The hidden alliances between SEA’s VCs, uncovered (2021 edition)

You can view the actual number of co-investments by hovering over a colored square.

Use the drop-down menu to reorder the matrix and explore the data. Best viewed on larger screens.

Built with d3.js. Modified from Mike Bostock’s original les Misérables Co-occurrence.

Data: Tech in Asia
Infographics: Ivan Tan

Last year, we dug deep into the relationship dynamics that drive Southeast Asia’s VCs.

Peeling back the layers of the enigmatic VC scene, we uncovered how investors aligned themselves with each other and the different approaches they had toward co-investments.

A year on, we’ve updated our matrix diagram. The graph is a visualization of startup co-investments over the past three years, and each colored cell represents two entities that co-invested in the same round. The darker the cell color, the more frequent those two entities co-invested together.

This time, we’re curious to find out: Did the same alliances hold true? Are VCs sticking with the same buddies or growing their circles? Are there also new entrants that may potentially disrupt existing relationships?

To answer these questions, we’ll examine Tech in Asia’s data on Southeast Asia’s funding rounds in 2021.

A look at the leaderboard

First off, we’ve noticed a significant reshuffling over the past year in the top 20 most active VCs in Southeast Asia in terms of deals made.

New entrants in the roster include institutional investors like the Singapore Economic Development Board’s venture arm EDBI and Temasek Holdings, as well as VCs like Global Founders Capital, which previously focused more on other regions such as Europe.

Temasek, in particular, has co-invested with Insignia Ventures Partners, Jungle Ventures, Sequoia Capital, and Wavemaker Partners. Some of its investments went to Indonesia’s GoTo, online fashion unicorn Zilingo, as well as a range of greentech startups such as alternative protein developer Growthwell Foods and waste management firm Lumitics.

Deals that saw government-linked entities as co-investors also soared. Enterprise Singapore’s venture arm Seeds Capital, for example, nearly doubled its deal count for co-investments from 18 to 34.

VC circles got bigger

Newcomers to the party