Editor’s notes: graphics, data & information provided by data platform Tracxn

The Southeast Asia (SEA) Monthly Funding Tracker for November 2024 highlights a sharp decline in funding activity. Total funding amounted to $84 million across 20 rounds, marking a significant drop of 76.55 percent compared to October 2024 and a 66.18 percent decline from November 2023.

Dominance of Early-Stage Funding in November 2024
Early-stage funding dominated at 70.5 percent of the total investments, while seed-stage funding contributed 29.5 percent, reflecting a focus on early-stage investments.

Exit Activity Declines in November 2024

November 2024 recorded one acquisition, with DRVR being acquired by Sentiance on November 4. No tech IPOs occurred during the month, underscoring the challenging market conditions.

Top Funding Deals in November 2024

The largest deal for November 2024 was StakeStone (Singapore) raising $22 million, followed by Podium (Singapore) with $15.2 million, and U2U Network (Vietnam) securing $13.8 million. These top deals underline Singapore’s dominance in attracting significant funding and Vietnam’s emergence as a noteworthy market for investors.

City-Wise Trends

● Singapore led with an impressive $64.3 million, contributing the lion’s share of funding.
● Hanoi, Vietnam followed with $13.8 million, showcasing the growing appeal of emerging markets.
● Other cities such as Johor Bahru, Thu Dau Mot, and Jakarta saw marginal funding activity, each receiving less than $2 million.
The concentration of funding in Singapore highlights its role as a regional hub for tech startups and investors.

Key Investors and Types of Funding
Key Investors
Venture Capital (VC) Investors

● Skystar Capital led the list with two deals, funding Dat Bike and Mimin, each raising $1.5 million. The investments were geographically diverse, targeting Vietnam and Indonesia.
● Vynn Capital completed one deal, funding DF Automation and Robotics with $1.9 million in Malaysia.
● IDG Blockchain had one deal, investing $13.8M in U2U Network in Vietnam. This represents the largest funding amount in the VC category.

Private Equity (PE) Investors
● Phillip Private Equity invested in Capital C in Singapore, though the funding amount was not disclosed.
● Reefknot Investments invested $9M in Locad, also based in Singapore. This was the only disclosed PE funding amount.

Incubators
● Plug and Play Tech Center backed Pi-xcels with $2.7 million in Singapore.
● Founder Institute supported Aonic in Malaysia, though the funding details were not disclosed.
● Rocket Internet also invested $9 million in Locad, overlapping with Reefknot Investments, indicating potential co-investment in Singapore.

Funding Types
● Early-stage funding retained its dominance in November, accounting for 70.5 percent of the total funding raised.
● Seed-stage funding followed, at 29.5 percent, while late-stage rounds were absent.

Key Takeaways from the Data

1. Subdued Funding Activity: November 2024 marked the lowest funding month of the year, with a drastic decline compared to October 2024 and the same period last year.

2. Singapore’s Dominance: Singapore continues to be a magnet for funding, hosting most of the top deals and receiving the highest city-level investment.

3. Focus on Early-Stage Ventures: A consistent emphasis on early-stage funding underlines investors' confidence in the long-term growth of startups.

4. Decline in IPO Activity: No IPOs were recorded for November, continuing a trend of low public market activity in the region.

5. Emerging Markets on the Rise: Vietnam, led by Hanoi, is gaining traction among investors, evident from significant deals like U2U Network’s funding.

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