Editor’s notes: graphics, data & information provided by data platform Tracxn
The SEA Monthly Funding Tracker for September 2025 reflected a sharp rebound in funding across the region. Total funding for the month stood at $230.6 million across 10 rounds, marking a 125.64 percent increase month-on-month (August 2025: $102.2 million) and a 58.72 percent rise year-on-year compared to September 2024 ($145.3 million).
Stage-Wise Funding Trends
Early-stage funding dominated September 2025, accounting for 67.2 percent of total funding, followed by 26.0 percent in late-stage rounds and 6.8 percent in seed-stage rounds, marking a continuation of investor preference towards earlier stage startups.
IPOs and Acquisitions:
September 2025 recorded one acquisition and one tech IPO.
● Acquisition: NextBillion AI by Velocitor Solutions (Sep 30).
● IPO: Knorex was the only company that went public during the month.
Top Funding Deals in September 2025
The largest disclosed deal was Carro (Singapore) raising $60 million, followed by Neptune Robotics (Singapore) with $52 million, and Astro (Jakarta, Indonesia) at $51.9 million.
Other notable deals include Dat Bike ($22 million, Vietnam), GRVT ($19 million, Singapore), Atomionics ($12.7 million, Singapore), RushOwl ($10 million, Singapore), and Kilde and Greenitio ($1.5 million each, Singapore).
City-Wise Trends
Singapore led with $156.7 million raised, followed by Jakarta at $51.9 million, and Thu Dau Mot (Vietnam) at $22 million.
Key Investors and Types of Funding
Venture Capital Funds:
● Rebright Partners invested in Dat Bike ($22 million) – Vietnam
● Further invested in GRVT ($19 million) – Singapore
● Gobi Partners funded RushOwl ($10 million) – Singapore
Private Equity Funds:
● Cool Japan Fund invested in Carro ($60 million) – Singapore
Incubators:
● Endeavor (3 deals): Carro ($60M, Singapore), Astro ($51.9 million, Singapore), PasarPolis
(Jakarta)
● Entrepreneur First (3 deals): Neptune Robotics ($52 million), Atomionics ($12.7 million), Greenitio ($1.5 million) – all Singapore
● 500 Global (2 deals): GRVT ($19 million), Atomionics ($12.7 million) – all Singapore
Key Takeaways from the Data
1. Funding rebound: SEA startups saw a strong recovery with funding more than doubling from the previous month.
2. Early-stage activity dominated: investors continued to concentrate funding into growth at earlier series.
3. Sustained exit momentum: One IPO and one acquisition continued the region’s exit activity.
4. Singapore dominance: The city-state remained the top funding hub, contributing over two-thirds of total investment raised in September 2025.
TNGlobal Tracker: Southeast Asia (SEA) monthly funding snapshot – Aug 2025