(Bloomberg) — Southeast Asian know-how startups raised much less cash this yr because the coronavirus pandemic roiled markets, however the decline was much less acute than another elements of the world, in response to a brand new report.
They raised $5.6 billion of investments within the first half of this yr, down 13% from a yr in the past, analysis from Singapore-based enterprise capital agency Cento Ventures launched on Friday confirmed. That compares with a 16% drop in India and 21% fall within the European Union. North America noticed declines of 8% throughout the identical interval, in response to the report, which coated nearly 3,500 offers and is based on public bulletins and group disclosures from firms and traders.
“All issues thought-about, Southeast Asia held up surprisingly nicely,” Dmitry Levit, a accomplice at Cento Ventures, stated in an interview.
Covid-19 is chilling deal exercise worldwide however traders continued to fund growth-stage startups in areas that profit from a surge in on-line exercise. In Southeast Asia, investments of between $10 million and $50 million, sometimes referred to as Collection B and C financing, totaled a file $1.2 billion within the first half of this yr, up about 25% from a yr in the past.
“Progress in $10-$50 million offers and the proliferation of $100 million firms appear to be actually the 2 highly effective developments within the area lately,” Levit stated, whose agency has been publishing tech startup funding and exit information since 2017.
Southeast Asian ride-hailing big Gojek raised $1.2 billion in March. And in Could, Singapore’s Ninja Van raised $279 million from backers together with France’s GeoPost SA, scoring one among Southeast Asia’s largest startup investments because the pandemic. Fb co-founder Eduardo Saverin’s B Capital Group and Monk’s Hill Ventures have been amongst those who took half within the parcel supply agency’s Collection D spherical.
Ninja Van joins a choose membership of companies which have raised vital cash this yr, together with Indonesian on-line market GudangAda with a $25.four million deal.
Learn extra: Saverin’s B Capital Warns of Powerful Occasions for Money-Guzzlers
Nonetheless, the outlook is unsure amid the continued financial downturn. The varied lockdown measures, journey bans and different constraints have been at their peak through the second quarter, so the complete results will probably solely present up within the funding numbers within the third and fourth quarter of this yr, in response to the report.
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