Startups with at least one female founder in Southeast Asia raised $1.41 billion in equity funding in 2023, or 18.3% of the total private capital secured during the year, according to a new report from DealStreetAsia.
The 2023 performance is a step up from the 12.6% share of funding garnered by female-founded startups in 2022.
The report, Female Founders in Southeast Asia 2023, covered over 700 equity funding deals concluded in Southeast Asia last year. Collectively, these deals raised $7.69 billion during the year.
While the quantum of funding raised by female-founded startups in 2023 was 29.5% lower than the $2 billion raised in the previous year, it was a smaller correction than the over 51% drop in the overall startup funding during the year.
Companies with all-women founding teams raised 6.6% of all equity funding last year, up from 1.2% in 2022. Meanwhile, all-men founding teams were responsible for 81.2% of all equity funding in 2023.
The capital secured by female founders last year was almost evenly split between early- and late-stage ventures. Early-stage funding, which refers to all rounds up to and including Series B, accounted for 44% of all funding raised by female-founded teams in 2023. A higher percentage of late-stage startups founded or helmed by women is a welcome sign for the regional startup ecosystem. It is important to note that top late-stage fundraisers in this segment include established companies such as Singlilfe and Vietnamese educational services provider EQuest.
The report also examined fundraising by female-founded startups with a woman as the chief executive officer (CEO). These companies raised $809.6 million in 2023, accounting for an 11% share of total funding secured in the year. This represents a significant improvement from the 5.2% share garnered by female-founded, female-led startups in 2022.
Among countries, Singapore saw the maximum dollars raised by female founders at nearly $998 million last year. Vietnam was a distant second with $268.6 million.
However, Vietnam led in terms of female founders’ share of the total capital raised by startups in the country, with an impressive 53%. The Philippines (23%) was ranked second, followed by Malaysia (19%) and Singapore (18%). Indonesia (6%) was ranked last after Thailand (7%).
Startup founders interviewed for the report see a positive shift in the funding landscape.
“With more spotlight on female entrepreneurship and support structures popping up, there’s a sense of hope. Southeast Asia is buzzing with potential, and as these barriers are starting to crumble, we’re seeing more women stepping into entrepreneurship. SEA is also home to a dynamic startup ecosystem that’s beginning to recognize and address these gaps,” said Philippine healthcare startup Kindred’s co-founder and CEO Jessica de Mesa.
Others noted the instrumental role played by female investors in their journey.
“Having the opportunity to connect with female investors [during the fundraising process] was incredibly valuable. Several of them led our discussions, bringing a unique perspective that enriched our conversation beyond just business strategies. They offered valuable insights on navigating the challenges and opportunities specific to a male-dominated industry,” said meta-human technology startup Genexyz’s co-founder and CEO Belinda Luis.
Female Founders in Southeast Asia 2023 provides:
- Fundraising data for startups with one or more female founders/co-founders
- Fundraising data split by market and verticals
- Fundraising data for startups with all-women founding teams
- Perspectives from female founders that raised funding in 2023
