Companies in the SEA region saw funding jump 31% quarter-over-quarter (QoQ) to hit $2.1B in Q2’23. This marked the first quarterly funding increase since Q2’22. However, deals fell for the fifth straight quarter to hit 191.

Other Q2’23 highlights across the SEA venture ecosystem include:

• Indonesia was the top-funded SEA country in Q2’23. Indonesia-based startups secured $1B in funding, a 233% increase from Q1’23. Singapore followed closely with $914M, a 15% decline QoQ.
• Exits picked up in SEA in Q2’23. M&A exits increased for the second straight quarter to hit 30, and IPO count doubled QoQ to reach 6. Healthcare companies were prominent among the quarter’s top acquisitions. 
• Retail tech saw funding increase by 45% QoQ, making it the only growth sector in Q2’23. Two of the top 5 equity deals for the quarter went to e-commerce platforms: Indonesia-based mandy ($500M) and Singapore-based TK Mall ($300M).
• After not registering any activity last quarter, CVC deal share jumped to hit 13% in Q2’23. Angel investors also returned to take a 7% share. However, VC deal share dropped from 50% to 33% QoQ.
• Time between rounds is on the rise across stages. For example, the median number of months between Series A and B rounds stands at 34 in 2023 so far, up from 18 months in 2022.

CB Insights clients can see all the latest investment data for Southeast Asia by signing in and downloading the full report using the sidebar. Dig into investment trends from around the world in our global State of Venture Q2’23 Report.