Philippines, Thailand mint unicorns as investors look beyond SG, Indonesia

Philippines, Thailand mint unicorns as investors look beyond SG, Indonesia

Photo by RawPixel on Unsplash

With the startup ecosystem bustling with activity across sectors in Southeast Asia, there are an increasing number of unicorns emerging in countries such as Thailand, Malaysia, Vietnam and the Philippines.

Singapore and Indonesia continue to account for the most number of unicorns in the region. But at least eight of the record 25 tech startups that made it to 2021’s coveted list of unicorns, or privately held companies valued at $1 billion and above, were from the other countries, demonstrating increased investor interest in Southeast Asia, per DealStreetAsia – DATA VANTAGE’s SE Asia Deal Review: Q4 2021 report.

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