Tracxn, a leading global SaaS-based market intelligence platform, has released its Geo Quarterly Report: Indonesia Tech Q1 2024. The report, based on Tracxn’s extensive database, provides insights into the Indonesia Tech space.
The Indonesia Tech sector secured a total funding of $91.7 million in Q1 2024 to date (till March 15, 2024), which is a plunge of 79% from $440 million raised in Q4 2023 (till December 15, 2023) and a drop of 36% from $143 million raised in the same period last year (till March 15, 2023). Late-stage investments stood at $5.2 million in Q1 2024 to date, a plummet of 99% from $381 million raised in Q4 2023 and a massive drop of 79% from $25.3 million raised in the same period last year.
This sector secured early-stage funding worth $74 million in Q1 2024 to date, a growth of 26% from $58.9 million raised in Q4 2023 and a decline of 30% from $106 million raised in the same period last year. Seed-stage funding grew 7% to $12.5 million in Q1 2024 to date from $11.7 million raised in the same period in Q1 2023. There were no seed-stage rounds recorded in Q4 2023.
FinTech, Enterprise Applications and Real Estate & Construction Tech were the top-performing sectors in Q1 2024 in the Indonesia tech space. Companies in the FinTech segment secured a total funding of $55 million in Q1 2024, which is a fall of 87% from the $412 million raised in Q4 2023. However, a surge of 65% was observed when compared with $33.3 million raised in the same period last year.
UwinThe Enterprise Applications sector raised a total of $28.8 million in Q1 2024 to date, a spike of 120% from $13.1 million raised in the same period in Q4 2023, and a drop of 54% from $63 million raised in the same period last year. Real Estate & Construction Tech startups secured funding worth $15 million in Q1 2024 to date but had not attracted any investments in Q4 2023 and Q1 2023.
It was an uneventful quarter in terms of exits. In Q1 2024 to date, only two acquisitions have taken place. Further, Topindoku was the only company to go public during the quarter.
Among Indonesian cities, Jakarta topped the list in terms of funding in 2024 so far. Tech startups headquartered in Jakarta raised $85.7 million in Q1 2024 YTD, followed by Yogyakarta ($3.5 million) and Bandung ($2.5 million).
East Ventures, AC Ventures, Alpha JWC Ventures are the most active investors in Indonesia.
Antler, BRI Ventures and 500 Global were the top investors in seed-stage rounds in Q1 2024, while Peak XV Partners, Shunwei Capital, Openspace Ventures were the most active investors in early-stage rounds.
