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SEA of Startups

SEA of Startups

Decoding the Pulse of Founders, Capital & Conviction in Southeast Asia. 78 Episodes Aug 5, 2026

Real, raw, relatable takes on Southeast Asian startups. One investor, the week's news, no script.

Episodes

Malaysia does not have a money problem
Malaysia does not have a money problem Aug 5, 2026 1808 On the twenty seventh of July, in a bank tower in Petaling Jaya, the Malaysian government announced more than five billion ringgit of financing for Malaysian startups.It has been a week. I still cannot tell you who is giving it.Not because it is a secret. Because nobody published the list. The minister said fifteen organisations. The fullest account any newspaper ran named twelve, and it introduce
When the bust ends in a courtroom
When the bust ends in a courtroom Jul 29, 2026 1490 For a decade, Indonesia was not a story about Southeast Asia. It was the story. Two hundred and eighty million people, most of them young, most of them coming online for the first time with a phone in their hand. Gojek, Tokopedia, a parade of unicorns. Every global fund with a Southeast Asia slide put Jakarta in the middle of it, and everybody wanted in.In 2021, at the peak, Indonesian startups ra
Just passing through: how Malaysia keeps funding the people who leave
Just passing through: how Malaysia keeps funding the people who leave Jul 22, 2026 2091 Over the past few weeks, three Malaysia stories hit the news that, on the surface, have nothing to do with each other. A government pension fund answered in Parliament for nearly RM200 million lost in a fish farming startup that turned out to be a fraud. A celebrity founder and her husband sat in a courtroom over money that came from two of the biggest state funds. And a quasi-crypto commune in Fo
The $7.4 Billion Lie
The $7.4 Billion Lie Jul 15, 2026 1244 You have seen the number this week, probably five or six times, from five or six people who all copied it from the same report. Southeast Asian tech funding hit 7.4 billion dollars in the first half of 2026. More than double last year. Recovery is here, the drought is over, break out the good coffee.It is true. It is also one of the most misleading true things I have read all year. Because 4.5 bil
Who Owns the Scarce Thing?
Who Owns the Scarce Thing? Jul 8, 2026 1425 This week the two biggest stories in Southeast Asian tech were not a funding round or somebody’s ninth super app pivot. They were a government chip program in Penang and 3,600 kilometres of fibre being dropped on the seabed between India and Singapore.Two boring stories. Laid side by side, they are the most honest picture of this region you will get right now. Both are asking the same question, th
One Winner, Six Shipwrecks
One Winner, Six Shipwrecks Jul 1, 2026 1247 Since 2017, Southeast Asia has produced exactly one tech IPO that made public investors real money. One. And this week, the Philippines is getting ready to bet its entire year on the next one.So this week I want to talk about who is buying, who is selling, and which side of that trade you actually want to be standing on.Four stories, and they braid into one. We open with the good news, because the
The Mirage and the Fork in the Road
The Mirage and the Fork in the Road Jun 24, 2026 1653 Start with two numbers and a question.In May, startups in this region raised $472 million. More than double what they raised in April. Read only that line and you would think the drought had broken.Now the second number. That doubling was built almost entirely on two checks. Take those two out and May was thin, still down on the year before.So here is the question I want to sit inside. When you ar
Ep 31 - Oil, iron, and idle money: what the war is really doing to Southeast Asia
Ep 31 - Oil, iron, and idle money: what the war is really doing to Southeast Asia Jun 10, 2026 1831 Start with a sliver of water between Iran and Oman. On a normal day, roughly a fifth of the world’s oil moves through the Strait of Hormuz. This year it stopped being normal. When the strait seized up, Brent jumped 10 to 13 percent in a single session into the low 80s and kept climbing to the highest level since 2022. The International Energy Agency, which does not deal in drama, called it the lar
Ep. 30 - We Called It a Funding Winter. I Think We Built for an Exit That Was Never There.
Ep. 30 - We Called It a Funding Winter. I Think We Built for an Exit That Was Never There. Jun 3, 2026 1427 Singapore just released its report on venture funding for 2025, and almost every write-up reads the same way. Funding winter. Capital’s gone quiet. Hold the line, it’ll come back.I think that’s the wrong story.I’ve been sitting with these numbers for a few days, and the more I look at them, the more I’m convinced we’ve been telling ourselves the comfortable version. The comfortable version is that
EP 29 - Chatbots to Agents and where Liability Lands
EP 29 - Chatbots to Agents and where Liability Lands May 27, 2026 2190 I hopped into a taxi in Bangkok last week and the driver, a man north of fifty, spent the ride telling me what he was building with AI.Not complaining about the economy. Not asking where I was from. Telling me about his project.I’ve been turning that over ever since, because it isn’t an isolated thing. For weeks now I’ve been scanning event listings in whatever city I land in, and the pattern is h
Ep. 28 - The Philippines Just Drew a Line With Washington. Malaysia Just Rewrote Its IPO Rules. And the Whole Region Is Doing Something Nobody Is Tracking as One Story.
Ep. 28 - The Philippines Just Drew a Line With Washington. Malaysia Just Rewrote Its IPO Rules. And the Whole Region Is Doing Something Nobody Is Tracking as One Story. May 20, 2026 2294 Two stories from Southeast Asia this week, and almost nobody connected them.The Philippines unveiled the marker for the Pax Silica industrial hub in New Clark City. Twenty plus companies expressed interest. A dozen are billion-dollar US firms. And on the same day, Manila publicly rejected the US request for diplomatic immunity and US legal jurisdiction over the zone. The hub will operate under Phi
Ep. 27 - Strip Out One Deal and SEA Raised $800M. A Chip Stock Just Got 95x Oversubscribed. And OpenAI Spent $4 Billion Admitting AI Is Hard to Deploy.
Ep. 27 - Strip Out One Deal and SEA Raised $800M. A Chip Stock Just Got 95x Oversubscribed. And OpenAI Spent $4 Billion Admitting AI Is Hard to Deploy. May 13, 2026 2287 There’s a version of this week that looks like a good week for Southeast Asia’s startup ecosystem.The Q1 2026 funding report shows the highest quarterly capital raised since late 2022. Malaysia’s hottest IPO in sixteen years prices and lists next week. OpenAI and Anthropic both announce major new enterprise offerings backed by some of the biggest names in global private capital.Here’s the version

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