Dear reader,
Southeast Asia’s venture capital landscape in 2024 showcases the region’s resilience and its strategic potential. Amid global economic uncertainties, startups across diverse sectors—particularly fintech, AI, cloud services, and sustainability—continue to attract substantial funding.
This sustained interest underscores Southeast Asia’s role as a burgeoning innovation hub, supported by a young, tech-savvy population, and a growing digital economy. Countries like Singapore, Indonesia, Thailand, and the Philippines are home to some of the year’s largest funding rounds, as seen in companies like Ascend Money, Supabase, and NIUM, which are actively leveraging technology to address evolving consumer and business needs.
VCs are drawn to the region’s opportunities in areas such as financial inclusion, cloud infrastructure, and digital transformation, boosted by supportive government policies.
This trend is not only fostering economic growth but also driving a competitive environment where startups with disruptive solutions are thriving. As funding momentum continues, Southeast Asia could see a steady emergence of unicorns and “soonicorns,” especially as more investors look to capture the growth in these underserved markets.
The region’s entrepreneurial spirit and digital transformation initiatives highlight a promising trajectory, establishing Southeast Asia as a powerful player on the global startup stage.
Sainul,
Editor.
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NEWS & VIEWS
NTU, Walden International launch US$38M fund to support deeptech startups
Nanyang Frontier Fund will support deeptech spin-offs from Singapore’s Nanyang Technological University (NTU); It is the city-state’s first venture capital fund dedicated to a university.
Funding Societies expands financial reach with new HSBC credit facility
This transaction forms part of HSBC’s cumulative commitment of over US$100M since its partnership with Funding Societies that began in 2022.
SEA digital economy jumps from US$4B in 2022 to US$11B in 2024
Although the exit environment still poses difficulties, early-stage companies in SEA demonstrated impressive strides towards profitability, according to the e-Conomy SEA report.
SEA startup funding rebounds month-on-month but faces yearly decline
Startups in the region raised US$197 million in funding across 29 rounds in October 2024, down 74 per cent from the same period last year.
The Z Label raises US$11.4M to fuel Gen Z-inspired tech innovations in HK
Beyond Ventures is the lead investor; The Z Label is a tech-centric venture-building group focusing on the intersection of emerging technologies and GenZ consumer trends.
Capital C bags investment to build financial inclusion super app for SEA
The investors include Phillip Private Equity and Azure Capital; Capital C provides personal payday loans, business loans, partnerships, and acquisitions advisory through digital micro-financing and strategic planning.
CARDS raises funding to revolutionise school management in Indonesia’s smaller cities
The investors are Katha VC, DS/X Venture, and EduSpaze; CARDS is designed to digitise various operational functions of schools, ranging from administration and finance to digital payments.
Wavemaker Impact launches Numat to transform bamboo into sustainable products
Numat runs mobile bamboo processing units that convert bamboo poles at the harvest site into various pre-processed formats for processors worldwide.
Crypto CEO kidnapped in Toronto, released after paying US$1M ransom
WonderFi CEO Dean Skurka was reportedly shoved into a vehicle in downtown Toronto during rush hour, only to be released uninjured after electronically sending $1 million (presumably CAD) to his captors.
India raids Amazon, Flipkart over investment law breaches
The raids at 19 locations in New Delhi, Mumbai, and Bengaluru followed a report alleging violations of foreign investment rules by these e-commerce firms.
Dash Electric secures seed funding to scale EV-as-a-service across Indonesia
Radical Fund and Bali Investment Club are the lead investors; Dash Electric aims to accelerate the adoption of electric vehicles in Indonesia by providing green supply infrastructure to businesses.
Malaysia’s digital bank GXBank introduces new products & tech startup accelerator programme
The accelerator programme will provide personalised mentorship from industry leaders, alongside expert-led workshops on innovation, market entry, and securing investment.
Earth VC invests in Germany’s sustainable biomaterials startup Cambrium
Cambrium’s current focus includes precision-fermented, skin-identical collagen for personal care and plastic-free leather alternatives.
FEATURES & INTERVIEWS
From fintech to IoT: Southeast Asia’s standout startups with the largest funding rounds in 2024
Southeast Asia’s startups, particularly in fintech, cloud services, sustainability, and AI, have maintained strong investor interest.
DRVR-Sentiance combination plans to transform motorcycle safety in SEA with AI
DRVR and Sentiance will enhance on-device processing for faster, advanced motorcycle safety solutions tailored to the on-demand economy.
A closer look into the digital economies of Indonesia, Philippines in 2024
When it comes to the digital economy, both countries saw notable growth in e-commerce, with video commerce making shopping more interactive.
Path to profitability: How SEA startups are thriving in 2024’s digital economy
The emphasis on effective monetisation, operational efficiency, and adapting to consumer behaviour further supports the digital economy.
FROM THE ARCHIVES
All you need to know about debt and equity financing
This article examines the common forms of debt and equity financing adopted by private companies incorporated in Singapore to raise funds.
Governing your startup: What founders can learn from politics and vice versa
It would benefit the startup community to look at itself not only as a niche business ecosystem but as one woven into the fabric of society.
Breaking down geography-based salary for your global teams
Geography-based pay comprises many complex factors, which is why it is crucial to acknowledge various approaches to implement these policies.
What business owners should know before setting up foreign entities
If you are considering expanding your team overseas in the long run, it is more beneficial to establish a foreign entity.
Why SEA’s startup ecosystem is making a strong case for legaltech
Startups are seeking legal services which are more cost transparent, flexible and efficient, and legaltech is here to provide that and more.
Digital bank licences: Why does everyone want a slice of the unbanked?
Digital banks seek to improve digital literacy and to lessen financial inequality amongst the underbanked population.
Digital banking in Indonesia: Growing importance and future trends
Ivitech.Drive is spearheading advancements in Indonesia’s digital banking sector, paving the way for a robust financial future.
Do cards have the opportunity to flourish in Southeast Asia’s digital payment services landscape?
The advent of the pandemic has catalysed significant transformations within the payments landscape across Southeast Asia.
Ransomware wake-up call: Why Indonesian businesses need more than just antivirus
In today’s digital age, an antivirus alone is no longer sufficient; it’s time to bolster our defences and make cybersecurity a top priority.
Cracking the code: Decoding 4 myths in Indonesia’s startup realm
This article highlights four common misconceptions that founders might have that can either make or break a startup.
How to meet your customer expectations fluently with the power of business messaging
The conversational future is here, and businesses need to start exploring how to incorporate business messaging into their marketing strategy.
How does marketing agility fuel disruptive innovation?
Marketing agility enables the organisation to become more proactive, even in this era of fast-changing customer needs and wants.
Why content strategy is vital for your B2B startup’s long-term growth
Content is vital in generating leads, especially for B2B startups, and should be considered a long-term investment.
From automation to hyper-personalisation: Leveraging AI for smarter marketing
With AI increasingly being embedded into marketing technology and platforms, it is important to keep in mind that marketing still hinges on humanity.
THOUGHT LEADERSHIP
Launching a VC fund in Malaysia: A venture lawyer’s guide
Malaysia’s VC scene is booming as the government’s “fund of funds” program draws local and international VCs, spurring new fund launches.
5 AI strategies for Singapore retailers to sleigh holiday sales and beyond
While peak sales seasons may challenge large-scale expansion, AI can help retailers enter new markets more smoothly.
Institutional interoperability will usher in the next iteration of Web3
Decentralised finance looks set for its take-off season on a global level, but has blockchain interoperability matured enough?
The post Ecosystem Roundup: SEA’s largest funding rounds of 2024 | NTU, Walden launch US$38M deeptech fund appeared first on e27.