SEA Quarterly Investment Analysis Q4 CY24 FEB 2025 Confidential and proprietary © 1Lattice
Foreword The Southeast Asia (SEA) region is a dynamic area due to its strategic location in the Asia - Pacific region and its rapidly expanding economies. The region has shown steady growth due to rising consumption, Devmalya Mukherjee economic expansion, and increased exports Director In Q4 2024, startups in Southeast Asia raised US$ 1.1B across 65 deals, including early, growth, and debt Financial Investors investments. Although investment value decreased by ~35% compared to Q3 2024, average ticket size per transaction increased marginally. Despite some slowdown in deal activity, the overall investment sentiment in SEA is positive as investors focus on tech sectors such as e - commerce, fintech, logistics, etc. Southeast Asia is benefiting from increasing internet penetration and population growth, leading to a younger generation of consumers who seek digital - first solutions integrated into nearly every aspect of their lives. Digital consumption and adoption are rising rapidly, particularly in the consumer tech and enablement sectors. There is still significant potential for startup growth, especially as Southeast Asia has demonstrated resilience amid the recent months of rising global inflationary pressures The investment outlook for Southeast Asia remains bright, with numerous growth opportunities ahead. As the middle class expands, adoption of tech increases, and disposable incomes rise, there will be increased demand for consumer technology products, similar to the trends seen in other developing markets This report aims to uncover some key trends in Southeast Asia's funding ecosystem during the fourth quarter of the calendar year 2024. At 1Lattice, we hold an optimistic outlook, believing that this report will provide valuable insights. We eagerly anticipate the opportunity to engage in an open dialogue with our partners across diverse industries, as we exchange notes and delve deeper into these matters while closely monitoring the evolving situation © 1Lattice | 2
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Key takeaways ● SEA startups raised US $ 1 . 06 B across 65 deals in Q 4 CY 24 , showing steady funding activity despite a decrease in # volume ( 35 % ) as compared to Q 3 CY 24 ‒ Early - stage deals remained consistent in Q 4 CY 24 . However, growth - stage deals have decreased by ~ 25 % compared to Q 3 CY 24 ‒ No late - stage deals were recorded this quarter ‒ Debt deals decreased by ~ 33 % as compared to Q 3 CY 24 ● Singapore attracted highest funding (~US $ 840 M ) , followed by Indonesia (~US $ 130 M ) and Vietnam (~US $ 40 M ) ● BFSI sector secured the largest share of funding (US $ 570 M) in Q 4 CY 24 , followed by SaaS/AI(US $ 200 M) ● SaaS/AI was the most attractive sector for early - stage investments (US $ 180 M ) followed by BFSI ( ~US $ 50 M ) ‒ Salmon, a leading fintech firm that operates as a licensed bank in the Philippines received the highest funding of (US $ 30 M) among early - stage investments . ● BFSI dominated growth - stage investments (~US $ 410 M ) followed by Ecommerce & listing platforms (~US $ 70 M ) ‒ Tyme Group, a digital banking platform received the highest funding of US $ 250 M among growth - stage investments ‒ Bolttech , an international Insurtech and technology - enabled ecosystem for protection and insurance received the second highest funding of US $ 100 M among growth - stage investments ● AwanTunai secured the highest debt funding (US $ 60 M) from Accial Capital ● Wavemaker Partners, Skyland Ventures, Peak XV Partners, Forge Ventures, Antler, Polychain Capital, and Airbus Ventures were the most active early - stage investors in Q 4 CY 24 while Seeds Capital , M&G Catalyst Fund , Dragon Fund, FMO, Norfund , GEM, and Woori Venture Partners were the top investors for growth - stage deals during this quarter
Key highlights Funding Average deal size # Deal v olume US $ 1.06 B US$ 16.3M 65 (includes early, growth & debt stages investments) SNAPSHOT Q4 2024 Top funded sector Most funded stage E arly & growth - stage funding BFSI Growth US$ 0.88B
Funding market by funding round Series D (~US$ 275M) and Series A (~US$ 245M) funding were the highest contributors to overall funding raised in Q4 CY24 Funding market round wise break - up (US$ M, Q4 CY24) Total funding size: US$ 1,062 M* 171 Debt 234 245 275 Series C Series A Series D 68 Seed Series B 66 3 PIPE Note(s): * An approximate amount has been assumed for undisclosed deals basis previous deals of investors & the funding stage © 1Lattice | 6 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Funding market by sectors BFSI sector (~US$ 570M) saw the most interest from investors, followed by Saas/AI (~US$ 200M) in Q4 CY24 Funding market segment - wise break - up (US$ M, Q4 CY24) Total funding size: US$ 1,062M* 93 102 200 571 Ecommerce & Consumer apps listing & platforms platforms SaaS/AI BFSI 1 9 63 Manufacturing 14 Energy Healthcare & Life Sciences Note(s): * An approximate amount has been assumed for undisclosed deals basis previous deals of investors & the funding stage; © 1Lattice | 7 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Funding market by sectors SaaS/AI sector saw the highest deal volume from investors (30 deals), followed by BFSI (~11 deals) in Q4 CY24 Funding market segment wise break - up (Q4 CY24) Total deals : 65 8 11 30 Consumer apps BFSI & platforms 1 9 4 SaaS/AI Healthcare & Life Sciences E - commerce & 2 Manufacturing listing platforms Energy © 1Lattice | 8 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Top 10 highest funded companies Tyme Group received the highest investment (US$ 250M), followed by Bolttech (US$ 150M) in Q4 CY 2024 250 100 Top 10 highest funded 60 companies of Q4 CY 2024 (US$ M) 53 50 25 50 30 3 7 32 - Equity deals - Debt deals © 1Lattice | 9 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Agenda Deal landscape in Q4 CY24 Key deals and investment themes Key investors
Region definition Definition - SEA Vietnam Philippines Thailand Malaysia Singapore Indonesia © 1Lattice | 11
Stage wise investments Total investments have decreased by ~35% to US$ 1.06B as compared to the last quarter primarily due to a decrease in late - stage deals Investment amount and # deals (US$ B, Q1 CY24 – Q4 CY24) 137 118 111 Q4 witnessed no 1.9 debt - stage deals Q 1 witnessed no 1.7 100 debt - stage deals 1.6 0.7 0.4 0.3 1.3 Q2 witnessed 0.1 0.2 no l ate - 65 1.1 stage deals Q4 witnessed no l ate - stage 0.2 deals 0.8 0.6 0.4 0.8 0.6 0.7 0.6 0.5 0.3 0.3 Q4 CY23 Q1 CY24 Q2 CY24 Q3 CY24 Q4 CY24 Early Growth Late Debt # of Deals © 1Lattice | 12 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Country - wise investments Singapore drew highest investment (~US$ 840M) followed by Indonesia (~US$ 130M) Investment amount and # deals (US$ M, Q4 CY24) Avg. deal size 21.5 14.4 4.9 15.5 3.1 8 (US$ M) = 39 837 9 7 7 2 1 129 35 8 22 31 Singapore Philippines Malaysia Indonesia Thailand Vietnam Deals Note(s): Chart includes only early (Pre - seed, seed, pre - series, and Series A), growth (Series B, C, D, and E) & debt stage investments; An approximate amount has been assumed for undisclosed deals basis previous deals of investors & the funding stage © 1Lattice | 13 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Average deal size Average deal size slightly increased over the last quarter while growth - stage deals contribute ~55% to the total deal volume Split of deal volume Average deal size* (#, Q4 CY23 – Q4 CY24) (US$ M, Q4 CY23 – Q4 CY24) 16.3 16.2 N= 132 111 118 100 65 10% 14% 15% 16% 18% 12% 55% 11.1 10.2 86% 85% 9.9 82% 78% 29% Q4 CY23 Q1 CY24 Q2 CY24 Q3 CY24 Q4 CY24* Q4 CY23 Q1 CY24 Q2 CY24 Q3 CY24 Q4 CY24* Early Growth Debt Note(s): Chart includes only early (Pre - seed, seed, pre - series, and Series A), growth (Series B, C, D, and E) & debt stage investments; *An approximate amount has been assumed for undisclosed deals basis previous deals of investors & the funding stage © 1Lattice | 14 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Agenda Deal landscape in Q4 CY24 Key deals and investment themes Key investors
Top 10 investments Tyme Group raised the highest equity funding of US$ 250M and AwanTunai secured the highest debt round of US$ 60M Top 10 investments in Q4 CY24 Amount Company Sector Funding stage Country Key Investors (US$ M) M&G Catalyst Fund BFSI 250 Growth BFSI Growth Dragon Funds 100 BFSI 60 Debt Accial Capital FMO Energy 53 Growth B FSI 50 Debt HSBC Consumer app & 50 Debt Others platforms GEM BFSI 37 Growth E - commerce & listing 32 WOORI Venture Partners Growth platforms 30 IFC BFSI Early E - commerce & listing 25 Openspace Ventures platforms Early © 1Lattice | 16 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Early - stage investments in Q4 CY24 SaaS/AI received highest funding (~US$ 180M) among early - stage investments followed by BFSI(~US$ 50M) Top 10 early - stage investments in Q4 CY24* Early - stage investments, by sector Amount (US$ M, Q4 CY24) Company Sector Key Investors (US$ M) IFC BFSI 30 SaaS/AI 180 E - commerce & listing 25 Openspace Ventures platform Consumer app & Polychain , Skyland Ventures, Youbi Capital, 22 platforms HashKey Capital BFSI 50 SaaS/AI 20 500 Global, East Ventures, Integra Capital SaaS/AI Peak XV Partners, Prosus Ventures, Cercano 19 Management SaaS/AI 18 Theory Ventures, Z47 Consumer app & platforms 45 Consumer app & Maxx Capital, IDG Blockchain, Ku - coin 1 3 platforms Ventures BFSI 12.5 Insignia Venture Partners SaaS/AI 1 1.6 Alpha Token Capital, Bolt Capital Ecommerce & listing platforms 36 SaaS/AI 10.5 Innoven Capital Note(s): Early - stage investments include Pre - seed, Seed, Pre - series, and Series A; Sequoia Capital is now Peak XV Partners; * *An approximate amount has been assumed for undisclosed deals basis previous deals of investors & the funding stage © 1Lattice | 17 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Top early - stage investments in Q4 CY24 Top funded early - stage startups with their competitors Company Description Competitors Developer of a platform offering business and consumer loans Online P2P marketplace for used cars Omni - chain liquidity infrastructure Provider of AI and cloud - based IoT solutions for poultry farms Cloud based platform offering vulnerability assessment solutions Note(s): Early - stage investments include Pre - seed, Seed, Pre - series and Series A; © 1Lattice | 18 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Growth - stage investments in Q4 CY24 BFSI dominated growth - stage investments (~US$ 410M) followed by Ecommerce & listing platforms(~ US$ 70M) Top 10 growth - stage investments in Q4 CY24* Growth - stage investment, by sector* (US$ M, Q4 CY24) Amount Company Sector Key Investors (US$ M) BFSI 250 M&G Catalyst Fund BFSI 412 BFSI 100 Dragon Funds Ecommerce & listing platforms 66 Energy 53 FMO BFSI 37 GEM Energy 63 E - commerce & 32 WOORI Venture Partners listing platforms Manufacturing 14 BFSI 25 Cool Japan Fund Healthcare & 14 Eli Lilly and Company, EDBI Life Sciences Healthcare & Life Sciences 14 E - commerce & 14 AC Ventures, Qualgro listing platforms Seeds Capital, Moveon Technologies, TCVC, SaaS/AI 8 Hong Kong Science and Technology Parks Manufacturing 13 Corporation Clime Capital Management Pte. Ltd ,Southeast Energy 10 Asia Clean Energy Fund II Note(s): Growth - stage investments include Series B, C, D, and E; * Only deals with disclosed amounts were considered © 1Lattice | 19 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Top growth - stage investments in Q4 CY24 Top funded growth - stage startups with their competitors Company Description Competitors A digital banking platform serving customers across Africa and Southeast Asia Insurance as a service solution for businesses and individuals BECIS is a leading electric provider (EaaS), that offers sustainable distributed energy solutions to reduce complexity & risk for commercial & industries WadzPay provides an intricate suite of products to power the operations of governments, banks, financial institutions AI - powered app - based platform for buying and selling cars Note(s): Growth - stage investments include Series B, C, D and E; Only deals with disclosed amounts were considered © 1Lattice | 20 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Tech investments in Q4 CY24 EnterpriseTech (~US$ 60M) and Crypto/Blockchain (~US$ 40M) attracted highest tech investments in Q4 CY24 Early - stage investments, by sector Top 10 early - stage tech investments in Q4 CY24* (US$ M, Q4 CY24 * ) Amount Company Sector Key Investors (US$ M) EnterpriseTech 57 Financial services 30 IFC Crypto/Blockchain 41 Financial services 30 AutoTech 25 Openspace Ventures AutoTech 25 AgriTech 20 500 Global, East Ventures, Integra Capital AgriTech 20 EnterpriseTech 19 Peak XV Partners, Prosus Ventures, Cercano Management CRM / Chatbots 18 18 Theory Ventures Cloud services &… 15 CRM / Chatbots Analytics 11 Crypto/Blockchain 1 3 Maxx Capital, IDG Blockchain, Ku - coin Ventures HR Services 7 EnterpriseTech 1 1.6 Alpha Token Capital, Bolt Capital FinTech 7 EnterpriseTech 10.5 Innoven Capital Logistics tech 7 Cybersecurity 4 EnterpriseTech 10.5 B Capital, UTEC, Airbus Ventures, Goh Holdings Travel & Hospitality 3 Skyland Ventures,Pragama Ventures LLC, Blockchain Insurance 1 Consulting Ltd, Side door Ventures LLC, Dutch Crypto Crypto/Blockchain 10 Others 7 Investors, Newtribe Capital,Aegis Ventures,MH Note(s): * An approximate amount has been assumed for undisclosed deals basis previous deals of investors & the funding stage; © 1Lattice | 21 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Agenda Deal landscape in Q4 CY24 Key deals and investment themes Key investors
Active investors Wavemaker partners & Seeds Capital have made the highest number of investments among early and growth - stage investors in Q4 CY24 Growth - stage investors Early - stage investors Debt - stage investors (# deals) (# deals) (# deals) * 3 2 1 2 1 2 1 2 1 1 2 1 2 1 Hibiscus Fund 1 2 1 Note(s): * Seeds capital has made 2 investments in the growth stage, while the remaining investors have made the top 6 invest men ts in the growth stage; © 1Lattice | 23 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Active early - stage investors Most active early - stage investors and their investment segments in Q4 CY24 Ecommerce & Healthcare Consumer app Investors listing Manufacturing & Life Energy SaaS/AI BFSI FMCG Others & platforms platforms Sciences - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - © 1Lattice | 24 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
Active growth - stage investors Most active growth stage investors and their investment segments in Q4 CY24 Ecommerce Healthcare Consumer Transportation Investors Manufacturing SaaS/AI BFSI Energy & listing & Life app & & logistics platforms Sciences platforms - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - © 1Lattice | 25 Source(s): 1Lattice Deals Database, statistical reports, industry reports, secondary research
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