Singapore dominated technology funding in Southeast Asia during the first half of 2024. Data from Traxcn indicates that Singapore secured $1.1 billion in H1 2024, accounting for 68% of the total funding in the region.
This amount far exceeds the funding secured by startups in other cities such as Jakarta ($185 million), Bangkok ($150 million), Taguig ($57.1 million), and Ho Chi Minh City ($36.3 million).
Several companies in Singapore received significant funding in H1 2024, including ANEXT Bank ($148 million - Series D), Capillary ($95 million - Series D), and DCS Card Centre ($75.2 million).
Despite Singapore's substantial funding, overall technology funding in Southeast Asia declined by 20% in H1 2024 compared to the same period last year.
Fintech startups in the region raised only $851 million in H1 2024, down from $1.06 billion in the same period in 2023. This decline reflects a continuing trend, with Southeast Asian fintech funding also dropping by 13% in Q1 2024 compared to Q1 2023.
Fintech led the technology sectors in Southeast Asia in terms of investment during the first half of 2024, surpassing HighTech ($476 million) and Enterprise Applications ($393 million). However, overall startup funding in the region saw a significant decrease.
Startups in the region raised only $1.6 billion in H1 2024, a 65% decline compared to H1 2023. This decrease was also influenced by a slowdown in Q2 2024, where startups raised only $477 million, 85% lower than Q2 2023 and 57% lower than Q1 2024.
