In the first half of 2023, Southeast Asia’s tech deal landscape appears to be reversing to pre-COVID, and quickly possible pre-unicorn era, standards. 

The region saw a 54% year-on-year drop in tech investment volume to $3.1B, the lowest H1 investment since 2017. 

The return to pre-bubble valuations and deal sizes is following the decrease in investment volumes. Interestingly, this market correction only took place a full year after the first chills of the market downturn were felt in the US, with the region only experiencing a sharp decline in capital intake only towards the end of 2022.

In collaboration with Cento Ventures, we are releasing the Southeast Asia tech investment 2023 H1 report in both English and Chinese.

As usual, the report aims to paint an accurate picture of the region’s investment scene, as well as key trends and narratives. 

In addition, the report covers the following topics:

  • After “double bubble” investment activity reset, the bottom is near
  • SEA investors maintain the pace, valuations begin to adjust 
  • Search for the “Next Indonesia” is on pause, with Philippines falling off the radar
  • Liquidity window is shut 
  • Digital financial services is still the largest sector, with adjustment in its sub-sectors  

The report is free and you can download using the links below: 

Download the Report in English here.
Download the Report in Chinese here.

P.S. Momentum Works and Cento Ventures will also host an online sharing session in the coming weeks. Subscribe to our newsletter to stay updated!

Thanks for reading The Low Down (TLD), the blog by the team at Momentum Works. Got a different perspective or have a burning opinion to share? Let us know at [email protected].


Previous articleE60 – The Impulso Podcast – Omar Kassim on Middle East venture & investment ecosystem trends
Next articleEP61 – The Impulso Podcast – What drives live commerce in China to be a trillion dollar business?
Jianggan Li is the Founder & CEO of Momentum Works. Prior to founding Momentum Works, he co-founded Easy Taxi in Asia, and served as Managing Director of Foodpanda. The two years running Rocket Internet companies has given him a lifetime experience on supersonic implementation, and good camaraderie with entrepreneurs across the developing world. He holds a MBA from INSEAD (GMAT 770) and a degree in Computer Engineering from Nanyang Technological University. Unfortunately he never wrote a single line of code professionally - but in his first job he was in media, travelling extensively across Asia & Europe, speaking with Ministers & (occasionally) Prime Ministers. Apart from English and his native Mandarin, he is also fluent in French and conversational in Cantonese & Spanish. He tried to learn Latin (for three years) and Sanskrit (for six months) as well. In his (scarce) free time, he reads, travels, hikes and dives. Pyongyang, Tehran & Chisinau are among the interesting cities he has been to.