COVID-19 impacted all types of businesses last year, although fledgling firms in the region managed to emerge relatively unscathed. According to data from Cento Ventures, Southeast Asia startups raised USD 8.2 billion in 2020, a decline of only 3.5 percent when compared to the previous year.
“2020 offered a harsh reason to reassess how technology can be harnessed to maintain vital function of the society,” Dmitry Levit, a Partner at Cento Ventures, explained to Bloomberg. “Investments into digital transformation of retail, food, financial services and logistics surged accordingly, and we’ll see more industries react similarly in 2021 and 2022.”
Indonesian startups raised the most money last year bringing in nearly 70 percent of all funds invested in the region. Unicorns, such as Grab, Gojek, Bukalapak.com and Traveloka, accounted for roughly half of all startup investments.
While Southeast Asia startups raised less money last year, the drop was far less drastic than the more than 30 percent decreases recorded in both India and Africa. However, startup investment in the USA, European Union and China all increased in 2020.
Smaller Southeast Asia startups that raised money in 2020
Funding Societies
Funding Societies wrapped up its Series C funding in 2020, raising USD 40.7 million. The SME digital financing platform will utilize the capital to support its expansion plans into Thailand. The fintech startup believes there is a major SME funding gap it can help close.
Read more about Funding Societies
Carsome
Carsome, a used car platform based in Malaysia, received USD30 million during a funding round in 2020. The deal was led by Asia Partners and reported to be one of the largest all-equity financings in Southeast Asia’s online automotive industry.
Why did Malaysia’s Carsome just receive USD30 million in funding?
Naluri
Naluri brought in USD1.1 million in 2020 as the digital health startup looked to scale up operations to support users during the COVID-19 pandemic. Malaysia’s Duopharma Biotech, M Venture Partners from Singapore and RHL Ventures from Kuala Lumpur were among those that invested in the company.
Click here to read more about Naluri
Tridi Oasis
Indonesian recycling firm Tridi Oasis shared a USD 6 million investment from the Circulate Capital Ocean Fund to help in the fight against plastic waste leakage. The firm’s CEO Dian Kurniawati told the Jakarta Post that it will use the investment to build a larger recycling facility outside of Jakarta. It will also look to add capacity that allows the company to recycle other types of plastic.
Learn more about Indonesian recycling firms
