Dear reader,
Indonesia’s startup ecosystem experienced a significant decline in venture funding in the first half of 2024, securing only US$191 million—a 64% drop from US$526 million in the same period last year, according to Tracxn’s Geo Semi-Annual Report. Sequentially, the decline was even more pronounced at 79%. Globally, Indonesia ranked 29th in funding.
Seed-stage investments fell by 27% to US$26 million, while early-stage funding dropped 42% to $113 million. Late-stage investments saw the steepest decline, plummeting to US$52.2 million from US$681 million in H2 2023.
Despite the overall downturn, fintech, insurtech, and enterprise applications emerged as top-performing sectors. Notably, insurtech saw a dramatic rise in funding, increasing from US$7.5 million to US$47 million.
However, the period saw no new unicorns and fewer acquisitions and IPOs. Jakarta led in city-wise funding, with East Ventures, AC Ventures, and Alpha JWC Ventures as top investors.
The subdued IPO market and significant funding drops highlight the challenges faced by Indonesian startups in H1 2024, necessitating strategic adaptations to navigate the evolving landscape.
Sainul,
Editor.
—-
NEWS
Insurtech shines amidst overall funding decline in Indonesia in H1
Insurtech startups in Indonesia secured US$47M in H1 2024 compared to US$7.5 million in H1 2023, as per a Tracxn report; The overall funding was US$191M in venture funding in the first half of 2024, a 64 per cent decline from US$526 million raised in the same period last year.
Funding down 53% in Vietnam in H1; logistics-tech, edutech buck the trend
The transportation and logistics tech sector witnessed a 940% spike in funding, while edutech recorded a 280% rise in H1 2024; No late-stage funding was reported in H1 2024, mirroring the trend from H2 2023, whereas US$3M was raised in H1 2023.
GXS Bank receives US169M capital injection from backers Singtel, Grab
GXS’ latest financials showed widening losses, with FY 2023 ending December 31 reporting a loss of S$208.2M from a loss of S$132.5M a year prior; Its full-year revenue increased to S$16.1 million from S$5.1 million in FY 2022.
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k-ID lands US$45M funding to provide safe online environment for young gamers
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Hubble nets US$5M to transform progress and payments in the built environment industry
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According to a recent report by property and management consulting firm JLL, FDI in the industry has grown from less than US$2B in 2011 to over US$20B in 2023; This was driven by tax breaks and government incentives for battery-based EVs.
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Launched by India’s Ministry of External Affairs, the eMigrate portal helps Indian labour legally emigrate overseas. The portal also provides emigration clearance tracking and insurance services to migrant workers.
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Taiwan’s agri-food accelerator HAOSHi launches 7th cohort with 10 startups
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The post Ecosystem Roundup: Insurtech shines in Indonesia in H1 | Singtel, Grab infuse US$169M into GXS Bank | k-ID secures US$45M appeared first on e27.