driving future growth.
Revolutionising content creation: How Eklipse is using AI to empower creators
Eklipse has developed an AI tool that automates the editing process, drastically reducing manual editing time by up to 90 per cent.
Echelon Philippines 2024: PayMongo’s Jojo Malolos on adaptation and growth in fintech
The Echelon Philippines fireside chat highlighted the need for adaptation, swift decision-making, and strategic direction for success.
FROM THE ARCHIVES
How are Singapore SMEs taking a proactive stance towards sustainability?
SMEs in Singapore have the ability to be proactive and be well-prepared for the inevitable inclusion of Scope 3 emissions as a business cost factor.
How to use blockchain to fund and create a greener future
Blockchain is providing a foundation for structural changes that support cultural climate awareness, policy-making, and individual commitments to sustainability.
Unlocking business potential: Overcoming decision paralysis with technology transformation
Discover how technology transformation can help businesses overcome decision paralysis and unlock their full potential.
How efficient communication drives positive relationships in product development
Efficient and productive communication across a business, both external and internal, can be the key to driving a successful project.
How to manage risk as a young professional in the startup world
The ability to mitigate risk as a startup founder allows you to acknowledge as well as accommodate such risks proactively.
Dear tech startups, it’s never too early for PR!
PR is the best way to tell your story and amplify your voice as a trusted enterprise amidst a sea of competition.
How marketing will be enhanced through generative AI
With the ability to create written words, videos, music, and more, generative AI is the future for brands’ marketing capabilities.
Creating sustainable futures: The vision of steady-state societies and still cities
Discover the transformative vision of steady-state societies and still cities, and how they can create sustainable futures for our planet and communities.
How fintechs can contribute to the world’s sustainability goals
A new report jointly produced by McKinsey & Company, Elevandi and MAS was recently released, showcasing how fintechs can contribute towards a greener future.
Building a better future: How sustainable architecture is leading the way for the built environment
The built environment sector is expected to focus increasingly on sustainable architecture as environmental concerns continue to grow.
Revolutionise your business operations: A smarter alternative to lengthy paper processes
One of the simplest steps to take is to transition from paper-based processes to more cost-effective digital solutions such as e-signatures.
On the precipice of energy transition
The opportunities for powering our world are expanding rapidly, with renewable energy sources such as solar and wind leading the way; Additionally, alternative sources like hydrogen and nuclear fission are showing great promise.
ESG empowerment: Fueling Malaysia’s SMEs for a sustainable future
ESG practices are extremely vital for SMEs, extending beyond the environment and crucial for growth and success.
Mastering sustainability: Your ultimate guide to hosting eco-friendly events in Asia
Implementing sustainable practices improves event planners’ environmental impact and creates positive community impact.
How Southeast Asian businesses can overcome employee training challenges
The challenge of bringing employees aboard the digital transformation ship is not exclusive to SEA. However, most firms admit to not being adaptable enough.
THOUGHT LEADERSHIP
Indonesia’s startup showcase 2024: The launchpad for Southeast Asia’s tech future
InvestIdea Capital Ventures is hosting the Tech Startup Showcase 2024, connecting global investors with Indonesia’s next wave of promising tech startups.
Asset classes demystified: Building a strong, diversified portfolio in today’s financial markets
Asset classes are the foundation of successful investing, providing a framework for diversification and risk management.
How Southeast Asia’s Supermom retains its Fortune 500 clients
As a hub for influential moms and brands, Supermom is reshaping parenting trends and solutions across the region.
5 strategies to power possibilities and propel your global growth
The startup landscape in Asia is full of possibilities, but starting and scaling a business calls for more than just a good idea.
The digital revolution in supply chain management: Efficiency, visibility, and resilience
Technology is profoundly impacting your supply chain processes, transforming how you operate and compete in today’s global marketplace.
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Image Credit: 123RF.
The post Ecosystem Roundup: A look at SEA’s top VCs in a challenging 2024 | GCash faces scrutiny in Philippines | Asia’s AI fintech sector to grow 2.2x in 2025 appeared first on e27.