WARY venture capital (VC) investors are scrutinising pitch decks and financials as they hunt for returns in a tough climate, and the business-to-business (B2B) angle is starting to look more rewarding than consumer-facing ventures.

B2B startups typically have better capital efficiency and are less likely to be burning cash to acquire new customers. Their strategies make a lot more sense as the cost of capital rises.

Consumers’ pockets, especially in this part of the world, also do not run as deep as in other markets, said Neo Weisheng, partner at VC Qualgro.