SE Asia Deals Barometer Report: Startup funding sees sharp rebound in Sept

Startup funding in Southeast Asia rebounded sharply in September 2025, with $547 million raised across 37 deals, thanks to a lone private equity investment that boosted the month’s total.

Proprietary data compiled by DealStreetAsia showed that the total funding amount last month was up 135% from $233 million in August, even as the number of deals was almost even.

The strong recovery was largely driven by a single private equity investment worth $188 million. Without that outlier, overall funding activity would have remained moderate.

On a year-on-year basis, September’s tally was 95% higher than the roughly $280 million logged in September 2024, even as deal count fell 20% from 46 to 37.

The average disclosed deal size in September reached $21 million, compared to about $6.5 million in the previous month, highlighting the impact of larger transactions returning to the market after a subdued August.

The largest deal in September was the $188-million private equity investment in UltraGreen.ai, a Singapore-based provider of fluorescence-guided surgical technologies. The PE round was co-anchored by Temasek-linked 65 Equity Partners and UK-based Vitruvian Partners.

The fundraising exercise, which was also backed by August Global Partners, valued UltraGreen at $1.3 billion.

The UltraGreen.ai deal was also the only megadeal, or transaction worth $100 million or more, during the month. The second-largest deal was signed by Singapore online car marketplace Carro, which secured $60 million from Japan’s state-backed private-public fund Cool Japan Fund and others.

Out of the 37 deals publicly announced in September, 11 did not disclose funding size. The deals include private equity, venture capital, and corporate rounds; debt transactions were excluded.

Top deals of July 2025 in SE Asia

The rebound in September comes as dealmaking had slowed to its weakest level in over six years by mid-2025, according to DealStreetAsia DATA VANTAGE‘s Southeast Asia Startup Funding Report: H1 2025.

The first half of the year saw only 229 equity deals closed, with just $1.85 billion deployed, reflecting deep investor caution and a much higher bar for funding. Macroeconomic uncertainty and increased scrutiny of governance have further weighed on activity.

Singapore continues lead

Singapore accounted for $435.6 million (79.7%) across 24 deals (65%), retaining its dominance. Of the top 10 deals in September by value, six were signed in Singapore, with UltraGreen.ai and Carro leading the pack.

The city-state’s average deal size, based on deals with disclosed amounts, stood at $21.8 million, up sharply from $10.2 million in August.

Indonesia followed with $73.9 million, accounting for 13.5% of the month’s total, from six deals, supported by activity in e-commerce and consumer-focused sectors.

The largest Indonesian deal was $51.9 million, raised by quick commerce startup Astro in a funding round led by US-based tech giant Amazon. The round was also backed by Endeavor Catalyst, Gemini Investments, Accel, Lightspeed Venture Partners, Peak XV Partners, SBI Ventures, and Citius.

Vietnam and Cambodia recorded total deal values of $22 million and $15.5 million, respectively, during the month. In contrast, transactions announced in Thailand and Malaysia did not disclose their funding amounts, while the Philippines saw no reported deals, marking a quiet month for its startup ecosystem.

Health tech leads sector funding

By sector, health tech emerged on top, led by the $188-million round in UltraGreen.ai, overtaking fintech, which raised $83.8 million. Digital bank Yup’s $32-million Series C1 funding was the biggest in the fintech space in September.

E-commerce, which logged no disclosed funding in August, saw two deals last month that raised a combined $111.9 million, led by Carro’s $60-million fundraise. Astro’s $51.9-million fresh funding further boosted the e-commerce sector, DealStreetAsia’s compilations showed.

Mobility tech raised $82 million in total while consumer products contributed $32.2 million to the month’s haul. Several categories, including agritech, logistics & supply chain, and business services, recorded undisclosed rounds.

Early-stage active by deal count

Early-stage rounds were the busiest by volume in the month, securing a total of 22 deals in pre-seed, seed, and Series A stages.

Atomionics, a deep-tech startup based in Singapore, signed the biggest seed funding at $12.7 million. The round was led by Paspalis and backed by notable investors, including BHP Ventures, In-Q-Tel, Wavemaker Partners, VU Venture Partners, SG Growth Capital, and Alex Turnbull.

Eight venture rounds with undisclosed series contributed $162.8 million. Later-stage activity included two Series Cs ($83.9 million) and one Series B ($22 million), while three corporate rounds did not disclose amounts. UltraGreen.ai’s round accounted for about 34.4% of September’s total.

Debt rounds

There were two debt deals in September that were not included in the monthly deal scorecard.

Salmon Group Ltd, a credit-focused fintech based in the Philippines, raised $50 million through a Nordic bond.

Constant Energy, a renewable energy solutions provider based in Thailand, secured about $9.4 million green guarantee and a standby documentary credit facility from HSBC.