Antler, a Singapore-based venture capital firm, has successfully closed its second fund for Southeast Asia, raising a total of $72 million. The fund will be used to support early-stage startups in Singapore, Indonesia, Vietnam, and Malaysia.
This is great news for the startup ecosystem in Southeast Asia, which has been grappling with a funding slump in recent years. According to data, tech companies in the region only managed to raise $2.31 billion through 328 equity funding rounds between January and July 2024. This marked a significant 69.69% decrease compared to the previous year.
However, despite the challenging fundraising environment, Jussi Salovaara, co-founder and managing partner of Antler, believes that now is the perfect time for early-stage investments. In an interview with TechCrunch, Salovaara expressed his optimism, stating that the current downturn presents unique opportunities for startups.
During prosperous times, the market is often crowded with startups, leading to inflated valuations and a focus on rapid growth rather than sustainable business models. However, the current downturn filters out weaker players, allowing truly innovative and resilient startups to shine.
By providing funding and resources to promising early-stage companies, Antler aims to fuel innovation and drive the growth of the startup ecosystem in Southeast Asia. With the newly raised $72 million fund, Antler is well-positioned to support a new generation of entrepreneurs in the region.