The hidden alliances between Southeast Asia’s VCs, uncovered

It’s no secret that VCs co-invest with peers all the time. But what’s not as apparent are the hidden alliances between these firms.

In other words, some firms often invest together, signifying a deeper relationship, while others tend to avoid each other.

To map this out, we’ve visualized an intricate web of relationships among Southeast Asia’s VCs, using deal data in the past two years.

We hope that this chart will be useful to startup founders. Understanding which VCs move together as a pack could help with fundraising.

For a closer look, the table below pinpoints the top 20 VCs in terms of the number of co-investors they’ve had. It also shows the exact number of times they’ve worked with each firm.