Southeast Asia’s tech sector faced challenges in 2024, with funding levels dropping due to a slow global economy, according to a report by Tracxn.

Startups in the region secured US$2.84 billion across 420 funding rounds, representing a 59% decline from US$7 billion in 2023, and an 80% drop from US$14.2 billion in 2022.

Singapore continued to lead the region in funding, accounting for 67% of the total, with startups raising US$1.9 billion.

Jakarta and Bangkok followed with US$276 million and US$261 million raised, respectively.