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SEA of Startups

SEA of Startups

Decoding the Pulse of Founders, Capital & Conviction in Southeast Asia. 78 Episodes Oct 21, 2026

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

Episodes

I Still Can’t Find My Driver
I Still Can’t Find My Driver Oct 21, 2026 1939 Presented by YourCFOI need to be honest with you before we start, because otherwise this whole piece reads like a man with an axe to grind.I do have an axe. Let me show it to you first.I do not like Grab. I am not going to be coy about it. For my money it is one of the most frustrating companies to actually use in this part of the world, and frustrating precisely because there is often no other op
The $13 billion costume
The $13 billion costume Oct 14, 2026 1793 In the first nine months of this year, startups in Southeast Asia raised more than $13 billion. A record. Depending on whose tracker you believe, that is somewhere between a 120% and a 170% jump on last year.Hold on to that range for a second. Two serious data providers, looking at the same region over the same nine months, cannot agree on the number. That is not an accident, and we will come back
Seed is booming. Not here.
Seed is booming. Not here. Oct 7, 2026 1951 Let me describe a company to you. Real revenue. Customers who pay every month, on time. A product that works and a team that ships. By every standard that mattered three years ago, this is a fundable company. Three years ago it raises a Series A without breaking a sweat. Today it cannot get a second meeting.Nothing about the company changed. The bar moved underneath it while the founder was busy b
Twelve doors out: Southeast Asia's exits are back, and the buyers are flying in
Twelve doors out: Southeast Asia's exits are back, and the buyers are flying in Sep 30, 2026 1173 There are two ways out of a company in Southeast Asia.One of them is loud. On 20 October, GCash will ring the bell at the Philippine Stock Exchange in the biggest listing that country has ever done. Cornerstone investors with names like BlackRock and T. Rowe Price. A valuation that starts with a number most Filipino founders will never see in their lifetime.The other is quiet. A few weeks earlier,
Count who gets paid: the least glamorous AI money in Southeast Asia
Count who gets paid: the least glamorous AI money in Southeast Asia Sep 23, 2026 2179 Somebody is going to stand on a stage in Singapore this month and tell you two things. Southeast Asia now has more than 60 profitable tech startups. And the region is in the middle of a $4 billion AI boom.Both numbers are true. Both are also lies. Not made up. Lies the way your uncle lies at dinner, where every word checks out and the whole thing is still nonsense.So I am going to tell you up fron
Exposing the AI panic: who actually profits?
Exposing the AI panic: who actually profits? Sep 16, 2026 2101 This week a guy who, as far as anyone can tell, had never posted anything in his life put up a thread about artificial intelligence and got 170 million eyeballs on it in five days.A former Anthropic employee, or so the byline says. Within 48 hours you had Senator Bernie Sanders talking about banning superintelligence, market people calling for a bloodbath on Monday morning, and half my group chats
The tourists went home: who is actually left to fund Southeast Asia
The tourists went home: who is actually left to fund Southeast Asia Sep 9, 2026 1911 Last week one of the firms that taught this region what seed capital even looks like quietly admitted that it will not raise another Southeast Asia fund.500 Global showed up in KL, in Jakarta, in Bangkok more than a decade ago, when honestly almost nobody in the Valley could find these cities on a map, let alone wire money to them. They ran the accelerators. They wrote the small early checks that
Southeast Asia's Superapps Finally Made Money. Do Not Copy How.
Southeast Asia's Superapps Finally Made Money. Do Not Copy How. Sep 2, 2026 1484 Three of the biggest companies this region has ever produced just did something they had never done before. They made money.Sea, the Singapore company behind Shopee and Garena, posted a net profit of 487 million US dollars in a single quarter, on 7.8 billion dollars of revenue. GoTo, the Indonesian giant behind Gojek and Tokopedia, booked its second profitable quarter in a row. And Grab, maybe my
Next, Owned by Whom?
Next, Owned by Whom? Aug 26, 2026 1566 As you read this, thousands of people are in a convention hall in Bangkok. Techsauce Global Summit, 26 to 28 August, at the Queen Sirikit National Convention Center. Three hundred sessions, hundreds of exhibitors, and one word on every lanyard and every panel title. The word is next. The race to the next model, the next unicorn, the next Thailand.So I want to be a little contrarian this week and n
Industrial Policy in a Startup Jersey
Industrial Policy in a Startup Jersey Aug 19, 2026 1768 There is a company in Singapore that has raised close to half a billion US dollars and has never sold a single thing. Not a small amount of revenue. None.It has a chip. It has a box. It has a founder story, a serious set of engineers, and one of the bigger names in Singaporean venture writing the cheque. What it does not have is a customer you can name or a price you can look up.And here is the pa
A salary is not ownership
A salary is not ownership Aug 13, 2026 1904 In 2022, at the Vietnam Venture Summit, forty one funds stood up and pledged one and a half billion dollars for Vietnamese startups. The pledge covered the three years from 2023 to 2025.Through May of this year, Vietnamese founders raised twenty eight point eight million dollars. Ten rounds.And next month, on the twenty first of September, FTSE Russell reclassifies Vietnam from a frontier market t
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

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