Southeast Asia’s VCs close five funds in Q1, another 55 continue to amass dry powder

An aerial view of Lau Pa Sat, Singapore. Photo by Fahrul Azmi on Unsplash

Southeast Asia-based venture capital firms held a final close for five funds in the first quarter of this year, raising $694 million in total proceeds. The number of funds closed was the highest in a quarter since the COVID-19 pandemic hit the region at the start of 2020, shows DealStreetAsia’s latest report.

There was also a quarter-on-quarter jump in new capital raised in Q1 — this was calculated by deducting the capital raised for previous interim closes from the five final closes and adding two interim closes reported in the first quarter. The seven fundraising milestones gathered $535 million in total. In comparison, there were three closes – interim or final – and $77 million in new capital raised in Q4 2020. 

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