Southeast Asian tech startups raised US$909 million in Q1 2025, up 30.79% from Q4 2024 but down 9.10% from Q1 2024, according to a Tracxn report.

Late-stage funding surged to US$700 million, a 110.21% increase from Q4 2024 and 140.55% from Q1 2024.

In contrast, seed-stage funding fell 43.07% quarter-over-quarter to US$44.8 million, while early-stage funding declined 42.05% to US$164 million.

The largest round was Digital Edge’s US$640 million series D, and there was only one funding round above US$100 million.

Enterprise infrastructure led funding with US$640 million, soaring from US$19.5 million in Q4 2024. Fintech and high tech funding dropped to US$171.6 million and US$111.1 million, respectively.

There were 13 acquisitions, slightly up from Q4 but 50% lower than Q1 2024. Dropsuite’s US$252 million acquisition by NinjaOne was the largest.

No tech firms went public, and one new unicorn emerged.

Singapore startups dominated, raising US$865 million (95% of total funding), followed by Ho Chi Minh City (US$28 million) and Jakarta (US$6.2 million).