Top ten highlights from the APAC PE, VC, and startup ecosystem this week:
- Female Founders Facing Funding Challenges: Companies with all-women founding teams secured 33 equity funding rounds in 2024, raising a total of $94.5 million. This represented only 5.2% of total deal volume and 2.1% of total capital raised in the same year.
- Women-Led Venture Capital Firms Making a Difference: Conditions have improved for female founders with the emergence of more women-led venture capital firms and angel investors, providing a more supportive ecosystem for female entrepreneurs.
- Challenges for Female Founders: Female founders may face more cautious investor approaches, with questions about long-term commitment, risk appetite, and leadership style arising more frequently compared to male founders.
- February Funding Scorecard: In February, Chinese startup fundraising decreased by 30.6%, while Vietnamese paediatric and maternity clinic chain Nhi Dong 315’s $135-million funding from GIC boosted overall startup funding in Southeast Asia.
- Indian Startup Funding: Funding in India saw a decline in February 2024 after showing signs of recovery in the second half of
- Funding value was down 48.4%, while deal volume fell nearly 13.6%.
- Deal News Highlights: Notable recent deals include Indonesia’s agritech startup Eratani raising fresh capital, China’s TowardPi Medical Technology securing $68.9 million in a Series E round, and BII committing a $75-million financial facility to Pakistani bank HBL.
- Investment Updates: Singapore-based Chitose Bio Evolution raised $49 million from Japanese investors for an IPO on Nasdaq, while Malaysian SWF Khazanah invested in Yinson GreenTech’s EV charging business, chargEV.
- Southeast Asian Market Movements: Mekong Capital acquired a 13.74% stake in listed healthcare company TNH Hospital, while Excelsior Capital Vietnam Partners invested in local restaurant operator Aladdin.
- LP-GP Quarters Insights: The global PE industry is in a consolidation phase, with tighter compliance regulations increasing operational complexities. Notable investments include the IFC considering a $75 million investment in ISQ Growth Markets Infrastructure Fund II.
- Analyses and Interviews: Global and pan-Asian VCs closed nine funds in 2024 for SE Asia, with tighter liquidity and economic headwinds impacting fundraising. Additionally, cost-cutting measures at GoTo helped narrow annual losses by 94% in
- Japan is also experiencing a transition to risk assets like equities and mutual funds after years of deflation.
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