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

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

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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
*
*
*
*

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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

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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

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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

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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”
!

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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

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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.