The Business Times
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BRUNCH

S-E Asia’s startup ecosystem continues to brave funding drought

In this prolonged dry spell, caution is the name of the game for venture capitalists

Benjamin Cher

Benjamin Cher

Published Fri, Aug 9, 2024 · 03:00 PM
    • Worsening the situation is the fact that VCs too are finding it tough to raise the money needed to back startups they find attractive.
    • Worsening the situation is the fact that VCs too are finding it tough to raise the money needed to back startups they find attractive. PHOTO: ADOBE STOCK; PHOTO ILLUSTRATION: SIMON ANG, BT

    CHEQUEBOOKS in South-east Asia remain mostly shut, as the startup ecosystem deals with an ongoing funding winter that has lasted over the past two years.

    Joe Lu, co-founder of rewards platform Heymax.ai, has his own story of woe that began in 2023. The startup had then just graduated from early-stage venture capital (VC) firm Tenity’s incubation programme, which is focused on fintech.

    Heymax.ai had a 10,000-strong customer base and had pivoted into helping users gain air miles; it was time to take the next step.

    BrunchStartup fundingVenture capital

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