The Indonesia tech sector secured a total funding of $91.7 million in the first quarter of 2024 to date (till March 15, 2024), which is a drop of 36 percent from $143 million raised in the same period last year (till March 15, 2023). Tracxn said Thursday.

The global software as a service (SaaS)-based market intelligence platform said is a statement that the funding was a plunge of 79 percent from $440 million raised in the fourth quarter of 2023 (till December 15, 2023).

According to the statement, late-stage investments stood at $5.2 million in the first quarter of 2024 to date, a plummet of 99 percent from $381 million raised in the fourth quarter of 2023 and a massive drop of 79 percent from $25.3 million raised in the same period last year.

Meanwhile, this sector secured early-stage funding worth $74 million in the first quarter of 2024 to date, a growth of 26 percent from $58.9 million raised in the fourth quarter of 2023 and a decline of 30 percent from $106 million raised in the same period last year.

Seed-stage funding, however, grew 7 percent to $12.5 million in the first quarter of 2024 to date from $11.7 million raised a year ago.

It is noted that there were no seed-stage rounds recorded in the fourth quarter of 2023.

FinTech, enterprise applications and real Estate and construction tech were the top-performing sectors in the first quarter of 2024 in the Indonesia tech space.

Companies in the FinTech segment secured a total funding of $55 million in the first quarter of 2024, which is a fall of 87 percent from the $412 million raised in the fourth quarter of 2023.

However, a surge of 65 percent was observed when compared with $33.3 million raised in the same period last year.

Meanwhile, the enterprise applications sector raised a total of $28.8 million in the first quarter of 2024 to date, a spike of 120 percent from $13.1 million raised in the same period in the fourth quarter of 2023, and a drop of 54 percent from $63 million raised in the same period last year.

Real Estate and construction tech startups secured funding worth $15 million in the first quarter of 2024 to date but had not attracted any investments in the fourth quarter of 2023 and the first quarter of 2023.

“It was an uneventful quarter in terms of exits. In the first quarter of 2024 to date, only two acquisitions have taken place. Further, Topindoku was the only company to go public during the quarter,” Tracxn noted.

Among Indonesian cities, Jakarta topped the list in terms of funding in 2024 so far.

Tech startups headquartered in Jakarta raised $85.7 million in the first quarter of 2024 year to date, followed by Yogyakarta ($3.5 million) and Bandung ($2.5 million).

East Ventures, AC Ventures, 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, Openspace Ventures were the most active investors in early-stage rounds.

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