Venture-backed companies in Southeast Asia secured 113 deals in the March quarter, raising a total of $555 million, a sharp 43% decline in deal count and a 46% drop in capital raised compared with the same period in 2024.
Debt financing also lost momentum in Q1 2025, with Southeast Asian startups securing just seven deals worth $154 million. This represents a significant drop from the 16 debt deals closed in Q4 2024 that had collectively raised $720 million.
The decline in fundraising to historic lows reinforces the view that the market remains in a prolonged recalibration.
