A total of $2.6 billion was raised Southeast Asia’s tech firms in the first nine months of 2025, a drop of 7 percent as compared to $2.8 billion raised in 9M 2024, and a drop of 58 percent compared to $6.2 billion raised in 9M 2023, Tracxn said Tuesday.

The firm said in a statement that the sharp contraction highlights a continued cooling of the funding environment across the region.

Despite the slowdown, select late-stage deals provided resilience, offering crucial support to the overall investment landscape.

Seed Stage saw a total funding of $110 million in 9M 2025, a drop of 72 percent compared to $386 million raised in 9M 2024, and a drop of 82 percent compared to $597 million raised in 9M 2023.

Early Stage saw a total funding of $688 million in 9M 2025, a drop of 55 percent compared to $1.5 billion raised in 9M 2024, and a drop of 62 percent compared to $1.8 billion raised in 9M 2023.

Late Stage witnessed a total funding of $1.8 billion in 9M 2025, a rise of 112 percent compared to $831 million raised in 9M 2024, and a drop of 53 percent compared to $3.7 billion raised in 9M 2023.

Enterprise applications, enterprise infrastructure, and FinTech were the top-performing sectors in 9M 2025.

The enterprise applications sector saw a total funding of $951 million in 9M 2025, an increase of 32 percent as compared to $719 million raised in 9M 2024, and a decrease of 8 percent as compared to $1.0 billion raised in 9M 2023.

The enterprise infrastructure sector saw a total funding of $857 million in 9M 2025, a surge of 621 percent compared to $121 million raised in 9M 2024, and jump of 407 percent compared to $173 million raised in 9M 2023.

The FinTech sector saw a total funding of $839 million in 9M 2025, a decrease of 39 percent compared to $1.4B raised in 9M 2024, and a drop of 56 percent compared to $1.9 billion raised in 9M 2023.

9M 2025 has witnessed six $100 million+ funding rounds when compared to three such rounds in 9M 2024 and 12 in 9M 2023.

Companies like Digital Edge, MiniMax, Supabase, Thunes, and Airwallex managed to raise funds above $100 million in this period.

Digital Edge raised a total of $640 million in a Series D round.

MiniMax raised a total of $300 million in a Series D round. Supabase raised a total of $202 million in a Series D round.

A major part of these $100 million+ funding rounds came from enterprise infrastructure, enterprise applications, and FinTech.

There was only one unicorn created in 9M 2025, a drop of 50 percent compared to two in 9M 2024, and equivalent to 9M 2023.

SEA Tech recorded 12 initial public offerings (IPOs) in 9M 2025, up 71 percent from seven in 9M 2024, and the same as 9M 2023.

Companies such as The GrowHub, Nusatrip, A K Koh, and Info Tech went public during the period.

Tech companies in Southeast Asia saw 42 acquisitions in 9M 2025, which is a 31 percent drop compared to 61 acquisitions in both 9M 2024 and 9M 2023.

Dropsuite was acquired by NinjaOne at a price of $270 million, becoming the highest valued acquisition in 9M 2025, followed by ASCENT’s acquisition by KFin Technologies at a price of $34.7 percent.

Singapore-based tech firms maintained its position as the dominant hub, accounted for 88 percent of all funding seen by tech companies across the Southeast Asia region in 9M 2025, supported by leading investors across all stages.

This was followed by Jakarta at a distant second.

East Ventures, 500 Global, and Wavemaker Partners were the overall top all-time investors in the Southeast Asia tech ecosystem in 9M 2025.

Iterative, 500 Global, and AppWorks were the top seed stage investors. SEEDS Capital, Integra Partners, and Tin Men were the top early stage investors.

Vitruvian Partners, DST Global Partners, and Unbound were the top late stage investors in the region during the same period.

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