“COVID-19” spits the poison of ASEAN
Street Deal Asia Singapore-based media company said startups in Southeast Asia raised $ 8.2 billion. In total funding in 2020, down 2 percent from 2019. Due to the effects of COVID-19 outbreak. That slows down the economy of the region.
The pitchbook report said what happened in Asia was in stark contrast to the promising investment prospects of startups in the US and in China. Amid the global interest rate downturn US startups raised 13% to $ 156.2 billion in 2020. Indicating that the digital economy is still in the early stages of ASEAN. And with a small number of companies to attract investors’ money.
Regional travel lock-down and strict measures make meetings and debates The face-to-face decentralization of investors is difficult. Especially for cross-border investment agreements Even in Singapore Considered the regional financial center It also announced measures to restrict entry and exit at the border area, so investors or startups cannot enter or leave Singapore with ease as before.
COVID-19 outbreak the impact was clearly at the end of last year. In the first quarter of 2020 startups in the region raised $ 2.9 billion, but in the second quarter it dropped to $ 2.2 billion and the third quarter dropped to $ 1.8 billion and the fourth quarter dropped $ 1.6 billion.
Last year, Indonesia’s leading startup, Go Jek The company offers a car call app. It raised $ 1.6 billion in total funding from Facebook, PayPal, Telecomsel, Indonesian government telecom services company and others.
Followed by Grab Competitors in the same business. Nationality Singapore That raised $ 1,050 million in total funding. And with the main investor buying a stake in startups like Grab, Japan’s Mitsubishi UFJ Financial Group. Who announced a 700 million dollars investment plan in last Feb. It is part of the plan to seek cooperation in the digital financial services business.