southeast asia startup financing report · 2019. 8. 19. · momo $100,000,000 16.80% gobear...

SOUTHEAST ASIASTARTUPFINANCINGREPORT

H1 2019

© Copyright 2019 VOLANEWS

At A Glance

According to Volanews, Southeast Asia has raised USD$ 5,305,995,216 of funding in H1 2019.

Singapore and Indonesia have raised 96.2% of SEA H1 funding, which Singapore took 59.3% and Indonesia grab 36.9%.

Rail-hailing industry led by Singapore’s Grab raisedUSD$ 3,020,000,000 financing, which took 56.9% of SEA H1 2019’s total funding.

Fintech industry (14.01%) led by Indonesia’s KinerjaPay had 30 financing events, ranking the highest. Fintech also ranked the 2nd in funding amount.


Geographical Distribution of SEA Startups

Financing in H1 2019

Chapter 1


Singapore

Indonesia

Vietnam

Malaysia

Thailand

Myanmar

Philippines

Cambodia

Brunei

USD$ 3,147,079,216 (Q1 USD$ 563,476,766)

USD$ 1,958,845,000 (Q1 USD$ 1,196,000,000)

USD$ 120,500,000 (Q1 USD$ 10,100,000)

USD$ 28,691,000 (Q1 USD$ 540,000)

USD$ 24,830,000 (Q1 USD$ 22,000,000)

USD$ 13,900,000 (Q1 N/A)

USD$ 7,050,000 (Q1 USD$ 2,050,000)

USD$ 5,000,000 (Q1 N/A)

USD$ 100,000 (Q1 USD$ 100,000)

1.1 Singapore and Indonesia have raised 96.2% of SEA H1 funding


Share of Financing Amount by Country

Singapore Indonesia Vietnam Malaysia ThailandMyanmar Philippines Cambodia Brunei

Share of Financing Number by Round

Seed/Angel Pre-A A/A+ B C D/E/F OthersUnspecified

* Seed/Angel round took 38% and A/A+ round took 23.56% of all financing number.

* Singapore took 59.3% and Indonesia grab 36.9% of all SEA H1 funding. Together these two country reap 96.2% of all. The other countries took less than 1% financing each, besides Vietnam, which took 2.27% funding.

1.2 Financing round and amount data in H1 2019


Country Number of Deals Number of Deals with announced Amount Total Financing Amount(USD)

Singapore 96 74 3,147,079,216

Indonesia 53 27 1,958,845,000

Vietnam 15 8 120,500,000

Malaysia 14 8 28,691,000

Thailand 10 6 24,830,000

Myanmar 7 4 13,900,000

Philippines 7 6 7,050,000

Cambodia 4 1 5,000,000

Brunei 1 1 100,000

Total 207 135 5,305,995,216

1.3 Details for SEA countries’financing status in H1 2019

As the leading country in Southeast Asia, Singapore raised USD$ 3,147,079,216 from 96 startup funding. Following is Indonesia, which raised USD$1,958,845,000 from 53 funding events.

NAME AMOUNT(USD) INDUSTRY LOCATION

2,000,000,000 Ride-hailing Singapore

1,020,000,000 Ride-hailing Indonesia

420,000,000 Tourism Indonesia

332,000,000 Corporate Service Singapore

200,000,000 Fintech Indonesia

100,000,000 Cloud Service Singapore

100,000,000 Fintech Indonesia

100,000,000 Fintech Vietnam

1.4 Startups with more than $100 M fundraising in H1 2019


• If we take a look at companies received more than USD$ 100 million funding, Singapore’s ride-

hailing giant Grab stood at the leading position with no doubt. USD$ 2 billion was raised by Grab

in 2019 H1.

• Following is Indonesia’s ride-hailing giant Go-Jek, with USD$ 1,020,000,000 fund raised.

• Other companies with more than USD$100 million funding in 2019 H1 include Indonesia’s OTA

unicorn Traveloka (USD$ 420,000,000); digital payment company KinerjaPay (USD$

200,000,000); Bills payment E-commerce platform Akulaku (USD$ 100,000,000 from Alibaba);

Singapore’s wholesale data centre operator AirTrunk (USD$ 332,000,000); Cloud-based

BAaaS company Deskera (USD$ 100,000,000); Vietnam’s digital wallet MoMo (USD$

100,000,000).

Findings

1.5 Basic economic situation in SEA


COUNTRY CAPITAL LAND AREA（km2） POPULATION(2018) TOTAL GDP(BNUSD 2018)

GDP PER CAPITA(2018) GDP GROWTH

SINGAPORE SINGAPORE 721.5 5,888,926 361.109 64,041 3.2%

INDONESIA JAKARTA 1,904,579 260,580,739 1,022.454 3,871 5.2%

VIETNAM HANOI 329,556 96,160,183 241.272 2,551 7.1%

MALAYSIA KUALA LUMPUR 329,345 31,381,992 354.348 10,942 4.7%

THAILAND BANGKOK 513,120 68,414,135 487.239 7,187 4.1%

MYANMAR NAYPYIDAW 676,378 55,123,814 71.543 1,298 2.1%

PHILIPINES MANILA 299,700 104,256,076 330.846 3,104 6.2%

CAMBODIA PHNOM PENH 181,035 16,204,486 24.141 1,509 7.3%

BRUNEI BANDAR SERI BEGAWAN 5,765 443,593 14.695 32,414 -0.2%

LAO VIENTIANE 236,800 7,126,706 18.23 2,720 6.5%

EAST TIMOR DILI 14,919 1,291,358 3.155 2,435 0.8%

1.6 Internet & Mobile payment penetration rate

Singapore

Indonesia

Vietnam

Thailand


Malaysia

Philippines

84%

46%

56%

47%

66%

61%

80%

40%

82%

67%

71%

45%

InternetMobile Payment






Growth Rate

2%

13%

0%

3%

0%

13%

12%

9%

24%

17%

19%

14%

1.7 SEA key cities for startups

• For entrepreneur, choosing the right city to startup business is very important. Among the top

3 fundraising country Singapore, Indonesia, and Vietnam, most of the startups are located in

the capital.

• Singapore attracts the most SEA’s funding, experienced 96 financing events.

• Among 53 Indonesian startups that received funding on H1 2019, all of them based in the

capital Jakarta, except one in Bali and another in Jawa.

• Vietnam has 13 fund receiving startups. 6 of which located at Saigon, 7 of which based at

Hanoi.


Chapter 2

Hot Industries

That Attract The Most Funding in SEA

2.1 Industry data by number of financing

Volanews calculated the number of financing in different industries in Southeast Asia of H1 2019.

The Fintech industry (14.01%) led by Indonesia’s KinerjaPay had 30 financing events, ranking the highest. Following by the Corporate Service industry (10.63%) which had 19 financing events and led by Singapore’s AirTrunk. The E-commerce (6.28%) and AI industry took 15 and 14 financing events and ranked the 3rd and 5th.

The Health, Media, and Logisticsindustries both have 12 financing events, ranking the 5th.


2.2 Industry data by financing amount


Volanews calculated the financing amount in different industries in Southeast Asia of H1 2019.

The Rail-hailing industry led by Singapore’s Grab raised 56.9% of SEA H1 2019’s funding. Following by the Fintech industry which raised 11.74% financing and led by Indonesia’s KinerjaPay. The Tourismand the Corporate Service industry took 8% and 7% of SEA H1 2019’s financing and ranked the 3rd and 4th. In other industries, only the Healthrelated industry raised more than USD$ 100 million.

2.3 Rail-hailing Industry

SEA’s ride-hailing industry raised USD$ 3,020,000,000 funding in SEA H1 2019, which took 56.9% of all

financing amount. This huge amount is mostly composed of 6 financing events of two SEA giants: Grab

and Go-Jek.


2,000,000,000 1,020,000,000AMOUNT(USD)

LOCATION

ROUND

INVESTORS

Singapore Indonesia

H F

Softbank Vision Fund, Invesco, Experian, Central Group

Tencent, JD.com, Google, TSO Salemba

2.4 Fintech Industry

COMPANY AMOUNT ( USD ) ROUND OF FINANCING LOCATION

KinerjaPay 200,000,000 F/G Indonesia

Akulaku 100,000,000 D Indonesia

MoMo 100,000,000 C Vietnam

GoBear 80,000,000 / Singapore

Credit Culture 29,500,000 / Singapore

YouTrip 25,500,000 pre-A Singapore

InstaReM 21,000,000 C Singapore

Validus 15,200,000 B Singapore

KoinWorks 12,000,000 B Indonesia

Daung Capital 12,000,000 A Myanmar

Top 10 Fund Raising Company in Fintech Industry

The Fintech industry, which raised USD$ 635,300,000 (ranked the 2nd) in H1 2019, ranked the 1st at fund raising numbers with 30 financing events, which took 14.01% share.

Unspecified3

9.68%

Seed/Angel9

29.03%

Pre-A6

19.35%

A/A+7

22.58%

B2

6.45%

C2

6.45%

D/E/F2

6.45%


Unspecified Seed/Angel Pre-A A/A+ B C D/E/F Others


KinerjaPay$200,000,000

33.60%

Akulaku$100,000,00…

MoMo$100,000,000

16.80%

GoBear$80,000,000

13.44%

CreditCulture$29,500,000

4.96%

YouTrip$25,500,000

4.28%

InstaReM$21,000,000

3.53%

Validus$15,200,000

2.55%

KoinWorks$12,000,000

2.02%

DaungCapital$12,000,000

2.02%

Share of Financing AmountBy Top 10 Financing Company

KinerjaPay Akulaku MoMo GoBear CreditCultureYouTrip InstaReM Validus KoinWorks DaungCapital

2.5 Fintech Industry

Singapore$195,200,000

30.75%

Vietnam$100,000,000

15.76%

Indonesia$316,000,000

49.79%

Myanmar$12,000,000

1.89%

Thailand$11,500,000

1.81%

Share of Financing Amount by Country

Singapore Vietnam Indonesia Myanmar Thailand


2.6 Tourism Industry

$420,000,000Traveloka98.19%

$4,500,000Luxstay1.05%

$1,500,000Bobobox0.35%

$1,000,000JAMJA0.23%

$739,165TribeTheory

0.17%

Share of Financing Amount by Company

Traveloka Luxstay Bobobox JAMJA TribeTheory

COMPANY AMOUNT ( USD )

ROUND OF FINANCING LOCATION

Traveloka 420,000,000 Private Equity Indonesia

Luxstay 4,500,000 A Vietnam

Bobobox 1,500,000 pre-A Indonesia

JAMJA 1,000,000 Seed Vietnam

Tribe Theory 739,165 Seed Singapore

RoomMe / / Indonesia

Vntrip / pre-C Vietnam

The Tourism industry raised USD$ 4,277,391,165 financing amount, which took 8% of all and ranked the 3rd. Among all tourism companies, Indonesia’s OTA platform Traveloka received USD$ 420,000,000 Private Equity investment, following by Vietnam’s Luxstay which grab USD$ 4,500,000 A round funding.


2.7 Corporate Services Industry

AirTrunk$332,000,000

67.85%

Deskera$100,000,000

20.44%

Zinier$22,000,000

4.50%

Agorize$14,600,000

2.98%

AnyMindGroup$8,000,000

1.63%

SIRCLO$5,000,000

1.02%

ZUZUHospitality$3,700,000

0.76%

Advotics$2,700,000

0.55%Reboot

$738,0000.15% KAMEREO

$500,0000.10%

mmDS$100,0000.02%


AirTrunk Deskera Zinier Agorize

AnyMindGroup SIRCLO ZUZUHospitality Advotics

Reboot KAMEREO mmDS

The Corporate services industry in SEA grab USD$ 489,338,000, taking 7.3% share of all, with 22 number of financing.Among all, Singapore’s wholesale data centre operator AirTrunk received USD$ 332,000,000 funding, ranked the 1st with 85.2% share of all corporate services industry.

4Unspecified11.42%

20Seed/Angel57.14%

5A/A+14.28%

3B

8.57%

3Others8.57%




2.8 Health Industry

$65,000,000Halodoc43.85%

$35,000,000Biofourmis23.61%

$25,000,000CXAGroup16.87%

$11,000,000Docquity7.42%

$5,200,000LifetrackMedicalSystems

3.51%

$5,000,000JioHealth3.38%

$1,000,000See-Mode0.67%

$1,000,000WeFit0.67%


Halodoc Biofourmis CXAGroup

Docquity LifetrackMedicalSystems JioHealth

See-Mode WeFit

The 5th industry that attracts the most SEA financing is the Health industry: 12 financing event raised USD$ 148,200,000 amount. Indonesia’s Halodoc raised 6,500,000 USD, leading the first.

Seed/Angel5

41.67%

A/A+3

25.00%

B3

25.00%

C1

8.33%

Share of Health Startups Amount by Round



Chapter 3

The Most Active VC / PE

in SEA H1 2019

According to Volanews, there are 17 VCs/PEs which have invested over USD$ 100 million to the SEA region in H1 2019. Together, they have invested USD$ 5,029,857,145to 22 start-ups, and the number they invest to SEA local startup adds up to USD$4,302,000,000, sharing 81.08% of the whole financing amount in SEA, which definitely acts as the main force.

VCs/PEs Background:

SoftBank Vision Fund ranks No.1 in financing amount, and is backed by the world-known Japanese investor Sun Zhengyi’s Softbank.GIC ranks NO.2 in financing amount, with the full title of“Government of Singapore Investment Corporation”. Japan-based East Ventures is a seed-focused early stage venture capital, funding 9 firms in SEA, which shares the largest number.Sequoia Capital India funded 8 start-ups with 3 in seed round, 2 in series B round, one in series A and pre-A respectively. US-based 500 Startups funded 7 start-ups with 6 in seed round and one in series A round.

3.1 The general background about SEA investment


*In jointly investment project, Volanews will take the mean number for each investor if there’s no clear announcement, thus the statistics figures might has error.

SoftBank Vision Fund invest the most in H1 2019 with USD $1,500,000,000 investment to Grab in March

following is GIC, which invested USD $695,500,000 to 3 start-ups including the Chinese bio-technological firm BioTech, the US-based F&B services provider ezCater, and the Indonesian online travelling platform Traveloka in SEA


East Ventures invested in 9 SEA startups in H1 2019

Sequoia India invested in 8 SEA startups in H1 2019

500 Startups invested in 7 SEA startups in H1 2019

3.2 The Most Active VCs/PEs in the SEA

Chapter 4

Chinese Companies’Performance

in SEA H1 2019


51%19%30%

Others

As the only developed country among the SEA regions, Singapore has a smart-phone market that is dominate by high-end phones, in which Apple’s users take up nearly a quarter of the market portion.

Apart from Singapore, the rest of the SEA market is basically dominated by OPPO, Samsung, Huawei, Vivo, MI, and other Android-based phone. It is worth noting that Samsung and OPPO together share 49% of the whole SEA smart phone market portion, while OPPO shares 30% and Samsung shares 19%.

4.1 Performance of Chinese Smartphone Manufacturers in SEA


BIGO LIVE

HAGO

Tantan

JOOX Music

Viu

Singapore Indonesia

BIGO LIVE

Viu

17直播 live

小象直播

Up直播

BIGO LIVE

Viu

JOOX Music

iReader

小影

BIGO LIVE

Dating.com

小象直播

JOOX Music

Tantan

BIGO LIVE

HAGO

小影

Karaoke Now

Nonolive 直播

Viu

BIGO LIVE

Dating.com

Webnovel

Blued

4.2 Most Popular Chinese Apps in the SEA

Thailand Malaysia Vietnam Philipines

Chapter 5

Finding and Thoughts from Global Investors

he investment and financing trend of the whole SEA area in H1 2019, driven by Grab and Go-jek, the two unicorn startups in Singapore and Indonesia, continued to heat up. The total financing amount of SEA startups in 2019Q2 nearly doubled that of 2019Q1. It also led Singapore and Indonesia become the most investors' attention areas in H1 2019, while the growth rates of Vietnam, Malaysia and Thailand are also remarkable.

From an industry perspective, Fintech, Corporate Service and E-Commerce have become the top 3 industries with the largest number of financing in H1 2019, most are in early stage.

On one hand, the appearance of more and more SEA unicorn startups did draw a lot of attention from large-scale PE funds to SEA area. Jeffrey Perlman, managing director and head of Southeast Asia of Warburg Pincus, said last year that local investors and PE funds can hardly participate in medium-term investments (B and C round financing). While in H1 2019, driven by the increasing attention of global capital to SEA area, eight startups have received over USD$100 M in large-scale financing and MOMO, one of the eight startups received USD$ 100M C round capital from Warburg Pincus.

Findings & Thoughts

But on the other hand, in those industries like E-commerce and AI which need large-scale funding, it is still hard to find active PE funds. This situation also cause these SEA startups to turn to debt financing in their middle or mega-round.

ATM Capital Partner Jonathan Zhong told Volanews in Jakarta that Since they mainly focus on investing in Logistics，Consumption，Fintech and E-commerce，the ideal startups must fit four requires including market size is bigger than USD$ 1B, High-speed growth compared to GDP and the development of E-commerce， and solving one problem with great value.

Max Xu, VP of Chuxin Capital which is another early-stage fund with Chinese background also told volanews that E-commerce, Fintech, logistics and domestic services are top 4 industries they are mainly focusing on and for early-stage startups, the team is nearly everything.

In that circumstances, the growth rate is currently the most important indicator for VCs. And for startups，the capacities of localization and rapidly get users are much more impressive than original tech innovation.

Findings & Thoughts

Contact us for the complete list of Southeast Asia startups financing in H1 2019.

Email: [email protected]

Official Website: www.volanews.com

Facebook: Volanews Southeast Asia

Twitter: @Volanews

Instagram: @volanews

C o n t a c t I n f o rm a t i o n


southeast asia startup financing report · 2019. 8. 19. · momo $100,000,000 16.80% gobear...

Documents