By the end of June 2025, dealmaking in Southeast Asia slowed to its weakest level in over six years. The funding winter has clearly persisted longer than expected, since the downturn began in 2022. The first half of the year saw only 229 equity deals closed, with just $1.85 billion deployed, reflecting deep investor caution and a much higher bar for funding.
The pullback has been most pronounced at the early stage, where investors have traditionally shown the highest risk tolerance. Late-stage rounds, meanwhile, are gaining favour—the emphasis has shifted from aggressive growth to capital efficiency and strong fundamentals, forcing founders to adapt to a more disciplined fundraising environment.
Three startups from the region entered the coveted unicorn club in H1 2025.
Download this report for:
- Half-yearly and quarterly startup fundraising trends in Southeast Asia
- Top deals of H1 2025
- Most favoured industries by venture investors
- Fundraising trends by country
- Trends in climate tech funding
- Insights from prominent private market participants
