Ecosystem Roundup: Startup funding in SEA sees 59% drop in 2024 YTD | Funding Societies’s losses grow in 2023 | Salmon secures US$30M

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Ecosystem Roundup: Startup funding in SEA sees 59% drop in 2024 YTD | Funding Societies’s losses grow in 2023 | Salmon secures US$30M - e27

Quick Summary:

Dear reader, The Southeast Asian startup ecosystem has faced significant headwinds in 2024, with total funding dropping by 59% in the first nine months, according to Tracxn’s latest report.

This sharp decline reflects global economic uncertainty, geopolitical tensions, and the ongoing funding winter, which has dampened investor confidence.

The investors are IFC and Abu Dhabi’s Lunate; The funds raised will be used to expand Salmon’s lending operations and develop new financial products addressing the needs of over 50M Filipino consumers underserved by traditional banks.