The mega round showdown between Indonesia and Singapore

Every day, 100k+ smart people read our newsletter. You can sign up here.

Hi readers,

Some founders have said that fundraising is one of the hardest things to do when building a startup. We know. That’s why we’ve tried to make fundraising slightly easier by compiling a list of Asian startups that are currently raising.

So if you run a startup that’s on the lookout for investors or know someone who does, simply fill in this form to get your company on the list.

Today we look at,

• The mega round showdown between Indonesia and Singapore
• Why Grab is seeing a sudden spurt of Indonesian investors and why that’s a good thing
• Other newsy highlights such as SoftBank’s sharp drop in revenue and Bukalapak’s quiet pre-listing fundraise from GIC

PREMIUM SUMMARY

The mega round showdown between Indonesia and Singapore

Singapore might be a tiny country, but the city-state’s startups sure pack a punch when it comes to raising cash. They have collectively raised the most “mega rounds” – funding rounds of at least US$100 million – in Southeast Asia between 2018 and 2019. However, that equation changed temporarily in 2020 as Indonesia surpassed Singapore to take the top spot.

• The first mega round in Singapore was conducted in 2012. It was only two years later that mega rounds made their way to Indonesia.
• Indonesia has always been closing in: In 2016, Indonesia actually had more mega rounds than Singapore but fell behind the city-state in terms of total funding raised.
• The year of change: In 2020, mega rounds from new entrants in the archipelago’s tech scene, including e-wallet provider LinkAja, ecommerce company Bukalapak, and Gojek, tipped the scales in Indonesia’s favor.

Read more: When Indonesia stole the mega-funding spotlight from Singapore

PREMIUM SUMMARY

Why Grab is finally seizing the hearts of Indonesia investors

How Southeast Asian startups can use ESOPs to their advantage