Singapore tops SEA tech VC deals despite 21% funding decline

The number of deals has fallen to its lowest since at least 2020, at just 165.

Singapore remains the most active technology investment market in Southeast Asia as of 2024, albeit the pace of venture capital deals has mostly been in a downward trend since its peak in 2021, according to a study by January Capital.

In terms of funding, Singapore saw a 21% YoY decline to US$1.1b in 2024, amassing US$1.2b in capital invested in H1 and US$1.1b in H2 2024, the report said.

Singapore saw a 27% YoY decrease in technology deals in 2024. In the last six months of 2024, it saw 165 deals compared to 230 deals in H1 2024, 256 deals in H2 2023, and 291 deals in H1 2023.

However, this is still far higher than in Indonesia, which saw 63 deals and 45 deals, respectively, in the first and second half of 2024.

About 31% of founders surveyed by January Capital said that they expect to see the most opportunities for startups in Indonesia for the next 5-10 years. Singapore came second, with 28% of those surveyed naming it.

By valuation, Singapore saw a 9.4% YoY increase in average pre-money valuations of seed companies, to US$10.1m.

Companies who underwent Series A funding rounds in Singapore saw a 6.1% YoY increase in valuations to US$37.7m.

Series B companies saw the largest increase in valuations— a 74.8% YoY rise to US$249.2m compared to just US$142.6b on average in 2023.

Series C+, however, saw their average valuations fall to $163m, lower by 41.7% YoY, and the lowest since at least 2020.

By sector, fintech remained the most active sector in APAC, followed by healthcare, food & beverage or agritech, and software/ AI.

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