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ASEAN startup fundraising slumped in 2022 but still up from 2019

Investors turn to early-stage deals amid dimmer IPO prospects for tech ventures

Singapore-based Coda Payments was among the handful of new Southeast Asian unicorns last year, and Lazada ranked first in the region in overall deal value. (Source photos by screenshot from Coda Payments' website and Reuters) 

SINGAPORE -- Southeast Asian startup fundraising slowed in 2022 with deal value contracting by about a third from a year earlier as worsening economic conditions dampened both the prospects and valuations of young tech companies seeking growth capital.

The weak result comes after an investing frenzy in 2021 when total deal value soared to a record $25.75 billion. That year some of the region's biggest startups like Singapore's Grab went public before aggressive rate hikes brought a deep sell-off and market correction for loss-making tech companies.

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