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'Winter' is coming for Asia's unicorns in 2020

New billion-dollar startups halved in 2019 as ‘WeWork turmoil’ sweeps the region

Grab and Gojek, both companies raised smaller funds in 2019 than in 2018, according to startup database Crunchbase. (Photo by Kosaku Mimura)

TOKYO -- Asia's unicorn boom slowed in 2019 in terms of pace of creation and fundraising, as investors became more cautious about fast-growing startups' valuations following WeWork's initial public offering debacle.

With the year 2020 beginning amid a "winter" for venture investment, Asia's billion-dollar startups will be more tested to prove their quality of growth, especially if they pursue an IPO.

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