Editor’s notes: graphics, data & information provided by data platform Tracxn
The Southeast Asia (SEA) Monthly Funding Tracker for February 2025 indicates that funding activity slowed during the month. Total funding amounted to $92.9 million across 18 rounds, marking a decline of 86.56 percent compared with January 2025 and a 69.03 percent decline from February 2024.
Early-Stage Rounds Take The Lead in February 2025
Early-stage funding accounted for 65.1 percent of the total investments, while seed-stage funding contributed 34.9 percent and late-stage funding was absent. This is a shift from January this year, when late-stage investments took the lead.
Exit Activity Weakens in February 2025
February 2025 recorded three acquisitions, including the purchase of AutoCodeRover by SonarSource. This is significantly lower than seven acquisitions in January this year, and ten in February last year. No tech IPOs occurred during the month.
Top Funding Deals in February 2025
The largest deal in February this year was Techcoop (Thu Duc, Vietnam) raising $28 million, followed by Finmo (Singapore) with $18.5 million, and fileAI (Singapore) securing $14 million.
City-Wise Trends
Singapore took a strong lead, raising $55.7 million, followed by Thu Duc, Vietnam, at $28 million. The concentration of funding in Singapore highlights its role as a crucial base for tech startups and investors.
Key Investors and Types of Funding
Venture Capital (VC) Investors
● PayPal Ventures, Illuminate Financial and Ascend Vietnam Ventures participated in one round each.
○ Ascend Vietnam Ventures participated in Vietnam-based Techcoop’s $28 million round.
○ PayPal Ventures participated in Singapore-based Finmo’s $18.5 million round
○ Illuminate Financial was an investor in the $14 million round raised by fileAI in Singapore.
Private Equity (PE) Investors
● Morgan Creek Capital Management participated in Singapore-based Hex Trust’s fundraise.
● FMO participated in Techcoop’s $28 million round in Thu Duc, Vietnam. Incubators
● Y Combinator participated in Index’s $2.2 million fundraise in Alaminos, Philippines.
● Orbit Startups backed Singapore-based OneTab’s $3.3 million round.
● Kaya Founders invested in Edge Tutor’s $1 million round in Badung, Indonesia.
Key Takeaways from the Data
1. Tepid Funding Activity: February 2025 saw a slowdown in funding, making it one of the lowest-funded months in the past 12 months.
2. Funding still concentrated in Singapore: Singapore continues to be the hub for the top deals, attracting the highest city-level investment.
3. Exit activity weakens: Fewer acquisitions and absence of IPOs highlight the challenging market conditions
This analysis highlights the SEA startup ecosystem’s evolving dynamics. Though February has seen a decline in investments, the funding scenario might improve in the coming months.
