Editor’s notes: graphics, data & information provided by data platform Tracxn
The Southeast Asia (SEA) Monthly Funding Tracker for January 2025 highlights some recovery in funding activity. Total funding amounted to $748 million across 17 rounds, marking a surge of 230.97 percent compared to December 2024 and a 291.62 percent decline from January 2024.
January 2025 is also the highest-funded month in the past 12 months, followed by March 2024 ($549.6 million).
Dominance of Late-Stage Funding in January 2025
Late-stage funding dominated at 93.6 percent of the total investments, while early-stage and seed-stage funding contributed 5 percent and 1.4 percent respectively. This is a contrast from January 2024, when early-stage investments took the lead.
Exit Activity Subdued in January 2025
January 2025 recorded seven acquisitions, which include NinjaOne’s acquisition of DropSuite and Titan Labs’ acquisition of Coinseeker.co. This is a slight improvement from four acquisitions in December 2024, but lower than 12 in January 2024. No tech IPOs occurred during the month.
Top Funding Deals in January 2025
The largest deal for December 2024 was Digital Edge (Singapore) raising $640 million, followed by Sygnum (Singapore) with $58 million, and Endowus (Singapore) securing $17.5 million.
City-Wise Trends
Singapore took a strong lead, raising $742 million, followed by Jakarta at $6.2 million. 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
● Fulgur Ventures, AppWorks and HSG participated in one round each.
○ Fulgur Ventures participated in Singapore-based Sygnum’s $58 million round
○ AppWorks was an investor in the round raised by Soul Parking in Jakarta, Indonesia.
○ HSG participated in Singapore-based SoSoValue’s $15 million round.
Private Equity (PE) Investors
● HSG participated in Singapore-based SoSoValue’s $15 million round.
● Outliers participated in SONEX’s $1 million round, also based in Singapore.
Incubators
● 500 Global participated in GRVT’s $5M fundraise in Singapore.
● Ntuitive also backed Aevice Health in Singapore.
● Iterative invested in bukaPO’s in Badung, Indonesia.
Key Takeaways from the Data
1. Surge in Funding Activity: January 2025 saw improvement in funding when compared with December 2024, which was the lowest funded month in 2024
2. Funding still concentrated in Singapore: Singapore continues to be the base for the top deals, receiving the highest city-level investment.
3. Exit activity remains weak: Few acquisitions and no IPOs 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 December 2024