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Jakarta Post

'End of unicorn era': Indonesian start-ups struggle to secure growth funding

  • Eisya A. Eloksari

    The Jakarta Post

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Jakarta   /   Wed, October 21, 2020   /  08:36 am
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Start-ups across Southeast Asia are struggling to raise capital to support business growth following the bullish funding received by early-stage companies during the first half of the year, prompting some to speculate about the end of the unicorn era.(Shutterstock.com/fatmawati achmad zaenuri)

Start-ups across Southeast Asia are struggling to raise capital to support business growth following the bullish funding received by early-stage companies during the first half of the year, prompting some to speculate about the end of the unicorn era. Singapore-based equity firm Asia Partners cofounder and managing partner Nicholas Nash reported that Southeast Asia was not seeing the US$1 billion in funding for start-ups annually that was needed to spur growth. “This lack of funding is a limiting factor to growth,” he said during a conference hosted by Tech in Asia on Monday. “We see a lot of venture capitalists [VCs] writing checks for seed-stage companies but there is an acute gap in series C and D funding in the region.” Indonesia saw at least 51 funding agreements announced throughout the first half of the year, with 31 deals being made in the second ...