Funding freeze hits 33 SEA unicorns; $9b raised in last rounds

Nineteen firms pass 24 months without new rounds as cycles stretch.

Nineteen Singapore-headquartered unicorns have not raised fresh equity funding for at least 24 months, according to data compiled by Tracxn from its Southeast Asia private markets dataset as of 2 June.

The Singapore cohort sits within a broader regional trend as part of thirty-three unicorn-valued companies in Southeast Asia have gone two years without raising fresh equity funding, said Tracxn.

These companies collectively raised more than $9.03b (US$7b) in their last disclosed funding rounds.

Tracxn said the wider group spans different funding stages, with last-round capital raised across early to late-stage deals.

Two of the 19 Singapore companies have secured debt financing during the period, though no new equity rounds were recorded.

Tracxn said the cohort reflects companies continuing operations on existing capital bases, spanning fintech, logistics, enterprise software, gaming, and healthtech sectors.

Coda leads the Singapore group by last disclosed equity round size, having raised $890.3m (US$690m) in a Series C round in April 2022.

Trax follows with $825.79m (US$640m) in April 2021, while Ninja Van raised $745.79m (US$578m) in September 2021. Ninja Van also secured a $85.16m (US$50m) conventional debt facility in October 2024.

Garena last raised $709.66m (US$550m) in May 2017, marking the longest gap since its last equity funding among the group.

PatSnap raised $387.09m (US$300m) in March 2021 whilst MEGAROBO and Amber Group raised the same amount in June and December 2022, respectively.

Moglix raised $322.57m (US$250m) in January 2022, whilst Advance raised $258.06m (US$200m) in September 2021. Sky Mavis raised $193.54m (US$150m) in April 2022, and TauRx raised $153.54m (US$119m) in November 2022.

Matrixport raised $129.03m (US$100m) in August 2021, whilst Multichain raised $77.41m (US$60m) in December 2021. ONE Championship last raised $90.32m (US$70m) in June 2020.

Atome secured a $445.15m (US$345m) conventional debt round in January 2026, the most recent financing event amongst the 19 companies, whilst its last equity raise was in 2022.

ShopBack raised $38.71m (US$30m) in December 2022, whilst Polyhedra Network raised $25.81m (US$20m) in March 2024, the most recent equity funding within the Singapore group.

Carousell raised $3.87m (US$3m) in September 2023, and Traveloka last raised an undisclosed Series D amount in August 2022.

($1.29 = US$1)