The Indonesian startup sector witnessed a 36 per cent funding decline in Q1 2024 (till March 15, 2024), reveals a Tracxn report. Startups in the archipelago raised US$91.7 million this quarter compared to US$143 million in Q1 2023 and US$440 million in Q4 2023.
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In Q1 2024, late-stage investments saw the most significant drop (99 per cent), which stood at US$5.2 million in Q1 2024 v/s US$381 million in Q4 2023 and US$25.3 million in Q1 2023.
On the other hand, early-stage funding grew 26 per cent to US$74 million in Q1 2024 from $58.9 million in Q4 2023. However, early-stage investments dropped 30 per cent from Q1 last year.
Seed-stage funding also grew 7 per cent to US$12.5 million in Q1 2024 from US$11.7 million raised in Q1 2023.
There were no seed-stage rounds recorded in Q4 2023.
Fintech (US$55 million), enterprise applications (US$28.8 million), and real estate & construction tech (US$15 million) were the highest-performing sectors.
In terms of exits, only two acquisitions took place in Q1 2024; Topindoku went public during the quarter.
Also Read: Startup investments in Vietnam see 39% drop in Q1: Report
East Ventures, AC Ventures, and Alpha JWC Ventures are the most active investors in Indonesia. Antler, BRI Ventures and 500 Global were the top investors in seed-stage rounds in Q1 2024, while Peak XV Partners, Shunwei Capital, and Openspace Ventures were the most active investors in early-stage rounds.
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