- Southeast Asia’s tech funding declines 29% year-on-year, raising $1.2B in Q1 2024.
- Singapore leads with $867M, while Indonesia experiences steep drop to $152M.
- Experts anticipate slowdown to persist throughout 2024.
Region’s startups raise $1.2B, down 29% year-on-year
Southeast Asia’s tech ecosystem continues to grapple with the ongoing funding crunch, raising a mere $1.2 billion in Q1 2024.
This figure represents a significant 29% decline compared to Q1 2023 and an even steeper 82.6% drop from Q1 2022, according to data from Tech in Asia.
The downward trend persists despite a slight increase in the number of deals, which rose to 182 in Q1 2024 from 144 in the previous quarter.
Singapore leads, Indonesia sees steep drop
Singapore maintains its position as the region’s financial hub, attracting $867 million in funding during Q1 2024. Indonesia, on the other hand, experienced a sharp decline, securing only $152 million compared to the impressive $2.5 billion raised in Q4 2023.
However, Indonesia did witness an increase in the number of deals compared to the previous quarter, offering a glimmer of hope for the country’s startup ecosystem.
Experts anticipate the slowdown in capital to continue throughout 2024, primarily due to a decrease in later-stage funding and heightened pressure on both investors and mature startups.
This trend persists despite Southeast Asia’s impressive 56% growth in total gross domestic product, as reported by the International Monetary Fund.
To read the original article: https://www.techinasia.com/sea-tech-winter-continues-q1-funding-drops-89-yoy
