Some global investors who missed the South-east Asian venture boom are now quietly betting on the region’s startups, attracted by saner valuations and a chance to tap a rising market.

The step-up in activity is rippling across the world, from Gulf funds to South Korean companies. This comes as heavyweight foreign investors who were active during the boom stop or slow down investments, amid macroeconomic pains.

South-east Asia experienced rapid growth from 2019 to 2021 as international tech investors rushed in, contributing to some US$41 billion poured into the region, Preqin data showed.