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Hello reader,
Tech in Asia held its annual conference last week, and what a ride it was. It was my first time attending the event in person, as last year’s Covid-19 restrictions meant that we had to host a virtual conference instead.
What I enjoyed the most was just walking around and talking to different founders to learn more about their companies. That’s because most (if not all) of the time, I’ve conducted my interviews virtually, so it was rare to actually meet so many founders in person.
My sincere hope is that the startups I spoke to can eventually reach their full potential. Who knows – perhaps we might eventually find a couple of them on our list of Southeast Asia’s unicorns, which is today’s premium story.
Today we look at:
- A list of Southeast Asia’s billion-dollar startups and their early backers
- An agritech startup reaping some fresh funds
- Other newsy highlights such as Animoca Brands getting a fresh injection and Oyo’s valuation being cut by SoftBank
Premium summary
Turning myth into reality
Image credit: Timmy Loen
If you’ve heard about Southeast Asia’s potential as a region for successfully building unicorns year after year but always wondered exactly how many there are, we’ve got you covered. (The answer’s 51 as of today, by the way). Of course, we can’t forget the investors that helped these companies get into this exclusive billion-dollar club.
- Darling it’s better: Sea Group stands firmly at the top of our list as Southeast Asia’s largest unicorn by valuation. After entering the club in 2016, the firm has grown to become a massive US$160 billion company. GIC, one of its top investors, is sure to be smiling all the way to the bank.
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Ups and downs: Not only has the number of unicorns increased, but the rate at which it’s been growing has also risen steadily over the last few years. In 2015, only one firm joined the club, while 2020 saw five new entrants. Things came to a head last year – it saw a whopping 25 firms cross the billion-dollar mark. That said, it appears that 2021 could have been an anomaly, as there have only been six new unicorns so far this year.
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Money, money, money: When it comes to investing in the region, Sequoia can proudly say that it’s gotten most of it right. The firm has backed nine Southeast Asian unicorns, making it the investor with the highest number of billion-dollar portfolio startups in our list. Other investors, however, are hot on its tail. Ranking second is 500 Startups with seven unicorns in its portfolio, while Accel places third with four.
Read more: A list of SEA’s unicorns and their early investors (Updated)
Establishing deeper roots
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