Southeast Asia’s venture ecosystem closed 2025 with US$5.4 billion raised across 461 deals, according to the Southeast Asia Startup Funding Report: Full Year 2025. This marked a slight decline compared to the previous year, reflecting a more cautious investment environment.

Key takeaways

• Southeast Asia’s venture funding reached US$5.4 billion in 2025, but deal count hit a six-year low, exposing a market driven by a few megadeals rather than broad investor confidence.
• Singapore captured 91% of all regional capital, cementing its position as the undisputed funding hub while Indonesia, Vietnam, and the Philippines continued to lose ground.
• The market has stabilised rather than recovered, with tighter valuations, selective late-stage bets, and a persistent exit bottleneck keeping a full rebound out of reach heading into 2026.

Despite the drop, the region continued to demonstrate resilience, with fintech, e-commerce, and healthtech leading the way in attracting investor interest. Notable deals included several late-stage funding rounds and the emergence of new unicorns, signaling sustained growth potential in the ecosystem.

The annual deal count ranked among the lowest in more than six years, and the headline figure was rescued largely by a handful of outsized late-stage transactions rather than any broad-based revival.

A Year That Broke in Two

The first half was historically weak. Equity investment dropped 20.7% year-on-year to US$1.85 billion across 229 transactions, both figures representing six-year lows.

The second half reversed course sharply, delivering US$3.51 billion as late-stage deal flow more than doubled from 10 transactions to 24. Even so, analysts cautioned that the rebound was narrow.

“There is confidence returning to the market, but it is a quieter, more thoughtful kind,” said Minette Navarrete, President and Managing Partner of Kickstart Ventures.

“It creates the conditions for a more resilient and sustainable next growth cycle, rather than a premature rebound driven by excess risk-taking.”

Singapore Commands 91% of Regional Capital

Singapore tightened its dominance, accounting for over 60% of the regional deal count and 91% of the total capital deployed.

Three transactions alone defined much of the year: Princeton Digital Group closed a US$1.3 billion Series C, Digital Edge raised US$640 million, and Airwallex secured US$330 million in a Series G round.

Outside Singapore, the picture darkened. Indonesia remained flat after a prolonged slowdown. Vietnam, Malaysia, and the Philippines all saw deal volumes weaken in the second half. The Philippines drew just US$120 million for the full year, trailing most regional peers.

Sectors in Shift

Fintech led by deal count with 111 transactions worth US$1.3 billion, but delivered one of its weakest annual results in six years. Healthtech rebounded strongly with 35 deals totalling US$393 million, lifted by UltraGreen.ai’s US$188 million funding round.

The surgical imaging company was later listed on the Singapore Exchange, raising over US$400 million. Green tech held steady as the second most active sector, while e-commerce continued to lose ground.

Four New Unicorns

The region minted four new unicorns in 2025, up sharply from one in 2024. Notable additions included Malaysian group Ashita, Singapore-based payments firm Thunes, digital asset bank Sygnum, and UltraGreen.ai. Southeast Asia now counts 58 unicorn-status companies.

The Exit Problem

Despite the uptick, structural headwinds remain. Exit activity slowed, with only 57 acquisitions recorded and 15 tech IPOs completed for the year. Edgar Hardless, CEO of Singtel Innov8, said the lack of exits was the single biggest drag on investor confidence. “High valuations in the past few years have made it harder for startups to find local acquirers,” he said, adding that he expects caution to persist into the first half of 2026.

The report concludes that Southeast Asia’s venture market has found a functional floor rather than a launchpad. Capital deployment is more disciplined, valuations are tighter, and founders face higher bars on efficiency and governance.

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Apple will begin producing Mac minis in Houston later this year for the first time, expanding its U.S. manufacturing footprint and creating what the company said will be “thousands of jobs.”

The expansion will effectively double the size of Apple’s Houston campus and increase production of advanced artificial intelligence servers used in the company’s U.S. data centers.

Apple said Tuesday it will also open a 20,000-square-foot Advanced Manufacturing Center in Houston focused on hands-on workforce training. CEO Tim Cook said the expansion reflects the company’s previously announced commitment to increase U.S. manufacturing, adding that AI server shipments from Houston are ahead of schedule.

The Mac mini will be assembled at a new factory on the Houston campus. The company said servers built there – including logic boards manufactured onsite – are being deployed across its U.S. data center network.

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The expansion comes as technology companies increase domestic AI infrastructure capacity and reassess overseas supply chain exposure. Apple did not disclose financial details specific to the Houston project, but it previously pledged to invest $600 billion in the U.S. and says it has surpassed some related targets.

As part of that broader effort, Apple said it has sourced more than 20 billion U.S.-made chips from 24 factories across 12 states, working with suppliers including TSMC, Broadcom and Texas Instruments. The company expects to purchase well over 100 million advanced chips from TSMC’s Arizona facility in 2026. It is also supporting semiconductor and materials investments in Texas, Arizona and Kentucky through partners such as Amkor, GlobalWafers and Corning.

Ticker	Security	Last	Change	Change %
AAPL	APPLE INC.	274.24	+2.10	+0.77%

Beyond Houston, Apple has expanded its Apple Manufacturing Academy in Detroit, which provides training in artificial intelligence, automation and smart manufacturing to small- and medium-sized U.S. businesses.

The Houston expansion is expected to generate new high-tech manufacturing roles and create additional opportunities for suppliers in the region.

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While Apple did not detail potential pricing implications, the increased U.S.-based production of advanced chips and AI servers reflects the company’s growing reliance on domestic facilities to support its artificial intelligence and data center operations.

Federal Housing Finance Agency (FHFA) Director William J. Pulte said President Donald Trump is moving aggressively to drive down borrowing costs, deploying roughly $200 billion from Fannie Mae and Freddie Mac to purchase mortgage bonds — a step he said lowered rates “boom right away.”

Pulte joined FOX Business’ Maria Bartiromo on “Mornings with Maria” to say the administration’s actions directly targeted affordability and market confidence.

The effort follows a sharp turnaround in mortgage conditions over the past year, with rates now carrying a “five handle” after hovering near 8% previously, according to Pulte. He credited the president’s broader inflation fight and direct intervention in the mortgage market for the shift, arguing that lenders have already tightened spreads as risk comes out of the system.

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“They tried to convince President Trump… to sell Fannie and Freddie for $100 billion,” Pulte said, calling the idea “nonsense,” and noting some estimates value the firms far higher. Instead of a sale, he said Trump used the enterprises’ cash to support the bond market and ease pressure on homebuyers.

“In this case, $200 billion reduced mortgage rates. Boom right away,” Pulte said.

Pulte also pointed to additional policy changes, including a push to limit institutional ownership of homes and ongoing coordination with homebuilders to increase supply. He said the administration’s focus is restoring affordability on both the supply and demand sides, emphasizing that “we need to be a nation of owners, not renters.”

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Whether Fannie and Freddie return to the public markets remains a presidential decision, Pulte added, saying an IPO is “more likely than not,” but stressing that “everything is on the table.”

Pointing to the $200 billion mortgage bond purchase, Pulte said the decision underscores Trump’s willingness to deploy capital quickly to move markets.

“President Trump just finds money everywhere he goes, and he uses it for the benefit of the American people,” Pulte said. 

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Mumbai: Investors in India’s battered information technology sector found a brief respite on Wednesday as software services stocks rebounded, snapping a five-session losing streak. However, analysts cautioned that the relief may be fleeting; most derivative wagers remain bearish following the IT index’s 22% plunge during the February series.

The Nifty IT index closed 1.6% higher at 30,526.35 on Wednesday, giving up a portion of the 3.1% gains notched up early in the day. The Nifty gained 0.2%, or 57.85 points, to close at 25,482.5 after rising as much as 0.9%. The IT stock benchmark had dropped 9% over the previous five sessions against the 1.2% decline in Nifty.

The sector has been under sustained pressure throughout February. Concerns intensified following the launch of new tools by San Francisco-based AI firm Anthropic, which triggered a sell-off fuelled by anxieties over future revenue and order wins. Following the expiry of Nifty’s February futures and options contracts on Tuesday, the oversold IT pack gained ground on Wednesday, led by short covering.

Cautious Signals
Sudeep Shah, head of Technical and Derivative Research at SBI Securities, said the index continues to exhibit underlying weakness despite the near-term bounce.

“While the sharp dip in RSI (Relative Strength Index) below 20 triggered some technical rebound on Wednesday, the broader trend remains cautious with short positions largely intact, as seen in rollover of over 90% positions from February to March,” he said. “The initial strength, which is usually seen on the first day of the new series, may not sustain, as the bounce appears driven more by short covering than fresh long build-up.”
At the end of every monthly derivatives contract, traders must choose to either exit their positions or “rollover” and carry their bets into the following month.
“We observed a significant build-up of short positions in the February series across the IT sector, with no meaningful recovery. Open interest increased in both midcap and large-cap IT stocks, most of which were rolled over into the March series,” said Amit Trivedi, SVP of Institutional Equities Research at Yes Securities.
Trivedi said the rollover in IT stock futures reached 90%, with open interest surging 32% during the February series. On a stock-specific basis, rollovers ranged from 81% to 95%, with current-expiry open interest exceeding the previous series. “And combined with price declines, this indicates a carry-forward of short positions,” he said.

According to a Yes Securities report, the highest rollover rates into the March series were seen in Coforge (94.7%), Tata Technologies (94.6%), Oracle Financial Services Software (94.3%) and Tata Elxsi (92.7%).

Vipin Kumar, AVP of Derivatives and Technical Research at Globe Capital Market warned that any climb toward the 31,500-32,000 range would likely attract a fresh round of selling pressure, potentially dragging the index down to 28,500 in the near term. The IT index closed at 30,526.35 on Wednesday.

Trivedi also expects the sector to remain constrained. “At the index level, following the sharp correction, the index is likely to consolidate or trade range-bound, with immediate resistance at 32,800 and support around 29,300,” he said.

Among specific stocks, Trivedi said TCS, Infosys, Coforge, and Persistent Systems currently exhibit weaker technical structures compared to HCL Technologies and Wipro.

Fanatics Fest isn’t just returning for its third year in New York City with an extra day added to its festivities — it’s bringing back the Fanatics Games with an even bigger prize pool.

During last year’s sports fan festival at the Javits Center in Manhattan, Fanatics Fest introduced the Fanatics Games, bringing together some of the world’s top athletes and everyday fans for a head-to-head competition with a chance to win a $1 million grand prize as well as other massive prizes like an exotic car and rare trading card worth six figures.

“What made Fanatics Games special in year one was seeing fans and world-class athletes compete side by side under the same rules and feed off each other’s energy,” Lance Fensterman, CEO of Fanatics Events, said in a press release. 

“In 2026, we’re expanding that competition and giving more fans across the country a direct path to earn their spot. The stakes are higher, the format is sharper, and the games are only getting better.”

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The expanded format of Fanatics Games includes new nationwide qualifying opportunities for fans who wish to participate through an exclusive partnership with DICK’S Sporting Goods.

The in-person qualifier option will be through visits at select DICK’S House of Sport locations across the country, including Knoxville, Tennessee (May 9), Kennesaw, Georgia (May 30), Houston, Texas (June 13), and Boston, Massachusetts (June 28). Fans will have the chance to compete in sport-specific challenges tied directly to how the 2026 Fanatics Games format will work at the festival from July 16-19.

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The top three performers at each event will earn a trip to New York to compete at the Javits Center alongside confirmed athletes like NFL legend Rob Gronkowski, NBA guard James Harden, and WWE superstars Cody Rhodes, Jay Uso, Rhea Ripley and Liv Morgan, with more athletes expected to be confirmed in the coming months.

And fans who wish to participate and can’t make the in-person qualifiers will still be able to send in a video application like last year, showcasing their skills and sharing why they feel they deserve to compete.

But perhaps the biggest draw for the Fanatics Games is a rematch between reigning champion, former NFL quarterback Tom Brady, and fan champion Matt Dennis, a Philadelphia teacher who wowed the Fanatics Fest crowd last year in the inaugural games. Dennish finished in third place, while UFC fighter Justin Gaethje finished second behind Brady.

Fanatics Games will bring together 50 everyday fans and a total group of 50 athletes, celebrities, and creators once more, and they plan on making the competition bigger, faster and more competitive than it was in 2025.

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Fanatics Fest continues to grow as the world’s top sports fan festival, drawing more than 125,000 fans last year to the Big Apple. With even bigger star-studded panels, live programming, autograph sessions and meet-and-greats, Fanatics expects to break that total once more as it continues to give fans opportunities of a lifetime.

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Mumbai: Metal stocks rallied more than 7% Wednesday as base metal prices firmed up and uncertainty over the applicability of US tariffs supported buying momentum. Analysts said investors can buy on dips as there is scope for further upside of up to 25% in the near term.

Lloyds Metals and Energy jumped 7.5% after Nomura initiated coverage on the stock with a ‘Buy’ rating. National Aluminium Company and Vedanta gained around 4.5% each. Hindustan Copper and Hindustan Zinc rose 4% and 3.6%, respectively.

“The uncertainty on the tariffs by the US, weakening of the dollar and the uptick in base metal prices like silver, copper and zinc, along with steel, led to the buying momentum in metal stocks,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.

Trivedi said investors reallocated funds from the IT pack to metal stocks since the latter has remained buoyant.

The Nifty Metal Index gained 2.7% while benchmark Nifty advanced 0.2% on Wednesday. All 15 stocks in the metals index ended higher.

Among base metals, silver climbed 4% to $90.6 on Wednesday while gold and copper rose around half a per cent each. Steel advanced 1.3%.

The recent implementation of safeguard duties on steel imports has successfully held back Chinese dumping, providing a much-needed boost to ferrous stocks such as Lloyds Metals, Vedanta, SAIL, and Tata Steel, said Om Ghawalkar, market analyst, Share.Market.“The overall sentiment for the sector remains positive, with a projected 15-20% rally supported by strong domestic steel demand and “green steel” policies introduced in Budget 2026,” said Ghawalkar.

In the last one month, the Nifty Metal Index jumped 8% while benchmark Nifty rose 1.7% in the same period. So far this year, the Nifty Metal Index surged 11% while benchmark Nifty fell 2.5%.

“Any fall in metal stocks is a buying opportunity and there is room for upside of 15- 25% in the near-term,” said Trivedi. Trivedi said Tata Steel, Nalco and SAIL are the top picks in the sector and are trading at reasonable valuations.

“JSW Steel and Hindalco are also expected to see stable performance,” he said. Technical indicators suggest a potential 20% upside with a long-term target of 15,000 as the metals index is currently breaking out of an ascending triangle pattern.

“If the index sustains levels above 12,400, it is likely to target 13,000, driven by robust infrastructure spending and the growing demand for Electric Vehicles (EVs),” said Ghawalkar. The strength is further confirmed by a MACD golden crossover, signalling that the current uptrend has significant staying power, he said.