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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

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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

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    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.

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