SE Asia Deals Barometer Report: Startup funding jumps 81.6% MoM in Feb

Southeast Asia’s startup ecosystem saw a notable rebound in February, following a subdued start to 2025, with startups in the region raising $247 million across 32 equity deals.

The deal value marks an 81.6% increase compared to the $136 million raised from 35 deals in January 2025, according to DealStreetAsia’s proprietary data, signaling renewed optimism among investors.

On a year-on-year basis, however, deal value declined by nearly 40% with startups raising $410 million across 58 deals in February 2024.

The higher month-on-month funding figures were buoyed by a megadeal—a transaction worth $100 million or more—in Vietnam. During the month, paediatric and maternity clinic chain operator Nhi Dong 315 secured an additional $135 million from Singapore’s sovereign wealth fund GIC Pte.

This additional investment brings GIC’s total capital invested in the clinic chain operator so far to $194 million.

There was no megadeal reported in January while in December 2024, four such deals boosted the region’s total fundraising value.

Out of the 32 deals publicly announced in February, 12 did not disclose funding size. The average deal size, calculated based on transactions with disclosed figures, nearly doubled to $12.4 million from $6.5 million the previous month.

Southeast Asia’s top funding deals in February 2025

After Nhi Dong 315, the second biggest funding was for Global Incentive Solutions, the Singapore-domiciled parent company of Philippine employee engagement fintech company Giftaway, which raised $28.5 million in a private equity round anchored by Aura Private Equity.

In February, Singapore treasury management platform Finmo also raised $18.5 million in its oversubscribed Series A funding round co-anchored by fintech investors Quona Capital and PayPal Ventures.

Singapore’s funding value drops

Singapore maintained its dominance in terms of deal volume with 20 transactions, although startups in the city-state raised only $56.9 million, representing approximately 23% of the total funds raised in February.

However, in terms of deal value, Singapore saw a significant drop as the city-state typically accounted for the majority of funding.

In contrast, Vietnam secured the lion’s share of the month’s funding, with five deals bringing in a combined $152.9 million. Vietnam’s fundraising accounted for nearly 62% of total funding in SE Asia in February.

Indonesia experienced subdued activity during the month, with four deals collectively raising a modest total of $725,000.

Meanwhile, the Philippines saw a significant transaction worth $28.5 million from its sole deal, marking a notable exception to the quiet fundraising activity witnessed in recent months.

Thailand and Malaysia recorded single deals each, raising $7.8 million and $400,000, respectively.

Healthcare remains investors’ favourite

Healthtech/healthcare emerged as the most-prominent sector attracting a substantial $142.8 million in funding across five deals.

The largest deal in this sector was the $135 million raised by Vietnam’s Nhi Dong 315 followed by Thai healthcare startup HD’s $7.8 million equity funding.

Fintech clocked four deals collectively securing $28.9 million. Finmo’s $18.5 million Series A funding topped the sector in February.

Software and IT sector startups attracted $16.2 million from four transactions, while HR Tech notably secured $28.5 million from a single deal.

Early stage tops chart

Sustained investor confidence in early-stage opportunities with promising potential was evident in February as seed-stage funding continued to dominate the landscape.

DealStreetAsia’s proprietary data showed that there were 14 seed stage rounds in February, led by the $12 million raised by Vietnam’s Orochi Network.

Pre-seed, pre-Series A, and Series A rounds each recorded three transactions.

Additionally, the month saw diversification in funding types, including one private equity transaction and one corporate investment round, indicating broader engagement from varied types of investors.

Debt rounds

Among notable debt deals in the region in February, Atome Financial secured an $80-million private credit facility from BlackRock and Innoven Capital.

The facility will help grow the company’s products, partnerships, and regional portfolio in Southeast Asia markets including Singapore, Malaysia, the Philippines, and Indonesia.

COSCO Shipping International Singapore also announced that its wholly owned subsidiary has secured $18 million from the Bank of China Singapore Branch.

[Note: Debt deals are not included in the monthly deal scorecard].