Editor’s notes: graphics, data & information provided by data platform Tracxn
The Southeast Asia (SEA) Monthly Funding Tracker for December 2024 highlights some recovery in funding activity. Total funding amounted to $211 million across 16 rounds, marking a surge of 143.37 percent compared to November 2024 and a 44.33 percent decline from December 2023.
Dominance of Late-Stage Funding in December 2024.
Late-stage funding dominated at 76.6 percent of the total investments, while early-stage and seed-stage funding contributed 21.9% and 1.5 percent respectively. This is a shift from November 2024, when early-stage investments took the lead.
Exit Activity Remains Weak in December 2024
December 2024 recorded three acquisitions, which includes NVIDIA’s acquisition of VinBrain.
Only one tech IPO occurred during the month, indicating that the market conditions continue to be challenging.
Top Funding Deals in December 2024
The largest deal for December 2024 was Bolttech (Singapore) raising $100 million, followed by WadzPay (Singapore) with $36.7 million, and Funding Societies (Singapore) securing $25 million.
City-Wise Trends
● Singapore took a strong lead, raising $195.3 million, followed by Bangkok, Thailand and Ho Chi Minh City, Vietnam at a distant second and third respectively.
● Bangkok and Ho Chi Minh City raised $8 million and $7.8 million respectively. The concentration of funding in Singapore highlights its role as a regional hub for tech startups and investors.
Key Investors and Types of Funding
Venture Capital (VC) Investors
● Mitsubishi UFJ Capital, B Capital and Picus Capital participated in one round each.
● Mitsubishi UFJ Capital participated in Vietnam-based Kamereo Capital’s $7.8 million round
● B Capital was an investor in the $10.5 million round raised by Eureka Robotics in Singapore.
● Picus Capital participated in Singapore-based Omni HR’s $7.4 million round.
Private Equity (PE) Investors
● Dragon Funds participated in Bolttech’s $100 million round in Singapore.
● Kliff Capital participated in FreshKet’s $8 million round, also based in Singapore.
Incubators
● Ntuitive also backed Eureka Robotics with $10.5M in Singapore.
● FreshKet also received investment from 500 Global in its $8 million round.
Key Takeaways from the Data
1. Recovery in Funding Activity: December 2024 saw improvement in funding when compared with November, which was the lowest funded month in 2024
2. Singapore’s Dominance: Singapore continues to be a magnet for funding, hosting most of the top deals and receiving the highest city-level investment.
3. Exit activity remains weak: Fewer IPOs and acquisitions highlight the challenging market conditions
This analysis highlights the SEA startup ecosystem’s evolving dynamics. December has seen a recovery in funding, which might continue in the months ahead, with investments concentrated in economic hubs like Singapore.
TNGlobal Tracker: Startup Funding Snapshot for November 2024