In the primary half of 2024, Singapore dominated technology financing in Southeast Asia. Traxcn data shows that Singapore secured $1.1 billion in the primary half of 2024, representing 68% of total financing within the region.
This amount far exceeds funding secured by startups in other cities reminiscent of Jakarta ($185 million), Bangkok ($150 million), Taguig ($57.1 million) and Ho Chi Minh City ($36.3 million).
Several firms in Singapore received significant funding in the primary half of 2024, including ANEXT Bank ($148 million – Series D), Capillary ($95 million – Series D) and DCS Card Center ($75.2 million).
Despite Singapore’s significant funding, total technology funding in Southeast Asia fell by 20% in the primary half of 2024 in comparison with the identical period last yr.
Fintech startups within the region raised only $851 million in the primary half of 2024, in comparison with $1.06 billion in the identical period in 2023. This decline reflects a unbroken trend, with fintech financing in Southeast Asia Eastern also decreased by 13% in the primary quarter of 2024 in comparison with the primary quarter of 2023.
Fintech led Southeast Asia’s technology sectors by way of investment in the primary half of 2024, ahead of HighTech ($476 million) and enterprise applications ($393 million). However, overall startup funding within the region has seen a big decline.
Startups within the region raised only $1.6 billion in the primary half of 2024, which is a 65% decline in comparison with the primary half of 2023. This decline was also influenced by the slowdown within the second quarter of 2024, wherein startups raised only 477 million dollars, which is 85% lower than within the second quarter of 2023 and 57% lower than in the primary quarter of 2024.
