Illustrative image (Photo: internet) Jakarta (VNA) - Indonesia and Singapore currently dominate the venture capital (VC) fundraising in Southeast Asia, despite a slower pace of capital raising in the first quarter this year.
According to the latest report by Deal Street Asia, Indonesia raised 161 million USD in the first three months of 2020, while Singapore ranked first in the region with 865 million USD over the same period.
No closures were recorded by VC funds in Cambodia, Malaysia, Thailand or Vietnam, the report said.
In a statement on May 19, head of Deal Street Asia ASEAN’s market research division Andi Haswidi said that the first-quarter fundraising performance did not reflect the true impact of the COVID-19 pandemic.
Most of the capital committed by investors to VC funds in the first quarter was actually solicited before the region began to tighten social-distancing measures in April, he said.
VC funds in the region accumulated 1.3 billion USD in the first three months of this year, ending a year-long streak of quarter-on-quarter growth.
Andi went on to say that the outlook for VC raising in the region is expected to deteriorate in the coming months as the full impact of the COVID-19 pandemic started to affect the fundraising process./.
VNA
