Life after the boom: Tracking SE Asia’s Series A Cohorts

This report examines how 393 Southeast Asian startups that raised Series A funding between 2021 and 2023 progressed through the funding downturn, assessing whether follow-on capital translated into business growth and resilience. By analysing funding progression, operating status, financial performance and ownership outcomes, alongside company disclosures and founder interviews, it explores how startups navigated a more selective investment environment and what their trajectories reveal about growth, profitability and survival beyond Series A.