Indonesia’s startup ecosystem experienced a notable decline in funding in 2024, the steepest drop among six Southeast Asian countries analyzed by DealStreetAsia’s ‘Data Vantage’ report.

The number of funding deals fell 34% year-on-year to 85, while total investment value decreased by 66% to US$437.8 million.

In Southeast Asia, startup funding decreased by 42% to US$4.56 billion, reflecting a downturn similar to 2023.

Indonesia’s share of regional startup funding also fell to 9.6% in 2024, down from 16.3% in 2023 and 40.3% in 2021.

Singapore accounted for 68% of total funding, followed by the Philippines at 9.4%.

The report noted that Indonesia did not produce any new unicorns in 2024 for the first time in six years.