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Startups

Startup investments in Southeast Asia nearly double despite COVID

E-commerce and fintech lead 2Q deals as pandemic fosters online service growth

Vietnamese e-commerce company Tiki raised $130 million in the April to June quarter, as demand for items such as masks and hand sanitizer rose due to the pandemic. (Courtesy of the company)

SINGAPORE -- Investment in Southeast Asian startups jumped in the April-June quarter despite headwinds from the coronavirus pandemic, led by e-commerce and fintech companies that gained momentum as COVID-19 reshapes home and the workplace.

According to data compiled by Singapore-based startup information platform DealStreetAsia, the value of fundraising deals in the region rose 91% on the year to $2.7 billion, while the number of transactions climbed 59% to 184 for the three months through June, up from 116 in the same period a year earlier.

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