In December 2024, Aubrey Tan completed a full-time internship with us at Genesis Alternative Ventures. Her time was focused on gaining hands-on experience and learning about the venture debt industry.
We asked her to share her insights on her time with the firm, offering a useful perspective for students interested in a career in alternative finance.
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Genesis [G]: What initially drew you to Genesis Alternative Ventures?
Aubrey [A]: What drew me to Genesis was the focus on venture debt. I was interested in the VC industry, but there are very few firms that specialise in venture debt, so it was a unique opportunity to gain first-hand experience.
[G]: What was the interview process like?
[A]: The interview process was straightforward and consisted of two rounds. The first was with the Talent Manager to get to know each other and the firm. Then I was interviewed by the Managing Partner, Jeremy, where I shared an investment case study.
[G]: Did your experience align with your initial expectations?
[A]: When I joined, my main expectation was to be involved in deals and assist with the actual deal process, and that expectation was definitely met. I was staffed on two deals quite soon after I joined, which gave me a lot of exposure to different work streams. The experience of being able to really push myself aligned with what I was hoping for.
[G]: What was the learning curve like for you?
[A]: The learning curve was manageable, but it depends on your prior exposure to venture capital or investments. What really helped was that Jeremy organised regular sessions with the interns to explain what venture debt is, why we do certain things, and to demystify termsheets. We also had a structured onboarding process and a glossary of investment terms and concepts, which was helpful when you first join and might be unsure of what you do not know.
[G]: Can you describe a project or task you worked on that was particularly challenging or rewarding?
[A]: One of the most challenging things I worked on was a deal for a biotech startup focused on early cancer detection. It involved a lot of technical jargon, which required a learning curve to understand the technology and how it created value. It was also rewarding because beyond just analysing the financials, I felt we were doing something meaningful by providing them with capital.
[G]: What was the company culture like?
[A]: The team was very willing to give me opportunities and trusted me with responsibilities that were central to the success of deals. As an intern, I supported due diligence and prepared the first-cut list of questions for startups we were screening.
Before meetings with founders, the senior team members would take the time to review the questions with me and encourage me to verbalise my views, discussing next steps and providing valuable feedback for refinement. The team also brought me into meetings with founders, which was great because I could see my contributions in action.
Beyond work, there’s a strong team spirit. We often had lunch together and celebrated birthdays, so I felt truly integrated in the team.
Team lunches, birthday celebrations, and great conversation—just a few of the things that made Aubrey feel like part of the Genesis family. We’re glad to have shared these moments with her!
[G]: Having been through the program, what advice would you give to an undergraduate considering an internship at Genesis?
[A]: My advice would be to have clear goals for the internship. At a dynamic firm like this, it’s easy to get caught up in the deals. If you have clear goals, it helps you take the initiative to ask people to teach you what you want to learn. People here are very willing to teach you, but you have to take the first step and communicate what you want.
[G]: What was the most surprising thing you learned about the venture debt industry or about yourself during your time here?
[A]: The most surprising thing for me personally was how much I really enjoyed working on investments. Previously, my internships were more consulting or advisory-related, so I had not had prior direct exposure to deal execution. The team was very supportive and gave me the exposure to try more technical aspects, which helped me realise that this is something I am very interested in.
[G]: If you had to sum up your entire internship experience in just three words, what would they be?
[A]: The three words would be “Learning,” “Enriching,” and “Supportive”. I’m very thankful that, despite it being my first investment internship, the team didn’t treat me as just an intern, but was open to letting me try different things and giving me live transaction experience. The team is incredibly supportive, and there is always something to learn, which makes the experience enriching.
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Aubrey’s journey shows what it’s like to be an intern at Genesis Alternative Ventures. Our interns get hands-on experience working on live deals and are never left to flounder—the team is always there to guide. We’re grateful for all the dedication she put into the deals that she worked on. We wish her the best in her future and know she’ll do great things.
Evadne Ong’s journey is a great example of the growth we aim to foster at Genesis Alternative Ventures. After interning with us from December 2021 to August 2022, she returned in May 2025 to begin her career as a full-time Investment Analyst. Her story from intern to team member highlights how a positive and challenging internship experience can lay the groundwork for a career in investment.
We sat down with Evadne to discuss her time here, her seamless transition, and the skills that helped her turn an internship into a full-time position.
Genesis [G]: Beyond the job title, what was the biggest change in your day-to-day responsibilities and overall mindset when you transitioned from intern to full-time analyst?
Evadne [E]: The biggest shift for me was moving from “assisting” to “owning.” As an intern, I was focused on supporting tasks, building models, learning the ropes, and doing what was asked. In contrast, as an analyst now, I’m responsible for owning projects from start to finish, ensuring accuracy, and contributing my own opinions to influence investment decisions. This new responsibility has pushed me to think about the bigger picture, not just completing tasks, but also helping others, like our interns, connect the dots.
[G]: What specific skills or knowledge did you gain during your internship that you found most critical for hitting the ground running as a full-time analyst? Were there any areas you had to quickly upskill in?
[E]: My internship at Genesis gave me a strong foundation in venture debt and taught me how to analyze companies from both a growth and credit perspective. These insights were absolutely critical. After my Genesis internship, I completed two more internships in Private Equity, which helped me sharpen my technical financial modeling skills. By the time I returned to Genesis as a full-time analyst, I was able to combine both experiences: applying the technical rigor from private equity with the unique growth mindset and structuring perspective I first developed here.
[G]: Thinking back to your internship, what was the biggest obstacle you had to navigate, and how did that experience build the skills and confidence you rely on today?
[E]: The most significant challenge was learning to think like a venture debt investor while also building up my technical skills. Genesis was my first finance internship, and while my prior experience at Protégé Ventures gave me a great feel for venture capital, the focus was on equity, not debt. I had to quickly adapt my thinking to the world of debt. What really helped me was my subsequent private equity internships, where I sharpened my technical toolkit and gained confidence in my approach.
[G]: Genesis is known for its “fully immersive” internship program. Can you share a specific project or deal that gave you a hands-on, real-world learning experience that you didn’t expect to get?
[E]: One project that really stood out was being part of a live financing deal. I got to assist with building the financial model and preparing materials for the Investment Committee (IC) meeting. I didn’t expect to be involved in writing the IC memorandum as an intern, so it was a fantastic and pleasant surprise. I was really grateful for the opportunity to be part of a deal that was ultimately approved by the IC.
[G]: You work closely with deal managers and senior leadership. How has the mentorship and collaborative culture at Genesis shaped your professional growth?
[E]: The mentorship at Genesis is truly exceptional. As both an intern and a full-time analyst, I’ve found that the senior team is always willing to answer my questions and openly share their thought processes and insights. They even organize workshops and masterclasses to teach not just hard skills, but also soft skills like the art of negotiation. This open culture has made it easier to learn quickly and has allowed me to take ownership and develop my judgment from the very beginning.
[G]: The culture is described as open, inquisitive, and collaborative. What does that mean in practice, and what qualities do you think an intern needs to thrive in this environment
[E]: For us, being open, inquisitive, and collaborative means that juniors and interns are genuinely encouraged to ask questions, challenge assumptions, and dig into the “why” behind decisions. When I was an intern, my analysis and questions were taken seriously, which pushed me to think critically. To thrive in this environment, an intern needs to be resourceful, detail-oriented, and above all, inquisitive. The people who succeed here are the ones who go beyond the numbers to understand a deal.
[G]: What was the most surprising or unexpected part of your internship, and how did it influence your decision to join the team full-time?
[E]: The most surprising part of my internship was the relationships I built with the team. I came in expecting it to be a learning experience, but I left with genuine friendships and strong connections with mentors who were truly invested in my growth. The open and collaborative culture made it easy to connect, and those relationships gave me a strong sense of belonging. That experience played a huge role in my decision to return as a full-time analyst—I knew I wasn’t just joining a firm, but a team I genuinely enjoyed working with and learning from.
[G]: Now that you are a full-time analyst, what are you most excited to contribute to the firm, and how do you see yourself growing with Genesis Alternative Ventures in the coming years?
[E]: I’m excited to combine what I learned in private equity and venture debt to contribute to Genesis’s growth. My immediate focus is to deepen my expertise in structuring and execution, and eventually lead my own deals while mentoring newer analysts and interns. Looking ahead, I want to help strengthen Genesis’s position as the go-to venture debt partner for high-growth companies across Southeast Asia.
[G]: What is the single most important piece of advice you would give to an undergraduate who is keen on pursuing an internship or a full-time role in the venture capital industry
[E]: My advice is to seek out diverse experiences. These will expose you to different working cultures and a variety of skill sets, making you a more well-rounded candidate. It’s also just as important to have hobbies outside of work and academics—they keep you balanced and help broaden your perspective. Whatever path you take, approach it with curiosity and adaptability—those qualities will truly set you apart in venture capital.
Evadne’s journey shows that an internship is much more than a job; it’s an opportunity to build a foundation for the future. It also illustrates the kind of growth that’s possible when hands-on experience, genuine mentorship, and an empowering culture come together. We are incredibly proud of everything she has accomplished and are thrilled to officially welcome her back to the Genesis family as a full-time Investment Analyst.
Five selected startups will have the opportunity to run a pilot program with Grab, pitch to investors and strategic partners, which can bring real and sustainable impact.
For six months, the startups will receive intensive mentoring from industry practitioners.
Supported by Superbank and Genesis Alternative Ventures, which provide access to the digital banking ecosystem, mentorship, and funding expertise for the finalist startups.
Neneng Goenadi, Country Managing Director of Grab Indonesia (fourth from left), with Tigor M. Siahaan, President Director of Superbank (third from left), Dr. Jeremy Loh, Managing Partner of Genesis Alternative Ventures (fourth from right), and five selected startups that will receive intensive mentoring.
Jakarta, 13 August 2025 — Grab officially announced the five startups selected for the Grab Ventures Velocity (GVV) Batch 8 accelerator program. Out of a total of 180 applicants, the five startups that successfully passed a rigorous curation process are: CASION (electric vehicle infrastructure), Jejakin (carbon management platform), Liberty Society (upcycling waste into souvenirs and campaigns that empower women), Rekosistem (circular and Extended Producer Responsibility/EPR technology-based domestic waste management services), and Sirsak (packaging waste management company).
Over the next six months, the five finalists will take part in an intensive program that includes in-depth mentorship with industry practitioners, integration into Grab’s digital ecosystem, pilot project implementation, and opportunities to pitch to potential investors and strategic partners.
With the theme “Driving a Sustainable Future: Helping MSMEs to Adopt Greener Operations”, GVV Batch 8 supports the accelerated growth and business expansion of startups that have already secured seed funding, with innovative solutions in the fields of circular economy and renewable energy, to help build environmentally friendly businesses. This collaboration is further strengthened by the presence of strategic partners Superbank, a bank with digital services supported by Grab, Emtek, Singtel, and KakaoBank, as well as Genesis Alternative Ventures, the leading venture debt firm in Southeast Asia based in Singapore. Neneng Goenadi, Country Managing Director of Grab Indonesia, stated, “In its 8th year, we continue to be inspired by the innovations presented by participants. In the midst of challenges faced by the startup sector, such as declining funding and macroeconomic pressures since the tech winter of 2022, through GVV, Grab is committed to strengthening the local startup ecosystem so it remains adaptive, sustainable, and ready to scale up. With collaborative support from strategic partners, we believe GVV can be a catalyst for startup growth in Indonesia.”
The Digital Economy Outlook 2025 report released by CELIOS notes that investment in the digital startup sector dropped sharply by 66 percent in 2023, driven by prolonged global uncertainty. Nevertheless, the potential of Indonesian startups remains promising and continues to attract investor interest. In addition to venture capital firms, corporations are also playing an increasingly significant role — contributing up to 34 percent of total startup funding in Indonesia.
(Left to right) Angeline Callista, CEO & Co-Founder of Sirsak; Ernest Layman, CEO & Co-Founder of Rekositem; Tamara Soerijo, CEO of Liberty Society; Arfan Arlanda, CEO & Founder of Jejakin; and Kevin Pudjiadi, CEO & Co-Founder of CASION.
Cross-sector collaboration is the main strength of GVV Batch 8 this year. Supported by Superbank and Genesis Alternative Ventures as key partners, GVV Batch 8 not only offers an acceleration program but also real access to the digital banking and financing ecosystem. Tigor M. Siahaan, President Director of Superbank, said, “Through the partnership in GVV Batch 8, Superbank opens collaboration opportunities for startups to enter a digital banking ecosystem that is already integrated with Grab and OVO and trusted by more than 4 million customers across Indonesia. We also provide mentorship and industry expertise to help founders develop sustainable solutions, in line with our sustainability pillar, SuperGREEN, which promotes inclusive growth for MSMEs.”
Dr. Jeremy Loh, Managing Partner of Genesis Alternative Ventures, added, “Our collaboration with Grab and Superbank in GVV isn’t just about investment; it’s about strengthening the Indonesian tech innovation ecosystem to tackle pressing social and environmental challenges. We truly believe in the power of these local startups to drive positive, sustainable change. Since our inception, Genesis Alternative Ventures has been dedicated to empowering promising Indonesian startups, including by providing flexible financing solutions that support founders in managing their capital structure as they scale. GVV serves as an accelerator where finalists will go through a series of programs such as mentorship, digital infrastructure access, strategic networking, and potential funding opportunities. At the kick off session, the finalists will join an inspiring keynote by Monika Rudijono, Managing Director of Endeavor Indonesia; a panel discussion with industry leaders such as Vikra Ijas, Co-Founder & CEO of Kitabisa.com, and Ahmed Aljunied, CTO and Co-Founder of Pinhome; an alumni sharing session with Saivya Chauhan, Founder of Blitz Electric and GVV Batch 7 alum; a focus group discussion to explore challenges and collaboration opportunities; and a networking session with GVV alumni and speakers.
Rivana Mezaya, Director of Digital and Sustainability at Grab Indonesia (left), with Vikra Ijas, Co-Founder & CEO of Kitabisa.com (center), and Ahmed Aljunied, CTO and Co-Founder of Pinhome (right), during the first mentorship session of the Grab Ventures Velocity (GVV) Batch 8 program series.
Since GVV was launched in 2018, 85% of the 40 startups that have participated have successfully built sustainable businesses and continued to grow, an achievement that surpasses global averages.
With a spirit of collaboration and a vision for sustainability, Grab Ventures Velocity Batch 8 proves that opportunities remain wide open despite industry challenges. “We hope this program reinforces the importance of collaboration and comprehensive support from multiple parties to foster startups capable of creating a positive impact,” Neneng concluded.
Here are the profiles of the five startups selected for Grab Ventures Velocity Batch 8:
CASION
An Indonesian startup in the EV charging network sector that provides fast and easily accessible electric vehicle charging services. Established with the mission to promote the adoption of electric vehicles and reduce carbon footprints, Casion operates 24-hour charging stations with global safety standards. Through a mobile application, users can find station locations, monitor charging status, and make payments conveniently. Casion also offers CASPass, a cost-effective subscription service for regular users. Currently, Casion operates in Jakarta and plans to expand to other cities in Indonesia soon.
Jejakin
An Indonesian climate-tech startup focused on technology-based sustainability solutions that help individuals and organizations understand and manage their environmental footprint, particularly carbon emissions. Established in 2020, Jejakin offers an integrated platform ecosystem—from emissions calculation and tree planting programs to MRV (Monitoring, Reporting, and Verification) based on AI, satellite, and IoT sensors. Jejakin has collaborated with various strategic partners from the private sector, state-owned enterprises, and government agencies to drive measurable and impactful climate action in Indonesia.
Liberty Society
A B Corp certified social enterprise engaged in environmentally friendly and positively impactful B2B merchandise and experiences, with a mission to empower women from marginalized groups. Liberte Society helps companies reduce waste by upcycling it into products or experiences that engage stakeholders while supporting the achievement of ESG targets. Liberte Society also assists in showing appreciation to teams, supporters, or clients through personalized products and campaigns thoughtfully designed with care for people and the environment.
Rekosistem
A technology company based in Jakarta, Indonesia, operating in the climate-tech sector and promoting the implementation of a circular economy within the waste supply chain — from collection, sorting, processing, to treatment. Utilizing its own waste management operational system and mechanization, Rekosistem transforms waste into recycled materials and renewable resources. Rekosistem has served more than 90,000 households and individual users, as well as over 200 business clients, managing 5,500 tons of waste per month through operations at 15 Reko Hubs, 40 Reko Waste Stations, and more than 600 Reko Partner Locations.
Sirsak
A B2B startup focused on managing post-consumer packaging waste, including low-value waste generated by companies. With over 320 collection points, Sirsak integrates digitalization to engage all stakeholders in waste management practices. Sirsak’s mission is to manage 100,000 tons of packaging waste and provide BPJS (social security) to 50,000 waste workers by 2030.
Balancing the Scales: Dr. Jeremy Loh on the Critical Role of Venture Debt in Startup Growth
Our Managing Partner,Jeremy Loh PhD, recently sat down withSandhya Bharti from Indian Startup Times to discuss why venture debt is a game-changer for scaling startups, highlighting critical points such as:
👉 Diversifying capital sources in line with a startup’s growth phase and risk profile
👉 Prioritising business traction and sustainable revenue generation
👉 Achieving cost-effective funding while preserving the founding team’s equity
This House View is contributed by Dave Richards, Managing Partner, Capria Ventures, Seattle, Washington, USA. Dave is an experienced investor in emerging markets with a focus on technology-enabled businesses across India, Southeast Asia, Latin America, and Africa. As an LP in Genesis Alternative Ventures, he brings over two decades of experience in venture capital.
Open-source breakthroughs are accelerating the rise of applied AI in Southeast Asia. As startups embed cutting-edge technology into fintech, agritech, edtech, and healthcare, investors have a rare window of opportunity to back high-growth startups before valuations soar.
For two years, affordability of AI technology has constrained emerging market startups, limiting some innovations in sectors primed for transformation. That bottleneck is disappearing fast. While global investments have centered on building AI’s backbone — foundational models, computer power, and regulation — Southeast Asia real AI opportunity lies in its application. Recent breakthroughs in open-source AI, led by players like DeepSeek and Alibaba, have dramatically lowered development and inferencing costs, allowing AI adoption to scale in high opportunity sectors like fintech, agritech, healthcare, and education.
As cost barriers crumble, AI adoption is doing more than boosting efficiency — it’s unlocking new markets, driving inclusion, and fueling economic growth in ways few anticipated. Big Tech (namely Amazon, Google and Microsoft) has clearly identified the Southeast Asian market opportunities and committed to investing massively across Singapore, Malaysia, Thailand, and Indonesia to expand cloud infrastructure and data centres. The combined billions of dollars of infrastructure investment is set to catalyze Southeast Asia as a challenger for AI.
Credit: Clara Ho, CNA
One out of every three VC dollars invested globally in 2024 went to an AI startup, reflecting a continued coalescence around the vertical that some investors fear is having a distorting effect on the market. Yet, venture funding for Southeast Asia’s AI startups lags behind broader Asia-Pacific trends, and investments in startups aggressively implementing AI capabilities in their tech stacks remain largely under the radar. Venture investment in South-east Asia’s young AI firms has hit just $1.7 billion so far in 2024, out of about US$20 billion for the Asia-Pacific region as a whole, data from Preqin shows. Only 122 AI funding deals have taken place in the region in 2024, versus the Asia-Pacific total of 1,845. This gap presents a rare window: companies once less investable are now scaling rapidly, demonstrating earlier profitability, and establishing defendable first-mover advantages. Investors who recognize this untapped potential stand to benefit substantially as these startups bridge the AI implementation gap across Southeast Asia’s rapidly digitizing economies, which collectively represent a $300+ billion digital economy opportunity by 2025.
The Undervalued Applied AI Opportunity
While Southeast Asia’s “official” AI market is projected to reach $8.92 billion in 2025 – alongside India’s $7.8 billion and Africa’s $4.92 billion – these figures primarily reflect AI-driven software, hardware, and services. The broader economic impact of AI adoption in businesses remains vastly underestimated and unaccounted for.
As AI becomes more accessible, industries once constrained by capital and infrastructure are now seeing rapid innovation. Application-layer innovation, long predicted to be AI’s most impactful frontier, is now proving its value — cutting costs, accelerating scale, and powering localized solutions.
Southeast Asia is already experiencing AI-driven transformation across key sectors. Startups leveraging applied AI are scaling with significantly lower capital requirements — achieving in months what once took years and millions of dollars. In Indonesia, fintech innovations — thanks to companies like OVO, Dana, wagely, GoTo Financial, Alami, etc. — have propelled financial inclusion, pushing the national index to 84%, up from 49% in 2014. In Vietnam, AI-powered agritech solutions such as Enfarm and TechCoop fragmented supply chains, address labor shortages and climate challenges in agriculture, a sector that employs 30% of the country’s workforce. AI-driven edtech platforms like Ruangguru and Edupia, along with healthtech startups like Halodoc and Doctor Anywhere, are bridging gaps in education and healthcare.
This shift is visible across emerging markets: In India, where over a million people join the workforce every month, AI-driven platforms like BetterPlace, Awign, and Naukri are improving job access and reducing hiring and workforce management inefficiencies. In Nigeria, fintech startups like Moniepoint, Africa’s 8th unicorn, serve 38 million unbanked adults, while Latin America’s agritech companies are transforming traditional farming into a data-driven industry.
Given the scale of opportunities in these regions, applied AI is not just optimizing businesses – it is redrawing economic maps.
Balancing Opportunity with Risk: The SEA Investor Perspective
Scaling AI solutions often presents challenges in reliability, security, compliance, and ethical deployment. Regulatory diversity shapes investment strategies across SEA. Singapore, for instance, has adopted a light-touch, voluntary approach to AI regulation, while Malaysia has established a national AI office focused on policy formulation and regulation, aiming to become a key regional player in AI advancement. However, in Indonesia and Vietnam, evolving AI regulations create compliance challenges, adding uncertainty for cross-border expansion.
This fragmented regulatory landscape underscores the importance of investor adaptability in navigating AI governance across SEA markets. Unlike in India, where the $1.25 billion IndiaAI Mission provides centralized policy direction, Southeast Asia’s regulatory frameworks remain market-specific. Investors and founders who understand SEA’s varying AI compliance structures will be best positioned to capture growth opportunities while mitigating policy risks.
Talent constraints are another key concern. Southeast Asia’s AI talent shortage is one of the most significant barriers to scalability, with data showing that by 2030, 72% of job market skills will need to evolve to meet AI-driven workforce demands. While India, Brazil, and Nigeria have strong software engineering pipelines, SEA’s AI expertise remains concentrated in urban hubs like Singapore, Jakarta, and Ho Chi Minh City. This creates both a challenge and an opportunity — investors who back applied AI startups that integrate workforce upskilling and automation solutions will gain long-term competitive advantages in SEA’s fast-digitizing economies.
The Changing Role of Investors
With AI infrastructure investments concentrated in China and the U.S., SEA’s applied AI sector remains underfunded and undervalued — creating a rare arbitrage opportunity.
The old Silicon Valley playbook of cash-burning expansion is being rewritten, and capital efficiency is now a competitive edge. Recent open-source breakthroughs — including DeepSeek, Qwen, Mixtral, LLaMA 2, Falcon, etc. — have collapsed AI costs, enabling startups leveraging AI to scale with unprecedented efficiency. The next wave of breakout companies will be built leaner, smarter, and faster — prioritising profitability and growth over unsustainable scaling models.
Unlike capital-intensive deep-tech plays, applied AI businesses monetize rapidly and withstand market downturns — presenting a rare window for investors to secure high-growth, high-efficiency returns. As adoption accelerates, SEA’s AI-powered startups are poised to see rapid valuation adjustments — similar to India’s post-2018 fintech boom, where Paytm, Razorpay, and PhonePe delivered outsized returns.
In this shifting landscape, investor success will depend on:
Navigating fragmented markets with strategic entry guidance
Understanding evolving AI governance to mitigate regulatory risks
Building data access and ecosystem partnerships that create durable moats
Enabling cross-border scaling to unlock regional and global opportunities
Institutional capital is beginning to recognize Southeast Asia’s AI potential, but funding remains disproportionate ($1.7B in 2024 vs. $20B across broader Asia). Early signs of M&A activity in Singapore and Malaysia’s $250M investment in semiconductor AI signal growing government backing. However, success in this new era will not come from building AI infrastructure — it will come from applying AI to solve deep, localized challenges.
The Global South Rises
As falling AI costs lower barriers to entry, investors who rethink their engagement models will define the next generation of winners. They will no longer be predominantly from Silicon Valley; a growing number will rise from Lagos, Jakarta, São Paulo, and Bangalore — redefining industries, unlocking new markets, and expanding economic mobility for billions.
This democratization of AI capabilities represents perhaps the most significant redistribution of technological power in decades. While developed markets focused heavily on foundation models and infrastructure, entrepreneurs across India, Southeast Asia, Africa, and Latin America have been quietly building AI applications tailored to local markets worth collectively trillions. These applications tackle region-specific problems that global solutions often overlook — from financial inclusion platforms capable of credit-scoring without conventional banking histories to agricultural AI systems designed for smallholder farmers and healthcare diagnostics customized for underserved populations.
The emerging pattern suggests a bifurcation in the AI investment landscape: while capital-intensive foundation model development remains concentrated in technologically advanced markets, the most promising applications layer is increasingly distributed globally. This shift mirrors earlier technology cycles where the most enduring value was ultimately captured not by infrastructure providers but by those who built compelling use cases on top of standardized platforms. Investors who recognize this shift — and act now — will secure the most meaningful returns, both financially and in terms of impact. Those who continue applying outdated investment frameworks that prioritize technological sophistication over market fit and execution will miss perhaps the decade’s most significant wealth creation opportunity. The future AI giants may not emerge from familiar innovation hubs, but from entrepreneurs solving real-world problems in Jakarta’s traffic jams, Nigeria’s healthcare clinics, or Brazil’s agricultural heartland—entrepreneurs who understand that AI’s true promise lies not in its technological elegance, but in its human application.
Singapore witnessed a handover of power. Indonesians elected a new President. 2024 saw voters from more than 60 countries go to the polls. The year has been a tumultuous one. The global landscape was marked by political shifts and economic uncertainties, creating a potentially complex backdrop for the tech and venture capital industry.
And after a surge in deals and valuations in 2021 followed by a precipitous decline for most of 2022 with some recoveries in 2023 (mainly driven by AI and sustainability sectors), there were optimistic expectations for a tech and venture capital recovery in 2024. However, 2024 turned out to be a year of recalibration and adjustment for Southeast Asia’s tech and venture scene, marked by a significant decline in funding and a shift in focus towards profitability and sustainability. As we turn the page to 2025, it’s time to assess how the region’s tech landscape has evolved and what trends have emerged.
2024: Revisiting The Year
Profitability Takes Priority: The decline in funding forced startups to prioritize sustainable revenue and profitability over aggressive growth. Traveloka’s turnaround, from a cancelled SPAC IPO to profitability, exemplifies this trend. With the recovery of the travel sector, Traveloka was able to use its internal cash to do an early repayment of its $300 million private credit loan that was due in 2026 to a group of lenders that include BlackRock.
Agritech Struggles: Agriculture is the third largest contributor to Indonesia’s GDP in 2022 at 12.4%, after trade and manufacturing. With a declining farmer population, agritech was seen as a means to improve productivity and towards food security. However, despite the millions invested into tech startups in the agricultural sector, the agritech sector tackling fruits and vegetables to fish and shrimps faced challenges across Indonesia and Vietnam, with several high-profile startups facing alleged financial irregularities.
AI Dominates: Globally, AI emerged as the star of the show, attracting close to a third of all global venture funding. One out of every three VC dollars invested globally in 2024 went to an AI startup, reflecting a continued coalescence around the vertical that some investors fear is having a distorting effect on the market. Funding for AI and ML startups accounted for 35.7% of all VC global deal value last year, according to PitchBook data. In North America, the vertical grabbed nearly half of all VC dollars. Globally, investment in AI and ML startups increased more than 50% to $131.5 billion (Source:PitchBook).
2025: Recovery Takes Root
While 2024 was a challenging year, there is increased optimism for 2025, with modest signs of recovery and renewed optimism in Southeast Asia’s tech and venture scene.
Modest Funding Rebound: Global venture funding in 2024 saw a marginal increase compared to 2023, with AI driving the most significant year-over-year growth. Total startup funding in 2024 reached approximately $314 billion, up from $304 billion in 2023, according to an analysis of Crunchbase data. Despite this slight uptick, both late-stage and seed investments faced sharp declines. Late-stage funding plummeted by 76.9%, while seed-stage investments dropped by 52.4%, underscoring ongoing challenges in the broader funding landscape.
Regional Government Backing for Tech: Governments across Southeast Asia are ramping up support for the tech sector through initiatives like tax incentives, grants, and funding programs. In October 2024, Malaysia’s sovereign wealth fund, Khazanah Nasional Berhad, launched Jelawang Capital Sdn Bhd, a national fund-of-funds aimed at nurturing local fund managers and attracting regional players with expertise and capital. Similarly, Indonesia unveiled its Danantara Indonesia Sovereign Fund, boasting an initial asset base of approximately US$600 billion (Rp9,429.8 trillion), designed to invest both domestically and internationally.
DeepTech, DefenceTech, and AI Take Center Stage: Artificial intelligence remains a key driver of innovation and investment, with startups leveraging AI and deep tech capturing significant investor interest. This has been further bolstered by President Trump’s ambitious $500 billion Project Stargate with a focus solely on AI. Sustainability and impact are also gaining traction, as both investors and startups prioritize solutions addressing environmental and social challenges. Meanwhile, the COVID-19 pandemic has accelerated the rise of healthtech and medtech startups, which are developing innovative solutions to improve healthcare access and affordability. Additionally, global conflicts have spurred the emergence of DefenceTech as a prominent sector, drawing keen interest from venture capitalists. For instance, Shield AI, a defense tech company, is building Hivemind — an AI pilot designed to enable swarms of drones and aircraft to operate autonomously without GPS, communications, or human pilots. The company recently secured a $200 million funding round from notable investors, including Palantir, Airbus, and L3Harris, as reported by the Financial Times.
Another trend reshaping the biopharma landscape is the rising influence of Chinese innovation. In 2024, Chinese biotechs accounted for one-third of global pharma licensing deals — a remarkable leap from nearly zero a decade ago. This surge reflects the growing recognition of high-quality science emerging from China, as well as the cost advantages these innovations offer. While the United States remains the epicentre of biopharma innovation, the industry is increasingly embracing a collaborative global ecosystem where groundbreaking science can transcend geographic boundaries to thrive.
CES 2025: Innovations Galore
CES 2025 has once again highlighted the forefront of technological advancements, showcasing how AI is becoming an essential part of both business and everyday life. This transition from viewing AI as merely a tool to recognizing it as a fundamental component of business operations is a significant milestone. Companies are now integrating AI into various areas such as coding, community building, sales, risk management, and even legal and operational processes, unlocking limitless possibilities. This evolution not only boosts efficiency and productivity but also paves the way for new opportunities in innovation and problem-solving. The potential impact of these advancements on our future and our interaction with technology is truly exciting and beyond anything we had previously imagined.
Humanoid robots like Unitree’s G1 and Realbotix’s Aria are truly impressive with their advanced motor technology and fluid movements. These robots are capable of expressing emotions, engaging in conversations, and performing human-like abilities such as walking and jumping. They are already being used in various fields, including hospitality, education, and healthcare. The Unitree G1 humanoid robot, approximately 127 cm tall and weighing 35 kg, is capable of a wide range of movements, thanks to its 23 to 43 joint motors (depending on the specific G1 model). The high mobility of the G1’s joints enables it to perform several everyday human actions, such as moving from standing to squatting positions, turning its body, and waving.
Conversely, Realbotix’s Aria showcases advanced motor technology for fluid movements and a modular design, making her suitable for various applications, including personal companionship and travel convenience. In healthcare, humanoid robots are being explored for roles such as patient care assistants, helping with tasks like taking vitals, administering medication, and providing emotional support. They are also being considered for elderly care, offering companionship and assistance with daily activities.
NVIDIA’s CEO Jensen Huang, unveiled a transformative vision for the future of artificial intelligence, emphasizing the emergence of Agentic AI — a new class of digital workers capable of autonomously understanding complex tasks, formulating plans, and executing actions with minimal human intervention. This groundbreaking development holds significant implications for industries worldwide, as it paves the way for advanced automation systems that can enhance operational efficiency, reduce costs, and maintain precision at scale. By enabling machines to operate with greater autonomy and intelligence, businesses stand to unlock unprecedented levels of productivity, innovation, and competitive advantage in an increasingly digital-first economy. Huang’s insights underscore NVIDIA’s commitment to driving the next wave of AI innovation, positioning the company at the forefront of this technological revolution.
Can a spoon truly alter the taste of food? Remarkably, the answer is yes. Japan’s Kirin showcased an ingenious electronic spoon that utilizes mild electrical stimulation to enhance the salty and umami taste of low-sodium foods — without the need for additional sodium. This breakthrough technology addresses pressing global health challenges associated with excessive salt consumption, offering a novel solution to improve dietary habits and support better nutrition management. Costing US$126, it is currently only available in Japan.
Finally, you will no longer have to worry about running out of ingredients in your fridge. Samsung partnered Instacart to make grocery shopping more convenient by allowing consumers in the United States to order groceries directly from their Samsung Bespoke refrigerator screens. Using Samsung’s AI Vision Inside technology and Instacart’s product-matching API, users can manage their food inventory and replenish items with ease.
These insights from JPMHC 2025 and CES 2025 underscore how technology is revolutionizing different industries in profound ways. At these events, several key innovations showed just how pivotal tech advancements are in shaping the future. AI has a growing role across multiple domains, from smart home devices to enterprise solutions. AI is becoming indispensable in automating tasks, analyzing vast amounts of data, and enabling predictive analytics. Businesses are leveraging AI to enhance operations, improve customer service, and drive innovation. Overall, the insights from these conferences highlight how technology is not just an accessory but a driving force reshaping industries and enhancing our quality of life.
Availability of startup funding remains challenging, as venture investors demand both growth potential and a solid financial foundation. Beyond primary funding rounds (seed, Series A, etc.), some startups with more business traction have chosen to raise capital through IPOs (initial public offering) or to consider an M&A (merger/acquisition). While primary rounds provide initial growth capital, mature startups seek liquidity and returns. Besides capital, IPOs offer access to public investors and the option of a secondary raise. An M&A could create strategic partnerships, providing resources, technology, and market access for accelerated growth.
In a thriving IPO market, startups pursuing a public listing can stimulate M&A activity by setting valuations and offering companies flexibility. Many firms pursue both IPO and M&A to maximize investor returns. This competition between acquirers and public investors can drive higher valuations. IPOs also benchmark private company values, aiding M&A negotiations. Startups have more options: going public for capital and visibility or merging for synergies. An active IPO market fosters dynamic deal-making, benefiting both startups and investors.
IPOs and M&A are crucial components of the venture capital ecosystem. Successful exits through these channels enable venture capitalists (VCs) to monetize investments and return capital to limited partners (LPs). This liquidity empowers LPs to reinvest in new VC funds, funding innovative startups and perpetuating the venture capital cycle. A decline in IPO and M&A activity can disrupt this cycle, potentially slowing investments in new startups.
In Southeast Asia, primary funding remains stagnant and investment deals are taking a prolonged period of time to close. Bridge rounds have become a common stop-gap measure with investors working with startup management to trim operating expenses. However, these bridge rounds often provide less capital and shorter runways, making them less than ideal for long-term growth. Investors are generally reluctant to fund startups through bridge rounds repeatedly.
Since 2006, Southeast Asia has witnessed a growing number of startup M&A transactions over the past years. According to TechinAsia, there have been more than 500 M&A transactions across Southeast Asia involving startups, with an average of 50 transactions over the last 5 years.
M&A in the startup sector continued at a steady pace in 2023, exceeding pre-pandemic levels. Carta highlighted a notable shift where a larger proportion of acquired startups were smaller companies with fewer than 10 employees. This marked the highest percentage of small-scale acquisitions in the past five years. In contrast, the number of larger deals involving companies with 100 or more employees reached a new low. This trend might indicate that smaller startups are increasingly viewing M&A as a viable exit strategy to secure their future.
Tech giants like Nvidia and Microsoft have built up substantial cash reserves and are actively on a roll-up play. Following the playbook of predecessors like Amazon, Apple, Facebook, and Google, these behemoths have grown their empires through hundreds of acquisitions over the years. Their strategy typically involves dominating their core business, such as e-commerce for Amazon or search for Google, and then expanding into new sectors through strategic acquisitions. This approach allows them to diversify revenue streams, out-manoeuvre competitors, and solidify their market position.
Recent M&A news includes Nvidia’s announced acquisition of Run:ai, a company specializing in GPU workload management. Nividia and Run:ai have been business partners since 2020 and the Nvidia acquisition could be a strategic move to solidify its position as a leader in the AI industry. In another high-profile deal, Google announced plans to buy Wiz, a prominent Israeli cybersecurity startup, for a record-breaking $23 billion. This is a very substantial acquisition and highlights Google’s commitment to its cloud and cybersecurity offerings. However, reports have indicated that Wiz chose to remain private and independent, opting to pursue an IPO instead.
In Southeast Asia and as far back in 2016, Google made its first strategic acquisition of a startup Pie, a Slack-like team communications service based in Singapore. Pie had a talented team of engineers, and Google likely saw the acquisition as an opportunity to jumpstart its first engineering team devoted to Southeast Asia. A couple of months back in July 2024, Singapore-based ride-hailing and delivery giant Grab Holdings acquired the popular restaurant reservation app Chope to add to its core services of ride-hailing and food delivery. This acquisition seems to align with Grab’s strategy to expand beyond its core services of ride-hailing and food delivery. By combining Chope’s restaurant reservations with Grab’s transportation and delivery services, Grab can offer a seamless user experience. This enables consumers to book a restaurant, take a ride to the venue, and enjoy a meal, all within the Grab app. Chope’s strong reputation in the region can help Grab extend its consumer services to the vast Southeast Asian market of over 650 million people.
Omnilytics, a Singapore-based fashion analytics provider, acquired Malaysian data labeling platform Supahands for $20 million. This strategic move aims to enhance Omnilytics’ Product Match solution, which helps brands and retailers compare product pricing across different platforms. Supahands’ expertise in data labeling will be instrumental in improving the accuracy and efficiency of Omnilytics’ product matching technology, providing clients with even more valuable insights into market trends and pricing strategies.
New York Stock Exchange-listed PropertyGuru (PGRU) expanded its services beyond property listings by acquiring Sendhelper, a home cleaning and maintenance provider. This acquisition allows users to find properties, get financing, and manage their homes all within one platform. In a surprise move, PropertyGuru agreed to a take-private deal with EQT Private Capital Asia, valuing the company at $1.1 billion. PropertyGuru agreed to a take-private deal with EQT Private Capital Asia, valuing the company at $1.1 billion. This merger brings together EQT’s expertise in technology and marketplaces with PropertyGuru’s online property platform, aiming to create a stronger and more comprehensive entity.
From Competitive Foes to Collaborative Partners via M&A
As the Southeast Asia venture and startup landscape matures, M&A can be seen as an inorganic growth to enter new markets, bolster customer base and product offerings while eliminating competitive frictions. These strategic mergers and acquisitions can help companies accelerate their growth, gain access to new technologies, and strengthen their market position.
UK-based data and analytics firm Ascential’s purchase of Singaporean e-commerce omnichannel solutions provider Intrepid for up to $250 million in upfront cash and deferred considerations is a prime example. Similarly, New York’s Fintech Payoneer’s acquisition of Singaporean global HR and payroll startup Skuad for $61 million underscores this trend. Both companies share a focus on serving small-to-medium-sized employers with distributed teams, offering international payroll and remote onboarding solutions.
The merger of Singaporean dating startups Lunch Actually and Paktor Group demonstrates the potential benefits of combining forces to expand market reach and deliver enhanced customer experiences. By leveraging their complementary online and offline services, the merged entity can offer more personalised one-on-one dating introductions.
A Straits Times report revealed that a significant portion of Southeast Asia’s used car trade remains offline, indicating substantial growth potential for online platforms. With an annual market value exceeding S$290 billion, this burgeoning industry has attracted the attention of unicorn companies seeking to capitalise on its opportunities. To solidify their market positions and expand their offerings, Southeast Asia’s automotive e-commerce leaders, Carro and Carsome, have embarked on an aggressive acquisition and investment strategy, focusing on platforms that provide complementary services within the used car ecosystem.
Carro has made several acquisitions or investments such as Beyond Cars (Hong Kong), MyTukar (Malaysia), MPMRent and Jualo (Indonesia) giving it access to 8 markets, including Singapore, Malaysia, Indonesia, Thailand, Hong Kong, Japan, and Taiwan. CarSome also made several strategic moves to acquire or invest into CarTimes Automobile (Singapore), WapCar and AutoFun, iCar Asia (Malaysia) and PT Universal Collection (Indonesia) giving the company access to new markets and interestingly into the generation of digital user content for the automotive industry.
While these examples highlight the potential advantages of mergers and acquisitions, it’s important to note that not all such endeavours result in success. Nasdaq-listed MoneyHero’s unsuccessful attempt to acquire MoneySmart underscores the challenges associated with such transactions. Both MoneyHero and MoneySmart are leading companies in the personal finance sector but appear to be on diverging paths in terms of strategy, financial sustainability, and outlook.
The Dilemma: To IPO or not to IPO
An IPO can be a strategic move for a tech company, offering several advantages. It provides access to a broader pool of investors, enabling companies to raise significant capital. This capital can be used to refinance existing debt, invest in growth initiatives, or reward employees and investors with liquidity options.
For matured tech companies like Plaid, Stripe, and Klarna who have filed and are lining up to go public, current market conditions do not seem to be optimal for listing. SPACs (Special Purpose Acquisition Companies) have been a popular route for tech startups to go public in recent years. However, the SPAC performance has been mixed, with few companies experiencing significant success while others have faced challenges. The SPAC route is technically not viable anymore.
There are many reasons why an IPO could be delayed and one of the key reasons could be the focus on topline growth and bottomline profitability. Singapore’s leading Fintech Nium has pushed back its plans for a US IPO till the end of 2026 in a bid to focus on growth and market expansion. Used car marketplace Carro is also positioning for growth and profitability while lining itself up for a public listing. According to a Citi report, the volume of IPOs this year is a fraction of the more than US$240 billion seen during the same period in 2021, before the Fed’s rate hikes. It’s also below the average seen in the decade before the pandemic.
Focusing on startups who have braved the public listing route, Southeast Asia startups such as MoneyHero (NASDAQ:MNY), Ohmyhome (NASDAQ:OMH), Ryde (NYSEAMERICAN: RYDE), Nuren Group (NSX:NRN), Bukalapak.com (IDX: BUKA) and many more have seen their share price dipped by as much as 80% since listing. A public listed company is subject to scrutiny and expectations from investors and the stock exchange. If the share prices continue their descent and stay below the exchange’s minimum price threshold for an extended period, these companies could face a potential delisting penalty.
The venture capital landscape in 2025 stands at a crossroads of opportunity and caution. The US Federal Reserve’s strategic interest rate reduction, the first cut since 2020, has catalyzed renewed optimism, with investors keenly anticipating further cuts. While many venture capitalists see this as a potential renaissance for a previously tepid market, the implications extend beyond mere capital availability.
In an era of abundant capital, true differentiation lies not in securing funding, but in deploying it with strategic precision. While easier access to capital may tempt startups to accelerate growth aggressively, maintaining steadfast financial discipline remains paramount. By prioritizing sustainable expansion and implementing sound financial management practices, companies build a resilient foundation capable of weathering diverse economic conditions.
Beyond traditional venture equity, savvy startups are increasingly diversifying their funding strategies to reduce reliance on single capital sources. This comprehensive approach encompasses various financial instruments, from venture debt to working capital lines of credit, enabling both organic growth and strategic mergers and acquisitions. As the startup ecosystem evolves, companies are particularly leveraging debt financing to fuel M&A activities, forging partnerships with entities that share aligned goals and missions to drive meaningful expansion.
GENESIS Alternative Ventures has raised US$125 million in a final close for its second venture-debt fund focused on South-east Asia. The majority of investors are returning investors from the venture lender’s first fund, including Sassoon Investment Corporation, Korea Development Bank, Silverhorn and Japan’s Aozora Bank and Mizuho Leasing. New investors in the second fund include Mizuho Bank and US-based investing platform OurCrowd.
Genesis Alternative Ventures, a private lender to ventures and growth-stage companies, closed its second debt fund at the lower end of its target as global investors remain cautious about Southeast Asia’s startup industry. The Singapore-based firm raised $125 million for the fund to finance young companies across Southeast Asia, securing new investors including Japan’s Mizuho Bank and Israel’s OurCrowd Ltd.
Singapore-based Genesis Alternative Ventures has raised $125 million in its latest fundraising round, attracting investments from global investors including Japan’s Mizuho Bank. The second Southeast Asia-focused venture debt fund has already deployed more than $20 million in loans to a handful of startups across the region, including in Singapore, Indonesia, Malaysia and the Philippines, according to Genesis co-founder and managing partner Jeremy Loh.
Genesis Alternative Ventures, a private lender to ventures and growth-stage companies, closed its second debt fund at the lower end of its target as global investors remain cautious about South-east Asia’s start-up industry. The Singapore-based firm raised US$125 million (S$163 million) for the fund to finance young companies across South-east Asia, securing new investors including Japan’s Mizuho Bank and Israel’s OurCrowd. The fund had sought US$120 million to US$180 million, and took more than two years to reach the close.
Genesis Alternative Ventures has raised US$125 million in the final close for its second venture-debt fund focused on Southeast Asia. The majority of investors are returning backers from the venture lender’s first fund. They include Sassoon Investment Corporation, Korea Development Bank, Silverhorn, Aozora Bank, and Mizuho Leasing. Japanese banking firm Mizuho Bank and US-based investing platform OurCrowd jump in as new investors.
Genesis Alternative Ventures raises $163m for SEA venture debt fund It has already deployed US$20m venture loans to start-ups across the region. Genesis Alternative Ventures raised a total of $163m (US$125m) for its second Southeast Asia-focused venture debt fund. According to Genesis, the fund saw 80% of its investors from the first round joining again, including Aozora Bank, Korea Development Bank, Mizuho Leasing, Sassoon Investment Corporation, and Silverhorn.
新加坡风险投资机构Genesis Alternative Ventures在最新一轮集资活动中，筹得1亿2500万美元（约1亿6328万新元）。Genesis Alternative Ventures（简称GAV）在星期二（9月10日）发表文告说，这轮集资活动是为第二个聚焦东南亚的创投债务基金（venture debt fund）筹资。其中80%的投资者也曾投资于第一个类似的基金。
Genesis Alternative Ventures, the Southeast Asian firm headquartered in Singapore, announced yesterday that it has raised total commitments of $125 million for its second Southeast Asia-focused venture debt fund. The firm’s Fund II entity saw the return of more than 80 per cent of investors from Fund I, including Aozora Bank, Korea Development Bank, Mizuho Leasing, and Sassoon Investment Corporation and Silverhorn. New and notable investors in Fund II include Japanese mega bank, Mizuho Bank, and OurCrowd, the online global investing platform.
Genesis Alternative Ventures has raised US$125 million for its second venture debt fund, aimed at supporting Southeast Asian startups. The fund attracted strong interest from existing and new investors, including Japan’s Mizuho Bank and global investment platform OurCrowd. Returning investors from the first fund include Aozora Bank, Korea Development Bank, Mizuho Leasing, Sassoon Investment Corporation, and Silverhorn. Genesis’ collaboration with Indonesia’s Superbank, announced in August 2023, will provide up to US$40 million in venture debt to tech startups in Indonesia.
Genesis Alternative Ventures, a Singapore-based private lender to venture, and growth stage companies funded by tier-one VCs, raised US$125m for its second Southeast Asia-focused venture debt fund. Fund II received commitments from over 80% of investors from Fund I, including Aozora Bank, Korea Development Bank, Mizuho Leasing, Sassoon Investment Corporation and Silverhorn. New investors in Fund II included Mizuho Bank, and OurCrowd, the online global investing platform.
Genesis Alternative Ventures, an investment firm for startups in Southeast Asia, has successfully raised a commitment of $125 million or equivalent to Rp1,9 trillion for venture debt fund (venture debt fund) both of them. This fund will focus on investing in technology startups in the Southeast Asia region.About 80% of investors from the first fund returned to participate in the new fund, including Aozora Bank, Korea Development Bank, Mizuho Leasing, Sassoon Investment Corporation, and Silverhorn. New investors joining this time include Mizuho Bank, a major Japanese bank, and OurCrowd, another global investment platform.
For full Daily Social article (10 September 2024)
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Genesis Alternative Ventures, Singapore’s private venture debt firm, has secured USD 125 million in commitments for its second fund, tapping into a mix of loyal backers and fresh faces. Over 80% of investors from the firm’s first fund—including Aozora Bank, Korea Development Bank, Mizuho Leasing, and Silverhorn—renewed their support, while notable newcomers like Mizuho Bank and global platform OurCrowd joined the fold.
Singapore-based Genesis Alternative Ventures has raised $125 million in its latest fundraising round, attracting investments from global investors including Japan’s Mizuho Bank. The second Southeast Asia-focused venture debt fund has already deployed more than $20 million in loans to a handful of startups across the region, including in Singapore, Indonesia, Malaysia and the Philippines, according to Genesis co-founder and managing partner Jeremy Loh.
Singapore-based venture capital firm Genesis Alternative Ventures has raised total commitments of $125 million for its second Southeast Asia-focused venture debt fund. Fund II welcomes back over 80 percent of investors from Fund I, including Aozora Bank, Korea Development Bank, Mizuho Leasing, Sassoon Investment Corporation and Silverhorn, Genesis said in a statement on Tuesday. According to the statement, new and notable investors in Fund II include Japanese mega bank, Mizuho Bank, and OurCrowd, the online global investing platform.
Genesis Alternative Ventures, a private lender to ventures and growth-stage companies, closed its second debt fund at the lower end of its target, as global investors remain cautious about Southeast Asia’s start-up industry. The Singapore-based firm raised US$125 million (RM544.69 million) for the fund to finance young companies across Southeast Asia, securing new investors, including Japan’s Mizuho Bank and Israel’s OurCrowd Ltd. The fund had sought US$120 million to US$180 million, and took more than two years to reach the close.
Genesis Alternative Ventures, a private lender to ventures and growth-stage companies, closed its second debt fund at the lower end of its target as global investors remain cautious about Southeast Asia’s start-up industry. The Singapore-based firm raised US$125 million ($163.14 million) for the fund to finance young companies across Southeast Asia, securing new investors including Japan’s Mizuho Bank and Israel’s OurCrowd. The fund had sought US$120 million to US$180 million, and took more than two years to reach the close.
Singapore-based Genesis Alternative Ventures has raised US$125 million for its second Southeast Asia-focused venture debt fund, known as Fund II. This new fund is aimed at supporting start-ups across the region, particularly in sectors poised for growth. Over 80% of the investors from the company’s first fund have returned for Fund II, including prominent institutions Aozora Bank, Korea Development Bank, and Sassoon Investment Corporation. New investors include major Japanese financial institution Mizuho Bank and OurCrowd, an online global investing platform.
Genesis Alternative Ventures, a private lender to ventures and growth-stage companies, closed its second debt fund at the lower end of its target as global investors remain cautious about Southeast Asia’s startup industry. The Singapore-based firm raised $125 million for the fund to finance young companies across Southeast Asia, securing new investors including Japan’s Mizuho Bank and Israel’s OurCrowd Ltd. The fund had sought $120 million to $180 million, and took more than two years to reach the close.
Genesis Alternative Ventures, a Singapore-based private venture debt firm, has secured $125 million in commitments for its second fund, drawing on a mix of loyal backers and new faces. More than 80% of the firm’s first fund investors—including Aozora Bank, Korea Development Bank, Mizuho Leasing, and Silverhorn—renewed their support, while notable newcomers like Mizuho Bank and global platform OurCrowd joined the ranks.
[마미뉴스] 이서영 기자=Genesis Alternative Ventures가 최근 수십억 원 규모의 두 번째 채무 펀드를 조성했다. 이는 동남아시아 스타트업 업계에 대한 글로벌 투자자들의 신중한 태도가 계속되는 가운데 이루어진 성과다. 해당 펀드는 1억 2천 5백만 달러를 모금하면서 마무리됐다. 이는 계획했던 1억 2천만 달러에서 1억 8천만 달러 사이의 목표 금액 범위의 하한선에 해당한다. 싱가포르에 본사를 둔 이 펀드는 일본의 미즈호 은행과 이스라엘의 아워크라우드 등을 새 투자자로 확보했다. 펀드 모집은 2년 이상의 시간을 요구했다.
Singapore-based Genesis Alternative Ventures announced on Tuesday that it has closed its second Southeast Asia-focused venture debt fund securing commitments of $125 million. Dr Jeremy Loh, Genesis’ co-founder and managing partner, said they have already started deploying venture loans worth over $20 million from Fund II to startups across Singapore, Indonesia, Malaysia, and the Philippines.
Genesis Alternative Ventures raises US$125 million for second venture debt fund
Fund II welcomes new investor, Mizuho Bank, as Limited Partner
Former EDB Chairman Philip Yeo joins Advisory Board
Singapore, 10 Sep 2024 – Genesis Alternative Ventures has raised total commitments of US$125 million for its second Southeast Asia-focused venture debt fund.
Separately, Genesis and Indonesia’s digital-focused bank, Superbank, announced a collaboration in August 2023 to provide up to US$40 million of venture debt to promising technology start-ups in Indonesia. Superbank counts Emtek, Grab, Singtel and KakaoBank as significant shareholders.
Genesis also announced that Mr Philip Yeo, former Chairman of Singapore’s Economic Development Board, has joined Genesis’ Advisory Board. Mr Yeo is a veteran in the technology investment space across Southeast Asia and brings a wealth of experience and insights to guide Genesis’ continued growth and future strategies.
Dr Jeremy Loh, Genesis’ Co-Founder and Managing Partner, said: “We are grateful for the continued support of our limited partners and pleased to welcome new strategic institutional investor, Mizuho Bank, to Fund II. We are also delighted to welcome Mr Philip Yeo to our Advisory Board, a true statesman and visionary in the technology and investment space.
“Fund II has already deployed venture loans of more than US$20 million to a handful of promising start-ups across the region, including in Singapore, Indonesia, Malaysia, the Philippines. The current market has brought about a shift in start-up profiles, with a focus on leaner structures and a profitable mindset. Our portfolio companies exemplify this new direction, positioning themselves for long-term sustainability and success.”
Dr Loh added that while the start-up landscape presents its share of funding and exit challenges, Fund II has already marked its first successful warrant exit. “This validates the market demand for venture-backed companies that are strategically aligned with evolving market needs,” he said.
Yasuhiro Kubota, Managing Executive Officer and co-CEO for APAC, Mizuho Bank, Ltd., said: “We are delighted to come on board with Genesis on a shared vision in the venture debt space. Southeast Asia continues to be an exciting region with a thriving start-up ecosystem. We are confident that this partnership will accelerate the growth of promising firms with access to capital, industry networks and expertise led by Genesis.”
Genesis extends debt to revenue-generating companies that are backed by venture capital funds. These start-ups typically do not qualify for regular bank loans because they lack collateral, or have not yet reached profitability, and/or their founders and institutional investors are keen to take venture debt to build up the company’s credit worthiness while equally seeking to minimise unnecessary equity dilution.
About Genesis Alternative Ventures
Genesis Alternative Ventures is Southeast Asia’s leading private lender to venture and growth stage companies funded by tier-one VCs. Genesis is founded by a team of venture lending pioneers who have backed some of Southeast Asia’s best loved companies. Armed with a strong reputation among entrepreneurs and investors, Genesis is a trusted partner in empowering corporate growth while minimising shareholders’ equity dilution. Genesis was founded by Ben J Benjamin, Dr Jeremy Loh and Martin Tang in 2019.
Jakarta, Indonesia, 29 August 2024 – Eezee is excited to announce a groundbreaking partnership with Genesis Alternative Ventures (“Genesis”). This collaboration marks a significant milestone in trade working capital financing in Indonesia, aiming to bridge the gap between multinational corporations (MNCs) and small and medium-sized enterprises (SMEs), facilitating smoother and more efficient transactions.
Addressing a Critical Challenge
Many large MNCs in Indonesia face significant challenges in unlocking demand from SME suppliers. These SMEs often struggle with cash flow issues, which hinder their ability to meet procurement demands and offer necessary credit terms. Consequently, both SMEs and MNCs miss out on valuable business opportunities, stunting potential growth and economic progress.
An Optimal Debt Financing Solution
Through this strategic partnership, Eezee, alongside Genesis, can help bridge the working capital gap. MNCs can now conduct transactions via Eezee, backed by a committed debt facility from our venture debt partners. This financing model alleviates cash flow constraints for SMEs, eliminating the need for them to source external funds to meet procurement demands. By financing these transactions, we ensure that SMEs have the liquidity to seamlessly serve the procurement needs of large corporations
Empowering Indonesia’s SMEs
This debt facility is expected to make a substantial impact on the Indonesian market, empowering the country’s 62 million SMEs to focus on growth and innovation, tapping into previously unreachable demand from MNCs. This partnership aims to create a thriving business ecosystem where both SMEs and MNCs can collaborate to conduct business.
About Eezee
Eezee provides Global 2000 enterprises with procurement management solutions to manage their tail spend through our MRO industrial supplies marketplace and payment platform. Our platform, designed to work with third-party procurement and enterprise resource management software, enables businesses to pay vendors in “minutes” rather than weeks by cutting down on the administrative and operational challenges that come with engaging and paying vendors.
For further information on Eezee, please visit www.eezee.co.
About Genesis Alternative Ventures
Genesis Alternative Ventures is Southeast Asia’s leading private lender to venture and growth-stage companies funded by tier-one VCs. Genesis is founded by a team of venture lending pioneers who have backed some of Southeast Asia’s best loved companies. Armed with a strong reputation among entrepreneurs and investors, Genesis is a trusted partner in empowering corporate growth while minimising shareholders’ equity dilution. Genesis was founded by Ben J Benjamin, Dr Jeremy Loh and Martin Tang in 2019.
For further information on Genesis Alternative Ventures, please visit www.genesisventures.co.
