Southeast Asia's startup fundraising lowest in over 5 years

SINGAPORE -- Southeast Asian startup fundraising dropped to its lowest level in more than five years in January to March, according to a recent industry report, reflecting the prolonged funding slowdown in the region since the end of the COVID-19 pandemic, with little sign of recovery.

Startups in the region raised $1 billion in equity funding in the first three months of 2024, down 41% from the same period a year earlier and less than half the level of the fourth quarter of 2023, according to the SE Asia Deal Review compiled by DealStreetAsia, a Singapore-based financial news site. In all, 180 deals were executed in the quarter, down from 193 a year earlier.