An informative post on Penang.

Despite the COVID-19 pandemic, fundraising for Southeast Asian tech startups remained steady in 2020, Bloomberg said citing a report by venture capital firm Cento Ventures. Big winners include Grab, Go-Jek and Go-Pay, Bukalapak, and Traveloka – together they received over half of all investment last year.

Tech startups in Southeast Asia raised a total of US$8.2 billion (~RM34 billion) in 2020 – just a 3% drop compared to 2019. Most of that capital (70%) headed to Indonesia, while Malaysia just received a paltry 5% of the total investment volume.

To be fair, Thailand and Vietnam got 5% and 4% respectively. And there’s an obvious reason why Indonesia is such hot real estate – its 270 million plus population.

The bigger picture is that the raging pandemic has barely dampened investment appetite, which is why Grab’s fintech unit raised US$300 million (~RM 1.21 billion) in January. Grab is also mulling a US IPO later this year.

Furthermore, any skittishness about the pandemic-stricken economy is quickly counteracted by the massive demand for e-commerce and contactless payment. Unsurprisingly, over half of tech investment in the region went to super-app companies and online retailers – reaching over US$4 billion (~RM16.6 billion) last year.

And you wonder why everyone and their mother talks about super-apps these days. If anything, the pandemic has made them invaluable to our daily lives.

“2020 offered a harsh reason to reassess how technology can be harnessed to maintain vital function of the society,” said Dmitry Levit, a partner at Cento Ventures, told Bloomberg.

(Source: Bloomberg, Cento Ventures.)

window.fbAsyncInit = function()
FB.init(
appId : ‘662595307260383’,
autoLogAppEvents : true,
xfbml : true,
version : ‘v2.9’
);
FB.AppEvents.logPageView();
;

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “https://connect.facebook.net/en_US/sdk.js”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));
(function() document.getElementById(‘ufc-button-div’).style.display = ‘none’; document.getElementById(‘ufc-button’).style.display = ‘none’; function ufc_async_load() var element = document.getElementById(”).getBoundingClientRect();
if (document.getElementById(‘facebook-jssdk’)) return; if ( element.top < window.innerHeight ) (function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s);
js.id = id;
js.async = true;
js.src="https://connect.facebook.net/en_US/sdk.js#xfbml=1&autoLogAppEvents=1&version=v7.0&appId=662595307260383";
fjs.parentNode.insertBefore(js, fjs);
(document, 'script', 'facebook-jssdk'));
; ;if (window.addEventListener)
window.addEventListener( 'scroll', ufc_async_load, false );
else if (window.attachEvent)
window.attachEvent( 'onscroll', ufc_async_load );
)();

This article was first published on this site.

I hope that you found the above informative. You can find similar content on our main site:
whatsonpenang.com

Let me have your feedback below in the comments section. Let us know which subjects we should write about for you in the future.

Login