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Southeast Asian startup fundraising lowest in over five years

SINGAPORE – Fundraising for Southeast Asian startups fell to its lowest level in more than five years between January and March, according to a recent industry report, reflecting the prolonged slowdown in funding in the region since the end of the COVID-19 pandemic, with few signs of recovery.

Startups in the region raised $1 billion in equity funding in the first three months of 2024, down 41% from the same period a year earlier and less than half the level of the fourth quarter of 2023, according to SE Asia Deal Review compiled by DealStreetAsia, a financial news site based in Singapore. In total, 180 agreements were executed in the quarter, compared to 193 the previous year.