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StartupsVC

Tech Winter Hits Southeast Asia: Funding Plummets to $2.84B

Nicole Kristine Jovero
Last updated: December 24, 2024 1:00 am
Nicole Kristine Jovero
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  • Tech funding in Southeast Asia hit rock bottom
  • Singapore dominates regional investments
  • Government initiatives spark future optimism

Contents
Money’s Getting ShySingapore Stays StrongSilver Linings Ahead

Money’s Getting Shy

Southeast Asia’s tech scene faced a brutal reality check in 2024, recording its lowest funding in five years. The region’s startups pulled in just $2.84 billion – a stark 59% nosedive from 2023’s $7 billion haul. Late-stage investments took the hardest hit, tumbling nearly 77% to $948 million.

Singapore Stays Strong

Despite the funding freeze, Singapore maintained its crown, securing 67% of all regional investments.

The city-state’s tech startups bagged $1.9 billion, leaving Jakarta and Bangkok trailing behind at $276 million and $261 million respectively.

Silver Linings Ahead

The region’s FinTech sector proved resilient, leading the pack by raising $1.4 billion. Government initiatives showed promise too – Singapore pumped $328.5 million into deep-tech innovation, Malaysia unveiled ambitious startup hub plans, and Vietnam pushed for nationwide 5G coverage by 203

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