Southeast Asia’s startup funding took a significant downturn in November 2024, with total investments dropping to $84 million across 20 funding rounds. This marks a sharp 76.55% decline from October 2024 and a 66.18% decrease from November 2023. The slowdown in funding reflects ongoing economic uncertainty and investor caution.

Despite the overall decline, early-stage funding remained the dominant investment category. Early-stage ventures attracted 70.5% of the total funds, while seed-stage funding accounted for 29.5%. This shows that while investors are becoming more cautious, there is still confidence in the long-term potential of startups, especially those in their early stages.

November also saw a significant decrease in exit activity. The only notable exit was DRVR, a logistics startup, which was acquired by Sentiance on November 4. No tech IPOs were recorded, underscoring the tough market conditions for startups seeking public listings. The absence of IPOs highlights the hesitation among investors to take companies public in the current economic climate.

The largest funding deal for November 2024 was StakeStone, based in Singapore, which raised $22 million. Other major deals included Podium (Singapore) at $15.2 million and U2U Network (Vietnam) at $13.8 million. These deals underline Singapore’s strong position as a tech hub and Vietnam’s emerging status as a growing market for investment.

In terms of city-level funding, Singapore led by a wide margin, attracting $64.3 million. This accounted for a significant portion of the region's total funding. Hanoi, Vietnam, followed with $13.8 million, reflecting the increasing appeal of emerging markets in Southeast Asia. Cities such as Johor Bahru, Thu Dau Mot, and Jakarta received less than $2 million each, showing a marked contrast in funding levels.

Venture capital (VC) investors were the primary source of funding in November, with firms like Skystar Capital, IDG Blockchain, and Vynn Capital backing startups across the region. Skystar Capital led two deals, investing in Dat Bike and Mimin, each securing $1.5 million. IDG Blockchain’s investment of $13.8 million in U2U Network was the largest VC deal for the month. Private equity (PE) investments were also present, but in smaller amounts, with Reefknot Investments contributing $9 million to Singapore’s Locad.

November 2024 marked the lowest funding month of the year, reflecting the ongoing caution in the investment landscape. Singapore remains a key destination for funding, while Vietnam is gaining traction as an attractive market for investors. The lack of IPOs and the decline in exit activity suggest that the region is facing significant challenges, though early-stage funding continues to hold strong.