Southeast Asia tech funding dropped to US$2.6 billion in the first nine months of 2025, down 7% from the same period in 2024, and 58% from 2023, according to a new report by Tracxn, a private market data platform.

Singapore-based companies made up 88% of all funding in the region, with Jakarta trailing behind.

Late-stage funding rose 112% year-on-year to US$1.8 billion, while seed and early-stage investments fell sharply.

Enterprise applications, enterprise infrastructure, and fintech were the leading sectors, with enterprise infrastructure funding jumping to US$857 million from US$121 million last year.

Six rounds above US$100 million were recorded, including deals by Digital Edge, MiniMax, Supabase, Thunes, and Airwallex.

Only one unicorn emerged, down from two last year.

There were 12 IPOs, up from seven in 2024, while acquisitions dropped 31% to 42, with NinjaOne’s US$270 million buyout of Dropsuite being the largest.

🔗 Source: Tracxn