Editor’s notes: graphics, data & information provided by data platform Tracxn
The SEA Monthly Funding Tracker for December 2025 recorded a significant surge in total capital deployment, reaching $491.06 million across 17 rounds. This represents a substantial 49.7 percent increase month-on-month (November 2025: $328.0 million), although it reflects a slight 4.02 percent decrease compared to the same period last year (December 2024: $511.61 million).
Stage-Wise Funding Trends
December saw a pivot toward larger, late-stage checks. Late-stage funding dominated the month, accounting for 73.3 percent ($360 million) of the total capital. Early-stage funding contributed 18.7 percent ($92.06 million), while Seed-stage rounds made up the remaining 8.0 percent ($39 million).
IPOs and Acquisitions
Exit activity remained active in December, notably featuring a rare tech IPO.
● IPOs: 1 (compared to 0 in November)
● Acquisitions: 3
Top Funding Deals in December 2025
The month was headlined by a massive round for Airwallex, which accounted for over 67 percent of the month’s total funding.
1. Airwallex – $330 million
2. Galatek – $30 million
3. Validus – $30 million
4. Olea – $30 million
5. MetaComp – $22 million
6. Pollo AI – $14 million
7. TONIK – $12 million
8. Pyxis – $10.1 million
9. RealVantage – $10 million
10. 4Divinity – $3 million.
City-Wise Trends
Singapore continues to be the primary engine of SEA’s startup ecosystem, capturing the vast majority of the month’s capital.
● Singapore: $491.06 million
● Ho Chi Minh City: Active participation (Value Undisclosed)
● Metro Manila: Active participation (Value Undisclosed)
Key Investors and Types of Funding
Venture Capital Funds (VC)
● Addition → Airwallex – $330 million (Singapore)
● Eastern Bell Capital → MetaComp – $22 million (Singapore)
● SBI Ven Capital → Saladin (Ho Chi Minh City)
Private Equity Funds (PE)
● Diligent Capital Partners → TONIK – $12 million(Singapore)
Incubators / Accelerators
● Plug and Play Tech Center → Airwallex – $330 million (Singapore)
● Global Brain → Validus – $30 million (Singapore)
● Endeavor → TONIK – $12 million (Singapore)
Key Takeaways from the Data
1. Year-End Surge: Total funding jumped by nearly 50 percent compared to November, driven largely by high-value late-stage rounds.
2. Late-Stage Dominance: After a November led by early-stage deals, December saw a heavy concentration of capital in mature companies, with over $360 million flowing into late-stage startups.
3. Singapore’s Monopoly: In December, Singapore-based startups claimed nearly 100 percent of the recorded dollar value, highlighting a temporary concentration of late-stage liquidity in the city-state.
4. Diversified Investor Base: The month saw active participation across the board, from global VCs like Addition to specialized PE firms and prominent regional incubators.
TNGlobal Tracker: Southeast Asia (SEA) Monthly Funding Snapshot – November 2025