Dear reader,
The startup ecosystem in Southeast Asia is undergoing a significant transformation, as highlighted in Jungle Ventures’ The First Cheque Report 2024. While Singapore and Indonesia have long dominated the region’s seed investment landscape, Vietnam and the Philippines are emerging as dynamic new players. This shift is a testament to the evolving priorities of investors and the growing maturity of these markets.
Singapore retains its lead, accounting for over half of Southeast Asia’s seed deals, thanks to its business-friendly policies and strategic positioning as a gateway for regional expansion. Meanwhile, Indonesia, the region’s largest economy, holds second place but now faces stiff competition.
Vietnam and the Philippines, fueled by economic growth, young and tech-savvy populations, and supportive government initiatives, collectively surpassed Indonesia in capital deployed during the first half of 2024. Their rise reflects broader trends in Southeast Asia, including increasing local investor activity and the adoption of cutting-edge technologies.
As Vietnam and the Philippines continue attracting investments and fostering innovation, they signal a new era for the region’s startup ecosystem—one defined by diversity, resilience, and untapped potential.
Sainul,
Editor.
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NEWS & VIEWS
Vietnam and Philippines challenge Singapore and Indonesia in startup investment
In H1 2024, Vietnam and the Philippines, along with other emerging Southeast Asian markets, collectively surpassed Indonesia in capital deployed for the first time.
Atome Financial secures access to US$200M credit facility to drive SEA expansion
HSBC led this round through its ASEAN Growth Fund; The funding will primarily be used to expand Atome’s existing profitable portfolio and products, with a focus on lending and the pay-later-anywhere card.
Singapore’s Podium raises US$15.2M in Series A-1 round led by Autodesk
The cloud-based digital platform will use the money to accelerate growth in key markets, including Singapore and Australia, where it’s in advanced discussions with property developers, design consultants, supply chain partners and government agencies.
Zepto raises another US$350M amid retail upheaval in India
Indian family offices, wealthy individuals, and asset manager Motilal Oswal invested in the round, which maintains Zepto’s US$5B valuation; Quick-commerce sales in India are set to surpass US$6B this year.
FTX CTO Gary Wang avoids prison time
U.S. District Judge Lewis Kaplan today. Judge Kaplan praised Wang’s cooperation with federal authorities; Wang testified against former FTX founder and CEO Sam Bankman-Fried at his trial last fall; Wang pleaded guilty to four felony counts of fraud and conspiracy.
India’s Arzooo, once valued at US$310M, sells in distressed deal
The deal comes after Arzooo engaged with several startups exploring potential merger opportunities; Arzooo provided a digital bridge to India’s small electronics retailers so they could compete with e-commerce giants and large retail chains.
SEA’s BNPL boom: Gen Z, digital payments drive a US$53B market by 2027
Indonesia is projected to lead the market with US$16.8 billion in BNPL transactions by 2027, a 209 per cent increase from 2024.
Smaller in numbers, bigger in impact: Female founders secure larger seed rounds
While female-founded firms in SEA raised only 1.3% more on average than the overall average, their median round size is significantly higher.
Locad scores US$9M funding to scale AI-driven logistics and expand to Middle East
Lead investors are Global Ventures and Reefknot Investments; Locad enables e-commerce brands to grow their omnichannel business and automatically store, pack, ship, and track orders across their distribution channels.
Alibaba merges domestic, global e-commerce units
The new e-commerce group will integrate existing Alibaba operations such as Taobao and Tmall Group, Alibaba International Digital Commerce, 1688 Marketplace, and Idle Fish.
GXS Bank set to launch business banking services in 2025
The launch will begin in Singapore, Malaysia, and Indonesia, with progressive expansion planned throughout the year; GXS announced that its growth rate from January to September 2024 has doubled compared to the same period last year.
Oneteam nets US$2.6M funding to revolutionise SME succession planning in Singapore
Wavemaker Ventures led the round; Oneteam’s solution involves acquiring businesses from retiring owners and gradually transitioning them into employee-owned entities.
LINE Thailand launches scale-up programme to support local, global startups
The LINE SCALE UP programme will provide startups with resources and tools from the messaging giant’s ecosystem, valued at up to US$115,000 per team.
FEATURES & INTERVIEWS
Driving semiconductor innovation: AMD’s vision for AI and sustainability in Singapore
‘We’re driving open-source innovation for AI ecosystems because we feel that is the best path forward for the industry,’ says AMD’s Peter Chambers.
TRIREC Founder Melvyn Yeo: Bifurcation of investments will continue to happen in 2025
TRIREC has achieved the first close of a new fund targeting energy access for underserved rural communities in Africa, India, and SEA.
Echelon Philippines 2024: How Angkas is changing the urban mobility landscape
The Echelon Philippines session explored how Angkas is transforming urban mobility and empowering motorcycle riders in the Philippines.
How intlife is helping Malaysia combat energy wastage at home
Initially focused on developing small home ecosystems, intlife-equipped properties with IoT sensors and mobile app controls.
FROM THE ARCHIVES
Beyond the union: Understanding the complexities and impacts of M&As
More often than not, M&A between organisations involves more stakeholders and impacts more people than a marriage between two families.
A guide on the go-to-market models that startups use
It’s important to remember that when you do have a go-to-market strategy, it will need to evolve with your startup.
Streaming the dream: How live streaming technology can increase access to brands
Live streaming is a valuable technology because it has the capacity to offer immediate feedback to questions posed by a consumer.
Pre-launch marketing is a tease that works, how to get it right?
Here’s how pre-launch marketing for alternative proteins during the R&D phase helped create a massive demand for the product.
Data-driven financial services, a bigger imperative in a post-pandemic world
Becoming data-driven is imperative for any business of today and proves to be especially so for financial firms in the post-pandemic world.
To Voice AI or not – The changing face of customer experience
To remain competitive and relevant in an increasingly digital world, it is necessary for brands to stay open to the immense potential of voice technology.
Fundraising with a purpose: Why bootstrappers’ mindset matters
The bootstrappers’ mindset consistently proves its value, integrating profitability, resource optimisation, and fiscal responsibility.
Financial literacy in Southeast Asia is set to match industry growth
Financial literacy in the region hardly corresponds to the development of the industry, however, there is a good chance to balance the situation.
What businesses should take note of before taking the M&A leap
Prior to entering into M&A negotiations, it is critical that you are clear on your objectives and the key terms of the deal.
THOUGHT LEADERSHIP
Indonesia’s economic struggle and resurgence: A nation poised for sustainable growth
Despite challenges, Indonesia’s growth remains strong, aiming to be a top 10 economy by 2045 with investment and digital focus.
Unlocking Malaysia’s data centre potential: The critical role of ecosystem partnerships
Malaysia’s data centre expansion can help to spearhead its ICT growth and attract more companies to setup their offices locally.
5 essential strategies for AI-powered hyper-personalisation in marketing to drive business growth
Deep market understanding and leveraging AI to create personalised experiences will drive business growth in the future.
Decoding B2B buyer intent: The 3 questions every tech startup marketer needs to address
Understanding buyers’ true needs, their purchasing journey, and the signals of their readiness to engage is essential.
Bridging the digital divide: Addressing Malaysia’s skills gap
Uncover the digital skills gap in Malaysia and its impact on the country’s technological and economic growth.
Financial models for Web3 startups: Guiding principles for success
By comprehending the dynamics of the Web3 landscape, startups can leverage the power of decentralised technologies in their financial models.
Temu takes on Vietnam: The impact on domestic manufacturing and marketing
Explore Temu’s global expansion and its impact on Vietnam, highlighting opportunities and challenges for the local industry.
How local payments are unlocking digital commerce’s potential in Latin America, Africa, and India
Payments are no longer a passive component of commerce; they are now active agents in societal transformation.
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