Tracxn has published its “Women Co-Founders in SEA Tech” report for 2025, highlighting key trends in funding activity, sector performance, deal flow, and investor participation across the region. The report captures movements in total funding, stage-wise investments, sector-wise capital allocation, exits, and acquisitions during the year, offering a comprehensive view of capital deployment across Southeast Asia’s technology landscape.
According to the “Women Co-Founders in SEA Tech” report, SEA women-led startups raised $471M in 2024, which increased to $776M in 2025, marking a 65% year-over-year rise. Despite the growth in total funding, deal activity declined from 92 rounds in 2024 to 41 rounds in 2025, reflecting a reduction in overall round volume during the year.
In 2025, seed-stage funding stood at $20M across 22 rounds, compared to higher deployment levels in 2024, reflecting a 78.5% YoY movement. Early-stage funding declined from $378M in 2024 to $276M in 2025 (27.0% YoY), with round count reducing from 24 to 17, while median deal size increased to $3.8M in 2025 from $2.4M in 2024; notable early-stage rounds in 2025 included Pintarnya ($17M Series A) and Sign Global ($26M Series B). Late-stage funding reached $480M in 2025, anchored by Airwallex’s $330M Series G and $150M Series F.
The report highlights women-led fintech and deep-tech companies as central to funding activity during the year. Late-stage capital re-entry was primarily driven by Airwallex, while Neptune Robotics, Olea, and Sign Global secured institutional backing at the early stage across maritime robotics, lending infrastructure, and blockchain infrastructure platforms.
SEA recorded 1 IPO in 2025, compared to no IPOs in 2024. This represents a shift in public market activity year over year, with listing activity resuming after a year without any IPOs.
As highlighted in the “Women Co-Founders in SEA Tech” report, SEA women-led tech companies recorded 6 acquisitions in 2025, unchanged from 6 acquisitions in 2024. Disclosed transactions during the year included the acquisition of Headquarters for $15M and Gaji Gesa for $12M, with a combined disclosed value of $27M. Other companies acquired in 2025 included Sociolla, SUPA, See-Mode Technologies, and YY Circle at undisclosed valuations.
Singapore alone absorbed 89% of all capital and accounted for 70% of Singapore's entire 2025 funding via Airwallex ($480M). Singapore and Jakarta accounted for 32 of 41 total rounds (78%).
Investor participation differed across funding stages within SEA’s women-led tech ecosystem in 2025. At the seed stage, The Radical Fund, SGInnovate, and Antler emerged as the most active investors during the year. In early-stage funding, Granite Asia, Altos Ventures, and Peak XV Partners led investment activity across multiple deals. At the late stage, DST Global was the active participant, backing key large rounds in 2025.
As highlighted in the “Women Co-Founders in SEA Tech” report, the ecosystem recorded strong year-over-year funding growth in 2025, even as overall deal activity declined and capital became increasingly concentrated in a limited number of large rounds, led by Airwallex. Seed and early-stage investments moderated during the year, while late-stage funding accounted for a significant share of total capital deployed. The ecosystem recorded limited public market activity, steady acquisition momentum, one new Soonicorn addition, and no new unicorn creations. Singapore remained the dominant funding hub, with the majority of capital concentrated there, while Singapore and Jakarta together accounted for most of the deal activity. Overall, 2025 reflected a phase of concentrated and selective capital deployment within the SEA Tech landscape.
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