State of South East Asia (SEA) Technology Startup Ecosystem 2016

1. February 2017 STATE OF SOUTH EAST ASIA TECHNOLOGY STARTUP ECOSYSTEM ADVENTO Published by:

2. 2 Table of Contents 1. KEY FINDINGS 2. CAPITAL FLOWS 3. EXITS LANDSCAPE 4. SECTORS TO WATCH 5. APPENDIX – LIST OF ACTIVE INVESTORS IN 2016

3. 3 SEA Technology Startup Ecosystem Key Findings… Private tech markets are playing an increasingly important role in the economy; Its growth rate is superior (CAGR >50%) against SEA Public Markets (CAGR <10%) Platform/Marketplace sector stands as the biggest winner in terms of volume and value of investments; E-Commerce shows sign of shrinkage Non-SEA based investors dominates SEA funding; 500 Startups Was The Most Active Early Stage Investor in 2016 SEA Early Stage funding ecosystem is robust, but capital is scarce and concentrated in later stages; 80% of 2016 SEA funding went to 8 startups Garena’s US IPO will anchor investors’ confidence for SEA Tech IPO; Hugely successful SEA startups to drive M&A activities like Google did in US and Tencent in China Mobile Driven solutions, B2B software and Fintech are the key sectors in SEA to watch from 2017 onwards 1 2 3 4 5 6

4. CAPITAL FLOWS PUBLIC VS PRIVATE MARKET

5. 5 Moderate Performance in SEA Public Market Sub-10% CAGR since 2014 for 5 Countries Source: CapitalIQ; accessed 24-Dec-2016.  Out of the six countries’ public markets examined, five fall short of the 10% mark, only one – (Vietnam’s VN Index) achieved c.10% CAGR  Two indices (Malaysia’s KLCI and Singapore’s FSST) recorded negative growth, i.e. dropped to a level lower than the initial period  Public markets in South East Asia have been flat Performance of South East Asia Public Markets Since 2014 Indices rebased to 100 as at 01-Jan-2014 CAGR 0 to 10% 50 60 70 80 90 100 110 120 130 140 150 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 PSE All Share Index - PH KLCI - MY VN-Index - VN JKSE - ID FSSTI - SG SET Index - TH

6. 6 $555m $849m $1,086m $2,201m 2013 2014 2015 2016 Meanwhile, SEA Private Technology Sector Experienced Robust Growth – 58% CAGR since 2013 Source: Pitchbook; Figures are as at 31 Dec 2016. TechCrunch Notes: LHS – Only start-ups that are backed by angels, seed fund, incubator/accelerators and venture capital are included RHS – Companies with Unicorn / Unicorn ($1B+) exit status are included; Lazada is included even though it has been acquired; (1) Centaurs are defined as companies that are valued at $100m+ and in this case, Reebonz, Capillary Tech and M-Daq  Since 2013, South East Asia gives birth to 7 additional unicorns (Lazada acquired by Alibaba) and 3 Centaurs (1)  This signifies an increasingly grown-up class of SEA private technology companies which are fuelling economic growth in an unprecedented way  As SEA technology companies come of age, it is expected that they will play an even larger role in the economy  In contrast to the public markets, funding into South East Asia technology sector has experienced 4 consecutive years of positive, strong growth  Total funding size increased staggeringly over the past 3 years – with CAGR of c. 58% Private Capital Flows Into SEA Technology Companies Value in USD millions and volume in units Number of Tech Unicorns Number in units 1 7 Pre 2013 Post 2013 - YTD 2013 2014 2015 2016 Median Deal Value $0.50m $0.47m $0.59m $1.00m Number of Deals 223 325 393 274

7. 7 Source: Pitchbook; Data is as at 31 Dec 2016. Only disclosed deals from startups that are backed by angels, accelerator/incubator, seed funds, and VC/PE funds are included. Others” include: AdTech, AI/ML, Big Data, CleanTech, Cybersecurity, EdTech, HealthTech, IoT, Life Sciences, LOHAS, Marketing Tech, BioTech, Robotics and Drones Platform/Marketplace Dominates The Market With Highest Proportion of Deal Numbers and Size Overall Distribution of SEA Funding by Deal Count (Post-2013) Number of Deals as a Percentage of Total Number of Deals Overall Distribution of SEA Funding by Deal Value (Post-2013) Value of Deals as a Percentage of Total Value of Deals  Marketplace/Platform is leading in terms of number of deals but closely followed by E-Commerce and SaaS and Fintech  Fintech riding on the hype curve, surging in deal numbers but still lagging behind in terms of amount of funding  Marketplace/Platform outperforms other sectors in amount of capital invested, with 49%, with the likes of Grab and Go-Jek closing mega round  Downward trend for funding in E-Commerce companies Other, 23% SaaS, 17% FinTech, 12%Platform/Marketplace, 29% E-Commerce, 19% Other, 10% SaaS, 11% FinTech, 7% Platform/Marketplace, 49% E-Commerce, 22% 18.8%21.1%19.2%15.2% 31.0%26.1%29.2% 28.8% 17.4% 12.2%8.7% 8.1% 12.9% 18.2%18.6% 19.7% 19.9%22.4%24.4%28.3% 2016201520142013 14.7%18.2%22.7% 59.5% 66.2% 37.1% 41.8% 13.9% 3.9% 13.2% 8.0% 9.3% 11.6% 11.1% 10.9% 11.8% 3.6% 20.5%16.6% 5.5% 2016201520142013 Other SaaS FinTech Platform/Marketplace E-Commerce Overall Distribution of SEA Funding by Deal Count (2013-2016) Number of Deals as a Percentage of Total Number of Deals Overall Distribution of SEA Funding by Deal Value (2013-2016) Value of Deals as a Percentage of Total Value of Deals

8. 8 $1,440m $550m $172m $248m $55m $77m $43m $42m $750m $550m $170m $147m $43m $40m $35m $35m Most well-funded SEA-based startups with $30m+ funding in 2016 Total Funding Raised To-date Funding Raised in 2016 List of SEA Most Well-funded Startups 6 of 8 Startups Base in Singapore Source: Pitchbook, LinkedIn; Data is as at 31 Dec 2016. Only disclosed deals from startups that are backed by angels, accelerator/incubator, seed funds, and VC/PE funds are included. Singapore Indonesia Singapore Indonesia Singapore Singapore Singapore Singapore 2012 / 1,800+ 2010 / 1,205+ 2009 / 840+ 2009 / 632+ 2013 / 70+ 2010 / 180+ 2013 / 20+ 2012 / 90+ Transportation / Marketplace Transportation / Marketplace Gaming / SaaS Marketplace / E- Commerce Social / Platform Enterprise Solution / SaaS Aerospace / Satellites Consumer Product / Marketplace Sep 2016 Aug 2016 Mar 2016 Apr 2016 Oct 2016 Jun 2016 Mar 2016 Aug 2016 HQ Founded / # Employees Industry / Vertical Latest Round Date Recent Investors undisclosed 80% Of 2016 SEA Funding Went To 8 Startups

9. 9 129 63 21 54 43 17 24 23 45 19 15 14 14 10 8 8 SEA Investors with 8+ deals in 2016 Number of Deals in the last 5 years Most Active Investors in 2016 Are Largely Non-SEA 500 Startups Was The Most Active Early Stage Investor Source: Pitchbook; Data is as at 31 Dec 2016. Only disclosed deals from startups that are backed by angels, accelerator/incubator, seed funds, and VC/PE funds are included. USA (Malaysia) Japan (Indonesia) China (Singapore) USA (Singapore) Singapore UK (Singapore) Japan (Singapore) Malaysia Seed, Series A Seed, Series A Seed, Series A Seed, Series A Seed, Series A, Series B Seed Seed, Series A Seed, Series A HQ (SEA Office) Preferred Verticals Investment Stage Recent Investments E-Commerce, EdTech, Fintech, Mobile, SaaS E-Commerce, Mobile, Fintech AdTech, Big Data, E-Commerce, Fintech, SaaS, Mobile Mobile, SaaS FinTech, Mobile IoT, Big Data, E- Commerce, Fintech IoT, E-Commerce, Fintech, Mobile, Big Data E-Commerce, IoT

10. 10 Source: Pitchbook, Crunchbase, Company Website and Press Release. Only disclosed deals with investors that invested at least in 1 deal in 2016 and more than 1 deal 2013-2015, Data is as at 31 Dec 2016 Investors include foreign investors that are based outside SEA, but invest in SEA *Ardent Capital is no longer investing as venture capital fund and has passed all its current portfolio companies to Wavemaker Partners. Intres Capital Manages Axiata Digital Fund. SPH Plug & Play and JFDI are officially closed. 110 SEA Investors Active in 2016 With $2.2bn Invested across 274 Deals  Product Development Stage – still searching for product-market fit. A typical seed round in SEA is <$1.5m.  Commercialisation Stage – Product market fit achieved, time to reach the mass market. Typically known as Series A & B, range: $1.5m-$20m  Expansion/Scaling Stage – through market expansion, new product development, acquisition. Typically known as Series C and above, range >$20m 16 Seed Venture Growth Accelerator/Incubator Venture Builder Eudaimonia CVC Accelerator/Incubator Tuas Capital Partner Venture Builder Accelerator/Incubator 5Venture Builder 14Corporate Venture Capital 69Seed and/or Venture Capital Fund 2Sovereign Wealth Fund 4Private Equity Fund * * * *

11. 11 Source: Pitchbook; Data is as at 31 Dec 2016. Only disclosed deals from startups that are backed by angels, accelerator/incubator, seed funds, and VC/PE funds are included. Note: RHS – Chart recreated from GP Bullhound European Unicorns 2016 report Inadequate Larger / Later Funding Round Reason for Limited Unicorn Births in SEA? 2013 2014 2015 2016  Funding in SEA are much more saturated at Seed round compared to the rest of the world (ROW)  Huge opportunities available for Series B round onwards to help startup scale past Series A. VCs with SEA scaling experience will have an upper hand  For local financial investors, it will be challenging to raise a large enough funds, >$150m, to invest in this range as Limited Partners (LPs) in SEA have lower risk appetite. Majority of fund will likely need to come from foreign LPs at this stage 81.2% 72.0% 81.7% 71.5% 81.5% 69.2% 81.5% 64.3% 14.7% 24.7% 15.5% 23.6% 15.7% 24.9% 15.7% 29.1% 4.1% 3.3% 2.8% 4.8% 2.8% 5.9% 2.8% 6.6% SEA ROW SEA ROW SEA ROW SEA ROW Seed Venture Growth Funding Distribution SEA Against Rest of the World (2013-2016) Number of Deals as a Percentage of Total Number of Deals Capital Raised by EU and US Unicorn <$50m 19% $50m - $100m 14% $100m - $150m 19% $150m - $250m 16% $250m - $300m 16% $300m+ 16% Capital Raised by EU Unicorns Average Capital Raised: $260m $50m - $100m 2% $100m - $150m 10% $150m - $250m 31% $250m - $300m 12% $300m+ 45% Capital Raised by US Unicorns Average Capital Raised: $558m  Unicorns need serious capital to maintain growth. The average European unicorn raised $260 while American unicorn raised almost double of that at $558m  Taking hint from EU and USA, larger funding at later stage VC round is essential for a startup ecosystem to provide financial capability and liquidity for companies to grow into unicorns.

12. EXITS LANDSCAPE IPO OR M&A

13. 13 Source: Delliotte South East Asia IPO Market, Nov 2016. EY Global IPO Trends 2016, Dec 2016 Tech IPO refers to Technology, Media and Telecommunications (TMT) IPO. IPO Outlook for SEA Technology Startups An Overview According to EY, tech IPO scored 185 deals ($12.7b) against 171 deals ($18.4bn) in Industrials and 132 deals ($13.5bn) in Healthcare – Largest in deal count and 3rd largest in deal value However, from 2014 – 2016, there has been 409 IPOs in SEA, of which only 29 companies from Technology, Media and Telecom (TMT) sector only raised total of $327m from their IPO Investors in SEA public market have considerably less appetite for technology business in comparison to their European and American counterparts As a contrast, in 2016 alone, $2.2bn of private funding went into SEA tech startups. At this rate, stock exchanges in SEA will not be able to sustain a larger funding round for a meaningful exits for investors IPO is still not a home-run exit in SEA compared to the US, which is potentially why Garena is considering a US listing to raise $1bn. This will be the first home-run VC-backed exit from a SEA “Web 2.0” startup 1 2 3 4 5 Startups that are backed by financial investors should start thinking ahead how he or she is going to create value for investors, whether it be IPO, M&A or staying a cash-rich privately backed company6

14. 14 SEA and Australia Stock Exchanges Not Home-run Exit Destinations in The Near Future Ho Chi Minh City Stock Exchange (HSX)Australia Securities Exchange (ASX) March 2016: Indonesia plans to establish a dedicated section within its main stock exchange, tentatively called the “technology board” to host IPOs by startups, Indonesia aims to be the cradle of technology entrepreneurs [Source] Jun 2016: ASX's proposed changes to crack down on over-valued listing of tech startups. The exchange operator is considering a number of changes to admission requirements to stop the number of low-revenue companies listing [Source] Aug 2016: SGX won approval from its listing advisory committee to allow dual-class shares, that allows more decision-making power for founders, However, pundit thinks it’s still unlikely to attract tech startups to be listed on SGX [Source] Oct 2016: The Vietnamese government has told privatised state-owned enterprises speed up listing shares on the stock exchange, a nascent stock market that will be unlikely to be ready for Tech IPOs [Source] Dec 2016: Thailand is launching a stock exchange for startups to list without any revenue. They can choose to issue equity and non-equity products. Investment may be limited to accredited investors, but that detail has not been finalised [Source]  Bursa Malaysia (MYX) and Philippine Stock Exchange (PSE) hasn’t made any major announcement related to tech startups IPO.  However, ACE Market of Bursa Malaysia, the alternative to the Main market, requires less stringent listing requirement, has got a number of non Web 2.0 tech companies listed on it. Catalist, the equivalent of ACE in Singapore aims to create a similar environment, in which its success remains unknown [Source] Stock Exchange of Thailand (SET)Indonesian Stock Exchange (IDX) Singapore Stock Exchange (SGX) 2016 2017

15. 15 $2,827m $1,075m $4,055m $506m $6,277m $654m $324m $371m 88 68 71 33 55 21 44 29 Consumer Business Industrial Products Energy and Resources Financial Services Real Estate Life Sciences and Healthcare Public Sector Technology, Media and Telecommunications Deal Value ($m) No. IPO Garena’s US Potential IPO Success Story Will Anchor Investors’ Confidence on SEA Future Tech IPO Source: Deloitte South East Asia IPO Market 2016 Report, EY Global IPO Trend 2016, Bloomberg  TMT has been one of the least popular IPOs in SEA accounting for 7% of total deal number (29/409) and 2.3% ($371m/$16,089m) of total funding raised as a whole.  Poor performance of TMT in SEA indicates the low readiness for SEA huge tech IPOs in the near future.  Investors are less opened to tech business as compared to traditional sectors such as Real Estate and Energy & Resources. Technology Industrial Healthcare Number of Deals 185 171 132 Deal Size $12.7bn $18.7bn $13.5b Global Trending Sectors for IPO in 2016 Value in USD millions and volume in units Total Number of IPOs and Amount Raised in SEA (2014-2016) Value in USD millions and volume in units Winners of a potential 2017 US IPO On Garena, “This is an extremely significant deal. Once you have a success story coming out of the region, it becomes easier for others to emulate. An IPO of this magnitude will galvanize and serve as a beacon to all the startups in Southeast Asia.” ~ Vishal Harnal, Partner of 500 Startups in Singapore !

16. 16 Notable Recent Deals in SEA Why M&A? Source: McKinsey, TechInAsia, Press Releases, Pitchbook, Crunchbase M&A Scene in SEA Growing and Positive for Emerging Technology Startups Acquisition for strategic reasons such as user base expansion and synergistic product expansion. For example, when Facebook acquires Instagram, Facebook accesses Instagram’s database, while Instagram had access to Facebook’s technology and business expertise. the process of acquiring a company to recruit its employees, without necessarily showing an interest in its products and services or their continued operation, typically happens when a startup fails to build a business and has run out of money to stay afloat Consolidate to remove excess capacity from industry Accelerate market access for the target’s (or buyer’s) products Pick winners early and help them develop their businesses Get skills or technologies faster or at lower cost than they can be built Acqui-hire $586m Nov 2014 AUS MY Acquired $534m Nov 2015 MY Acquired $200m Sep 2013 SG Acquired $100m Aug 2014 SG Acquired AUS JPN SWE Acquirers have mostly been non-SEA companies, but as competition increases globally, we expect to see more strategic acquisition done by Large Cap companies based in SEA. Most strategic M&A done by SEA companies are often done under the radar. Companies are using both strategic acquisition and acqui-hire to expand within/into SEA. VC-backed exits are slowly taking off, many were strategically and deliberately structured from investors. Feb 2016 US SG Acquired Jan 2017 MY Acquired Aug 2016 SG Acquired Acquired SG SG PHL WatchOverMe Notable Past Deals in SEAStrategic Acquisition Nov 2016 SG

17. 17 Source: Pitchbook, Charts recreated from Southeast Asia Offers Big Exits (Just not through IPO), Bamboo Report Q1 2016 by Golden Gate Ventures. Golden Gate Ventures Predicts 249 M&A Deals in 2020 But IPO to Continue Slowing Down, Up to 2020  Golden Gate Ventures predicts M&A will significantly outperform IPOs in SEA in the next 3 years.  Caveat: predictions was made in Q1 2016 but M&A activities did not seem to live up to its prediction at 9 M&A deals in SEA.  About 43% of M&As in the region have been made by non-SEA companies in the last 10 years.  M&A is a straightforward strategy for foreign company to expand in SEA due to various foreign ownership restrictions, regulatory barriers, trade protectionism, complex business practices, and cultural differences in technology adoption. 249 0 50 100 150 200 250 300 2005 2010 2015 2020 0 1 2 3 4 5 6 2005 2010 2015 2020 Tech M&A in SEA from 2005-2020 (Projected) Number of Deals Tech IPOs in SEA from 2005-2020 (Projected) Number of Deals Actual Projected Actual Projected On Google’s Acquisition of SG-based messaging platform Pie in Feb 2016: “The computing experience for most of these first- timers, coming online in places like India, Indonesia and the Philippines, is very different from the one many of us grew up with…” ~ Caesar Sengupta, VP of Google’s “Next Billion Users” !

18. 18 Likely Candidates: Unicorn Only publicly active unicorn acquirer Source: CBInsights, CB Insights (2), Crunchbase, Pitchbook, SEA in Need of Hugely Successful Startups To Drive Regional M&A Activities Like Google and Tencent Thesis: the biggest acquirer in SEA is likely going to be one hugely successful startups in the region. The most active tech acquirers in the world now include Facebook, Google and Apple. They were once a tech startup in their own domain. Between the three of them, they have acquired more than 350+ companies to-date. 75% of Facebook’s and Google’s acquisitions were US-based companies. If there is one hugely successful startup in SEA, it will help drive a healthy M&A story in the region. Alibaba and Tencent are two excellent examples from China. Active financial investors should focus on building and scaling a successful startup that will become the SEA behemoth and thereby becoming a active consolidator/acquirers of the tech scene. With more successful exits, this will kick start a sustainable and active tech scene in SEA. 1 2 3 4 5 6 Likely Candidates: Unicorn But have been quiet in the acquisition space Likely Candidates: Rising Star. Active in acquisition space as a strategy to grow WatchOverMe Caarly

19. 19 Staying Private as An Alternative? Founder – Investors’ Incentives Alignment is Key Fund / Investment Management Financial Return (Capital Gain) VC/PE Firm (General Partner) Limited Partners (Investors) (public pension funds, corporate pension funds, insurance companies, high net-worth individuals, family offices, endowments, foundations, fund-of-funds, sovereign wealth funds, etc.) VC/PE Fund (Limited Partnership) Investment Investment Investment Ownership of Fund The fund’s ownership of portfolio investments Exit after x years  Traditionally, VC/PE firms invest with an ultimate goal is to sell/exit the portfolio companies for a financial return.  Typically, they will not invest unless there is a clear route to realise their return through a liquidity event. Therefore, dividend is not sought after as compared to a capital gain due to how its fund is structured.  It’s important for founders to communicate with investors on the exits strategy - looking for suitable financial investor is no easy job.  Staying private will only work if founders can find investors that have a hybrid/alternative fund structure, that is not just looking for exits but also happy to passively receive dividend in the longer term. Typical Venture Capital and Private Equity Fund Structure

20. SECTORS TO WATCH MOBILE-DRIVEN SOLUTIONS // FINTECH // B2B SOFTWARE

21. 21 Mobile Driven Solutions, B2B Software and Fintech Key Sectors in SEA to Watch Source: Ericsson Mobility Report June 2016, a16z, McKinsey. • By 2021, smartphone subscriptions will be double in the Philippines, Myanmar, Indonesia and Vietnam. • Malaysia, Singapore and Thailand will exceed 100% smartphone subscription penetration. • Benedict Evans, a partner at a16z predicts that mobile has proven its worth and is going into a deployment phase – the question is now what will be built off it in the future. • We can expect more disruptions in both consumer and enterprise space. • Caveat: App fatigue will be a challenge – real winner will be value-adding solutions. • Enterprise-oriented startups need less capital to achieve their growth and generate more value on average, with higher return on invested capital. • Higher exit per investments historically. • It makes a solid M&A target for foreign companies as new distribution channel to expand their business as B2B often takes longer to penetrate business but experience longer-term growth in their installed base. It’s not a winner-take-all market. • Conservative investing style in SEA will bode well with B2B startups with steady cash flow. • Fintech is not new, it’s just repackaged in recent years and became hotter thanks to social media. • Heavily dependent on efficacy of regulators to take off – SG is looking good mainly for this reason. • B2B capital market startups will find it challenging to scale within SEA. They need to reduce cost structure, address local regulation and fend off established foreign players. • Mobile payment solution is ready for disruption – it depends how fast a FinTech startup scales to set up distribution channels, or incumbents venturing into new FinTech business. • Mobile bank has huge potential in nascent market such as Myanmar and Cambodia. For Sector Deep Dive and Startup Profiles, please reach out to rictan0@gmail.com B2B Software Mobile Driven Solutions/ Apps FinTech

22. APPENDIX LIST OF 110 ACTIVE INVESTORS IN 2016 Reach out to Eric <rictan0@gmail.com> for more insights about investors

23. 23 Round Size Involved ($m) Investor Min Max Invested Verticals (most to least active) Investment Geography (most to least active) HQ (SEA or Global) Startupbootcamp 0.02 - Fintech, Platform/Marketplace, AI/ML SG, MY, IN, TH SG SPH Plug and Play 0.02 0.36 SaaS, Platform/Marketplace, E-Commmerce, EdTech, MarTech, Fintech, IoT SG, MY SG Tune Labs - - Platform/Marketplace, SaaS MY MY Dtac Accelerate - - Platform/Marketplace, Fintech, Hardware TH TH Seedstars World 0.5 1.14 Platform/Marketplace, SaaS, E-Commerce, Big Data PH, SG, IN, VT, IN Switzerland Muru-D 0.03 1.23 Cybersecurity SG AU SOSVenture 0.01 0.03 Platform/Marketplace, Big Data, Hardware, E-Commerce SG, PH, TH, MY China 1776 0.42 1.5 Platform/Marketplace, Fintech SG, TH USA JFDI Asia 0.01 1.1 Platform/Marketplace, E-Commerce, SaaS, MarTech, Fintech, Ed-Tech, Deep-Tech SG, TH, PH, MY SG 1337 Accelerator 0.01 0.03 Platform/Marketplace, E-Commerce, SaaS, Wearable SG, MY, VT MY TNF Ventures 0.432 0.8 Platform/Marketplace, Fintech, SaaS SG SG Infiniti Lab - 0.35 SaaS, Platform/Marketplace SG HK Source: Pitchbook, Crunchbase, Company Website and Press Release. Only disclosed deals with investors that invested at least in 1 deal in 2016 and more than 1 deal 2013-2015, Data is as at 31 Dec 2016 Investors include foreign investors that are based outside SEA, but invested in SEA Most Active Investors in SEA Tech Scene Seed Round – Accelerator/Incubator (1/2)  SPH Plug & Play and JFDI are officially closed.

24. 24 Round Size Involved ($m) Investor Min Max Invested Verticals (most to least active) Investment Geography (most to least active) HQ (SEA or Global) Wells Fargo Startup Accelerator 0.5 - FinTech SG USA IdeaSpace Foundation 0.01 5 Platform/Marketplace, E-Commerce, FinTech PH PH IdeaRiverRun 0.35 2 Platform/Marketplace, E-Commerce, MarTech MY, SG MY SMU Institute of Innovation & Enterprise 0.03 1.27 Platform/Marketplace, E-Commerce, Fintech, MarTech, SG, MY SG Most Active Investors in SEA Tech Scene Seed Round – Accelerator/Incubator (2/2)  These 4 accelerators are also involved in Series A funding on a case by case basis Source: Pitchbook, Crunchbase, Company Website and Press Release. Only disclosed deals with investors that invested at least in 1 deal in 2016 and more than 1 deal 2013-2015, Data is as at 31 Dec 2016 Investors include foreign investors that are based outside SEA, but invested in SEA

25. 25 Round Size Involved ($m) Investor Min Max Invested Verticals (most to least active) Investment Geography (most to least active) HQ (SEA or Global) Galaxy Ventures - 0.42 E-Commerce, Platform/Marketplace, SaaS, Fintech TH TH GDP Venture - - Platform/Marketplace, E-Commerce, SaaS IN, SG IN Mountain Kejora Venture 0.02 - Platform/Marketplace, Fintech, E-Commerce IN, SG IN Asia Venture Group 1 12 E-Commerce, Platform/Marketplace, SaaS, Fintech MY, SG, TH MY Inspire Ventures 0.42 10.7 E-Commerce, TH TH Source: Pitchbook, Crunchbase, Company Website and Press Release. Only disclosed deals with investors that invested at least in 1 deal in 2016 and more than 1 deal 2013-2015, Data is as at 31 Dec 2016 Investors include foreign investors that are based outside SEA, but invested in SEA Most Active Investors in SEA Tech Scene Seed Round – Venture Builder  Venture Builders are cooling off as more talented and/or experienced founders coming into the market

26. 26 Round Size Involved ($m) Investor Min Max Invested Verticals (most to least active) Investment Geography (most to least active) HQ (SEA or Global) 0.2 0.5 E-Commerce, SaaS, Fintech, EdTech PH PH 0.04 0.5 E-Commerce, Platform/Marketplace, FinTech, SaaS, Robotics SG SG 0.2 0.29 Platform/Marketplace MY,SG MY 0.74 7 Platform/Marketplace, SaaS SG, IN SG 0.37 0.59 Hardware, SaaS, Platform/Marketplace, Fintech SG, MY SG 0.31 1.7 Platform/Marketplace, SaaS, MarTech, Big Data, Deep Tech, Fintech, E-Commerce etc SG SG 1.4 2 E-Commerce, SaaS SG,PH, VT SG 0.5 1 Cybersecurity, E-Commerce SG SG Source: Pitchbook, Crunchbase, Company Website and Press Release. Only disclosed deals with investors that invested at least in 1 deal in 2016 and more than 1 deal 2013-2015, Data is as at 31 Dec 2016 Investors include foreign investors that are based outside SEA, but invested in SEA Most Active Investors in SEA Tech Scene Seed Round – Seed Fund Eudaimonia Capital

27. 27 Round Size Involved ($m) Investor Min Max Invested Verticals (most to least active) Investment Geography (most to least active) HQ (SEA or Global) 500 Startups 0.1 12 E-Commerce, Platform/Marketplace, Fintech, SaaS SG, IN, TH, MY MY East Ventures 0.3 4 E-Commerce, Platform/Marketplace, SaaS, Fintech, EdTech IN, SG, TH, MY IN Gobi Ventures 0.25 15 Platform/Marketplace, E-commerce, SaaS MY, IN, SG, VT, TH SG Wavemaker Partners 0.2 1.5 Platform/Marketplace, SaaS, Fintech, E-Commerce, MarTech SG, PH, TH, IN, MY SG MAVCAP 0.04 14 Platform/Marketplace, E-commerce, SaaS, EdTech, Fintech, IoT MY, IN, TH, VT MY IMJ Investment Partner 0.5 2 E-Commerce, Fintech, Platform/Marketplace, SaaS IN, PH, SG, MY, TH SG CyberAgent Ventres 0.5 10 Platform/Marketplace, E-commerce, SaaS, EdTech, Fintech IN, TH, VT, SG IN KK Fund 0.5 4 E-Commerce, Platform/Marketplace, Fintech MY, TH, SG, IN, PH, HK, TW SG SPRING Seed capital 0.05 15 SaaS, Big Data, Fintech, Platform/Marketplace, Cybersecurity, EdTech, MarTech SG SG Skystar Capital - 5.3 E-Commerce, Platform/Marketplace IN, SG Indonesia OPT SEA 0.5 2.5 E-Commerce, Fintech, MarTech TH, SG, IN SG August Capital Partners 1.1 2 SaaS, E-Commerce, Cybersecurity, Big Data, HealthTech, EdTech SG SG Source: Pitchbook, Crunchbase, Company Website and Press Release. Only disclosed deals with investors that invested at least in 1 deal in 2016 and more than 1 deal 2013-2015, Data is as at 31 Dec 2016 Investors include foreign investors that are based outside SEA, but invested in SEA Most Active Investors in SEA Tech Scene Seed and Venture Fund – Seed-focused (1/2)

28. 28 Round Size Involved ($m) Investor Min Max Invested Verticals (most to least active) Investment Geography (most to least active) HQ (SEA or Global) Walden International 0.42 4 E-Commerce, Platform/Marketplace, AI/ML SG SG Tri5 Ventures 0.1 2.67 E-Commerce, Platform/Marketplace SG SG Segnel Venture 0.06 0.13 Plaform/Marketplace SG, MY SG Rebright Partners 1 5 E-Commerce, Fintech, Platform/Marketplace, MarTech, SaaS IN, PH, MY SG Quest Ventures 0.05 6 Platform/Marketplace, SaaS, Fintech SG SG Pix Vine Capital 0.48 2.7 Platform/Marketplace, Fintech, MedTech SG, VT SG Global Founders Capital 0.25 5 Platform/Marketplace, Fintech SG, IN, MY Luxembourg 8capita 0.04 1.05 Platform/Marketplace, SaaS, MarTech, E-Commerce SG, TH, MY SG Blume Venture Advisors 0.2 7.2 SaaS, Platform/Marketplace SG SG Ideosource 1 22 E-Commerce (O2O) IN, TH IN Source: Pitchbook, Crunchbase, Company Website and Press Release. Only disclosed deals with investors that invested at least in 1 deal in 2016 and more than 1 deal 2013-2015, Data is as at 31 Dec 2016 Investors include foreign investors that are based outside SEA, but invested in SEA Most Active Investors in SEA Tech Scene Seed and Venture Fund – Seed-focused (2/2)

29. 29 Round Size Involved ($m) Investor Min Max Invested Verticals (most to least active) Investment Geography (most to least active) HQ (SEA or Global) Captii Ventures 0.5 0.8 Platform/Marketplace MY, SG, VT MY/SG Convergence Ventures 1 8 Platform/Marketplace, SaaS, MarTech, E-Commerce, Fintech IN, SG, TH, MY IN Venturra Capital 1.2 12 E-Commerce, EdTech, Fintech, Platform/Marketplace, SaaS IN, SG, MY IN Jungle Ventures 0.5 7.5 SaaS, Platform/Marketplace, E-Commerce, MarTech, Fintech, IoT TH, PH, KL, SG SG Alpha JWC Ventures 0.97 7.65 E-Commerce, Fintech, Platform/Marketplace, SaaS IN, SG IN DSG Consumer Partners 1.1 8 Platform/Marketplace SG SG Tuas Capital Partners 1.05 3 Fintech MY, SG SG Infocomm Investments 0.48 40 Platform/Marketplace, E-Commerce, SaaS SG SG Elixir Capital 1 4.5 E-Commerce, Platform/Marketplace MY, IN MY RB Investments 0.04 10 Platform/Marketplace, Consumer Product SG, IN SG Source: Pitchbook, Crunchbase, Company Website and Press Release. Only disclosed deals with investors that invested at least in 1 deal in 2016 and more than 1 deal 2013-2015, Data is as at 31 Dec 2016 Investors include foreign investors that are based outside SEA, but invested in SEA Most Active Investors in SEA Tech Scene Seed and Venture Fund – Series A-focussed (1/2) Investment Tuas Capital Partner

30. 30 Round Size Involved ($m) Investor Min Max Invested Verticals (most to least active) Investment Geography (most to least active) HQ (SEA or Global) IDG Ventures 0.3 3 Platform/Marketplace, SaaS, Cybersecurity, AI/ML VT, SG VT Digital Currency Group 0.82 5 FinTech PH, SG USA Accel Partners 0.68 8 Platform/Marketplace, E-Commerce, FinTech, SaaS SG, PH USA Beenext Ventures 0.01 12 E-Commerce SG, IN, MY SG Golden Gate Ventures 0.35 6 Platform/Marketplace, Fintech, SaaS, E-Commerce SG, TH, PH, IN, MY SG Fenox Venture Capital 0.5 11 SaaS, E-Commerce, Fintech, Platform/Marketplace, Healthtech IN, SG, MY, TH IN Majuven 1.6 10 BioTech, CleanTech, Platform/Marketplace SG SG Source: Pitchbook, Crunchbase, Company Website and Press Release. Only disclosed deals with investors that invested at least in 1 deal in 2016 and more than 1 deal 2013-2015, Data is as at 31 Dec 2016 Investors include foreign investors that are based outside SEA, but invested in SEA Most Active Investors in SEA Tech Scene Seed and Venture Fund – Series A-focussed (2/2)

31. 31 Round Size Involved ($m) Investor Min Max Invested Verticals (most to least active) Investment Geography (most to least active) HQ (SEA or Global) Digital Media Partners 0.9 4 E-Commerce, Fintech, Platform/Marketplace SG, TH, MY SG Susquehanna International Group - 10 Platform, Marketplace/Platform IN, VT, SG China NSI Ventures 6.5 11.5 Platform/Marketplace, E-Commerce, SaaS SG, IN SG Vertex Venture Holding 3.27 65 Platform/Marketplace, E-Commerce, SaaS SG, MY SG Monk's Hill Venture 2.5 5 E-Commerce, Fintech SG, PH SG Sebrina Holdings - 10 Platform/Marketplace, E-Commerce TH, SG SG Global Brain 5 19 Ad-Tech, Platform/Marketplace, Big Data, SaaS, Fintech SG, PH SG ESW Manage 1 5 E-Commerce, Fintech SG SG Beenos Partners 1.5 8 Fintech, Platform/Marketplace, SaaS, E-Commerce IN, PH, SG, VT Japan WI Harper Group 3.5 10.5 AI/ML SG China RHL Ventures 1 - Platform/Marketplace SG, MY SG/MY Raffles Venture Partners 0.7 10.5 HealthTech, Platform/Marketplace, AI/ML SG SG Source: Pitchbook, Crunchbase, Company Website and Press Release. Only disclosed deals with investors that invested at least in 1 deal in 2016 and more than 1 deal 2013-2015, Data is as at 31 Dec 2016 Investors include foreign investors that are based outside SEA, but invested in SEA Most Active Investors In SEA Tech Scene Venture Fund – Series A and beyond (1/2)

32. 32 Round Size Involved ($m) Investor Min Max Invested Verticals (most to least active) Investment Geography (most to least active) HQ (SEA or Global) Qualgro 1.6 - SaaS SG SG GGV Capital 10 750 Platform/Marketplace SG USA Sequoia Capital 1.6 100 SaaS, E-Commerce, Platform/Marketplace IN, SG India UOB Venture Management 3.5 82.1 E-Commerce, AI/ML, SaaS, Fintech SG, IN SG Velos Partner 5 - E-Commerce IN USA Golden Equator Capital 2.7 10 Platform/Marketplace SG SG Broad Peak - 40 SaaS SG SG INCJ - 35 Aerospace SG Japan JAFCO - 35 Aerospace SG Japan K2 Global - 32.5 Platform/Marketplace SG SG Softbank Capital 4 750 Platform/Marketplace, E-Commerce SG, IN Japan Source: Pitchbook, Crunchbase, Company Website and Press Release. Only disclosed deals with investors that invested at least in 1 deal in 2016 and more than 1 deal 2013-2015, Data is as at 31 Dec 2016 Investors include foreign investors that are based outside SEA, but invested in SEA Most Active Investors in SEA Tech Scene Venture Fund – Series A and beyond (2/2)

33. 33 Round Size Involved ($m) Investor Min Max Invested Verticals (most to least active) Investment Rounds (most active round bolded) Investment Geography (most to least active) HQ (SEA or Global) MDI Ventures 0.9 10 Fintech, Platform/Marketplace, SaaS, MarTech Seed, Series A SG, IN, TH IN Kickstart Ventures 0.03 6 SaaS, Platform/Marketplace, E-Commerce, Fintech Seed, Series A PH, SG PH Intres Capital Partners (axiata digital innovation fund) 0.23 12 Platform/Marketplace Seed, Series A MY, SG MY Singtel Innov8 0.63 5.3 Platform/Marketplace, SaaS Seed, Series A SG SG InVent by Intouch Holding 0.5 2 Platform/Marketplace, SaaS Seed, Series A TH TH Tencent - 19 Platform/Marketplace Series A TH TH GMO Venture Partners 0.9 22.46 Fintech, Platform/Marketplace, E- Commerice, MarTech, SaaS Seed, Series A, Series B SG, PH, IN, TH SG Elang Mahkota Teknologi 45 129 E-Commerce, Platform/Marketplace Seed, Series A, Series B IN, SG, MY IN Singapore Press Holding 0.475 6 Platform/Marketplace, E-Commerce, SaaS, Fintech Series A, Seies B, Series C SG, MY, IN SG Rakuten Ventures 0.8 550 Marketplace/Platform, E-Commerce, Big Data, AI/ML, Fintech, SaaS Series A, Series B SG, IN SG PT Media Nusantara Citra (MNCN) 5 32.5 Platform/Marketplace Series A, Series B SG, IN IN Sinar Mas Digital Ventures 1 82.1 E-Commerce, Platform/Marketplace, Fintech, SaaS Series A, Series B, Series C + IN, MY, TH IN - 19 Fintech Series B SG AU YJ Capital - 32.5 Platform/Marketplace, E-Commerce Seed, Series A, Series B SG, MY Japan Source: Pitchbook, Crunchbase, Company Website and Press Release. Only disclosed deals with investors that invested at least in 1 deal in 2016 and more than 1 deal 2013-2015, Data is as at 31 Dec 2016 Investors include foreign investors that are based outside SEA, but invested in SEA Most Active Investors in SEA Tech Scene Corporate Venture Capital

34. 34 Round Size Involved ($m) Investor Min Max Invested Verticals (most to least active) Investment Geography (most to least active) HQ (SEA or Global) Warburg Pincus 45 550 Platform/Marketplace, SaaS SG, IN NY Temasek Holdings - - SaaS SG SG Khazanah National - 170 SaaS SG MY General Atlantic - 170 SaaS USA USA KKR - 550 Platform/Marketplace IN USA Source: Pitchbook, Crunchbase, Company Website and Press Release. Only disclosed deals with investors that invested at least in 1 deal in 2016 and more than 1 deal 2013-2015, Data is as at 31 Dec 2016 Investors include foreign investors that are based outside SEA, but invested in SEA Most Active Investors in SEA Tech Scene Growth Fund – Series C and beyond

35. @rictan0/rictan0 Background: For more information, please contact Eric Tan <rictan0@gmail.com> Authors rictan0.com Tuas Capital Partner Articles Featured in: Background: /chinjianlee @lchinjian Eric Tan Chin Jian Lee

36. 36 Disclaimer Opinions expressed are solely Advento’s perspective. This document only serves to educate readers who are interested to learn about SEA Tech Startup Ecosystem and is non-comprehensive. Please do reach out if you think there are any misinformation or if your organisation is misrepresented at rictan0@gmail.com (@rictan0). Please use this at your own risk.