According to a report by Tracxn, Southeast Asian tech startups raised a total of US$143 million in investments during the period from May 01 to May 31, 2024. This represents a decrease of nearly 43.5% from April 2024 and a significant drop of 94.3% from May 2023.
Out of the 30 rounds of funding secured during this period, 17 were early-stage deals and 13 were seed-stage deals.
In the past 12 months, the highest funded month was October 2023 with US$737 million raised, followed by July 2023 (US$607 million), June 2023 (US$497 million), and December 2023 (US$468 million).
Below is a list of the top-funded startups in May 2024:
Honest Bank (US$21.5 million)
Honest Bank, a financial services startup based in Singapore, received a US$21.5 million investment in a Series B round led by Rakuten Ventures and Jetha Global. The company, established in 2019, focuses on the Indonesian market and offers the Honest Card, a credit card available in physical and digital forms.
Osome (US$17 million)
Osome, an online bookkeeping and accounting firm from Singapore, closed a Series B funding round of over US$17 million. The funding will be used to enhance product offerings and automation for modern financial challenges.
Allozymes (US$15 million)
Singapore-based enzyme discovery and engineering company, Allozymes, secured a US$15 million Series A funding round to expand into Europe and develop a data library for future enzyme discoveries in the food and chemical industries.
NSG BioLabs (US$14.5 million)
NSG BioLabs, a provider of biotech co-working laboratory and office space in Singapore, completed a US$14.5 million financing round to enhance its products and services for biotech startups and multinational companies in Southeast Asia.
Rize (US$14 million)
Rize, an agritech platform focused on sustainable rice cultivation, closed a US$14 million Series A funding round to enhance its technology stack and reduce carbon emissions in rice cultivation.
Galaxis (US$10 million)
Web3 platform Galaxis from Singapore raised US$10 million to allow individuals and brands to create engagement mechanisms for communities through NFTs.
Rhea (US$10 million)
Reproductive health service startup Rhea, with operations in Singapore and the US, secured US$10 million for its ecosystem of clinics, technology platform, and fertility wellness partners.
XSQUARE Technologies (US$7.8 million)
Singapore-based warehousing automation company XSQUARE Technologies received US$7.8 million in Series A funding to provide intelligent warehouse solutions for various industries.
Chainstack (US$6 million)
Web3 infrastructure provider Chainstack secured an investment of US$6 million to connect developers with Web3 infrastructure for decentralised applications in DeFi, NFT, gaming, and analytics.
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