South East Asia Tech Update – Q1 2025

Check in on the South East Asia venture ecosystem activity for Q1 2025. Historical and international benchmarks, sector trends and biggest rounds.

Key findings

• South East Asian startups raised $769M across 115 funding rounds in Q1 2025, the lowest quarterly total since the start of 2020.
• No South East Asian startup raised $250M or more in Q1 2025, leaving every megaround of the quarter inside the $100–250M band.
• The quarter's largest round was $135M for a pediatric healthtech company in Ho Chi Minh City in February 2025.
• Enterprise software was South East Asia's most funded industry in Q1 2025 at $186M, ahead of fintech at $145.7M.
• Singapore led South East Asia with $560M of VC investment in Q1 2025, 49% below the same period in 2024.