Southeast Asian Startup Funding Plunges 69.2% in First Half of 2023: These Countries Saw Negative Growth

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Nabilah Muhamad 07/11/2023 20:50 WIB

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According to the e-Conomy SEA 2023 report released by Google, funding for Indonesian startups was the lowest in Southeast Asia, plummeting 87% to US$400 million in the first half of 2023.

Southeast Asian Countries with the Lowest Decline in Startup Funding (First Half of 2023)

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Southeast Asian Startup Funding Plunges 69.2% in First Half of 2023: These Countries Saw Negative Growth

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Southeast Asian Countries with the Lowest Decline in Startup Funding (First Half of 2023)

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The 2023 e-Conomy SEA Report, released by Google, Temasek, and Bain Company, shows that funding for startups in Southeast Asia reached US$4 billion, or approximately Rp62.6 trillion (assuming Rp15,663 per US$), in the first half of 2023.

This figure represents a significant 69.2% year-on-year (YoY) drop from US$13 billion, or Rp203.6 trillion, in the first half of 2022.

The report attributes this decline, the lowest in six years, to rising capital costs.

"As investors recalibrate their expectations, startups are looking to extend their runway by spending more efficiently for healthier long-term growth," Google wrote in its report.

By country, Indonesia experienced the steepest decline in startup funding in Southeast Asia.

In the first half of 2023, startup funding in Indonesia plummeted by 87% (YoY), falling from US$3.3 billion to US$400 million, or approximately Rp6.2 trillion.

The decline in startup funding was also observed in several other Southeast Asian countries.

The Philippines, second on the list, saw a 79% (YoY) decrease, from US$800 million to US$200 million, or Rp3.1 trillion, in the first half of this year.

Thailand experienced a 66% (YoY) drop, with investor funding falling from US$300 million in the first half of 2022 to US$100 million, or Rp1.5 trillion, in the first half of 2023.

Singapore saw a 63% (YoY) decrease, with funding dropping from US$7 billion to US$3 billion, or approximately Rp46.9 trillion, in the first half of this year.

Malaysia recorded a 52% (YoY) decline, with funding falling from US$500 million to US$300 million, or Rp4.6 trillion, in the first half of 2023.

Finally, startup funding in Vietnam decreased by 24% year-on-year (YoY), from US$700 million to US$600 million, or Rp9.3 trillion.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Southeast Asian Startup Funding Plunges 69.2% in First Half of 2023: These Countries Saw Negative Growth

Southeast Asian Startup Funding Plunges 69.2% in First Half of 2023: These Countries Saw Negative Growth

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Southeast Asian Startup Funding Plunges 69.2% in First Half of 2023: These Countries Saw Negative Growth

Southeast Asian Startup Funding Plunges 69.2% in First Half of 2023: These Countries Saw Negative Growth

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