Southeast Asia Tech Investment - H1 2019
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Southeast Asia Tech Investment – H1 2019
ABOUT CENTO VENTURES
d
Cento Ventures is a venture capital firm focused on technology startups - Founders with great ambition
building products and services emerging from the digital transformation of We look for founders who want to build large digital companies that are
promising growth markets, particularly Southeast Asia. leaders in their category. In a fragmented region, such as Southeast Asia,
We are based in Singapore and backed by a team well experienced in operating across multiple countries often essential. Our preference is for
internet business. We operate three funds that invest across industries business models that are light on physical assets and where the founders
through a disciplined, well-researched approach to locate technology have ambitious plans to scale internationally.
investment opportunities originating from the Southeast Asian region. Cento Ventures is convinced that the opportunity exists for Southeast Asian
Our investments are guided by three main principles: founders to build transformational digital companies, and we look forward to
- Sectors ready for digital transformation working with more startup teams to create new success stories.
There is a great opportunity for technology to solve some of the inefficiencies Learn more about us at cento.vc or our Facebook or Linkedin pages.
present in emerging markets. However, technology alone does not digitalise
industries. Most of our investments apply innovative business models to large
industry sectors that are set in their ways, using technology as an enabler.
- Tech startups at an early stage, but with proof points
Our investments are usually at Series A, where we lead the round. This helps
us establish a solid relationship with the founder, and to influence company
strategy. We only invest once a company can show that a market exists for
its product and that it is ready to use extra capital to scale.
2
d Introduction
INTRODUCTION
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The headline story of Southeast Asia is the sustained investment in technology investment - Investments to Vietnam increases in proportion
with increasing geography and sector diversification. Close to $6B was invested during the
As compared to 2018 where Indonesia accounts for more than 70% of the capital invested in
first half of 2019, lower than that of first half of 2018. However, we expect the total investment
Southeast Asia, there seems to be greater geographical diversification in capital deployed.
in 2019 will match the total investment amount in 2018 as local champions like Grab, Go-jek,
Investment into Vietnam is increasing, making up 17% of the capital invested in 2019 H1, a
Traveloka and Tokopedia continue to attract sizeable funding rounds. Besides that, a growing
significant to 2018 where it only made 5% of total capital invested. Indonesia captured a
cohort of new companies valued in excess of $100M will attract significant capital.
smaller proportion of the total capital invested. Investments into Malaysia, Thailand and
A closer look at the data partly emphasizes the progression of existing trends, but also Philippines appear to be consistent to previous years
reveals interesting findings emerging in the first half of 2019:
- Logistics and healthcare attract more interest
- Record number of deals
We also continue to observe investment into a wider range of sectors. Fintech, Healthcare
The first half of 2019 sees investment in more than 300 companies, a record high in our data and Logistics startup investments demonstrate solid growth. While Fintech has attracted
set for the region. The amount invested, remains ‘relatively’ constant relative to 2018. While interest since 2017, Logistics and Healthcare are two key sectors that have attracted more
we continue to see ‘mega-deals’, tech investment in Southeast Asia appears to be more interest in the first half of 2019.
diversified in 2019. ‘
- Absence of landmark exits
- A new set of unicorns?
While the number of liquidity event in the first half of 2019 is relatively high, the total proceeds
Although the majority of capital will likely continue to be associated with a few familiar names, remains low as we have not yet seen a landmark exit during the year. In 2017, the largest
we also observe a growing cohort of other late stage companies who are raising larger liquidity event was the listing of Sea Group in NYSE while in 2018, the region sees the
rounds, putting them above the $100M valuation. As these companies mature in the coming merger of Grab and Uber Southeast Asia. The largest liquidity event in the first half of 2019
year, they may follow the fundraising trajectory of the current SE Asian unicorns. remains Go-jek’s $72M acquisition of Coins.ph in the Philippines.
- Increasing early stage activities
Small deals (less than $500K) experienced a spike in the first half of 2019, after remaining Thank you
fairly flat between 2016 - 2018. We note that the increase in the early stage activities is partly
Mark Suckling
driven by deals invested by a number of new accelerators/ incubators such as Antler, SKALA
and Accelerating Asia. Laphat Tantiphipop
Marco Hadisurya
4
d Investment landscape
$6B INVESTED IN H1 2019
d
$ 9
, 0 0
332
3 5
0
The number of Southeast Asia internet
Capital invested, $M and deals done, #
technology related investment continues to set
$ 8
, 0 0 a new record in first half of 2019 even though
3 0
the total capital remains relatively constant
$ 7
, 0 0
relative to 2018. The tech investment during
this half of the year is less concentrated as
only 50% of the total capital invested is
2 5
0
220
contributed by ‘mega deals’, lower than 70%
$ 6
, 0 0
209
183
190 193 197
2 0
in 2018
177
$ 5
, 0 0
$ 4
, 0 0
149 Furthermore, the increase in number of deals
1 5
0
done in this half of the year is mostly driven by
108 104 the increase of early stage deals (< $500K).
$ 3
, 0 0
1 0
$ 2
, 0 0
Notes:
The numbers exclude the investment portion
carved out for secondary exits, and include
5 0
$ 1
, 0 0
various events that while count as investment
$247 $989 $899 $970 $1,468 $2,043 $1,154 $4,216 $8,306 $3,622 $5,993 in technology companies, are considered non-
$ - -
2014 H1 2014 H2 2015 H1 2015 H2 2016 H1 2016 H2 2017 H1 2017 H2 2018 H1 2018 H2 2019 H1 VC, e.g. ICO, project financing, corporate
spin-off. Some early stage incubator-funded
Capital Invested # of Deals
companies are not yet included in our data
Source: Cento research
6
INVESTMENTS INCREASES AT MOST DEAL SIZES
d
$0.5M or smaller deals** $0.5M+ to $2M deals $2M+ to $5M deals
164 94
254
205
117 111
110 59
92 53
147
124 42 41
110 111
56
19
$26 $45 $34 $27 $24 $49 $64 $147 $139 $137 $116 $194 $72 $134 $145 $203 $190 $357
2014 2015 2016 2017 2018 2019E 2014 2015 2016 2017 2018 2019E 2014 2015 2016 2017 2018 2019E
$5M+ to $10M deals $10M+ to $50M deals $50M+ deals
56 19
70
14
33
10
25 26 36
31
25 7
17 22 6
12 5
10
$101 $132 $213 $196 $265 $433 $199 $540 $639 $710 $930 $1,915 $774 $872 $2,342 $4,098 $10,403 $9,125
2014 2015 2016 2017 2018 2019E 2014 2015 2016 2017 2018 2019E 2014 2015 2016 2017 2018 2019E
Source: Cento research
Capital invested, $M **Various incubator funded early stage companies are yet to be included in the data
Deal #
7
SERIES B DEAL SIZE GRADUALLY INCREASES
d
Deals done by series, # Average deal size by series, $M
12.0
14 11.5 11.4
25 21 10.7
26 33 9.8
32
109 22 25
39
25
101 146
110 86 6.2
9
11
55
249 3.3 3.2
2.8 2.7
194 2.4 2.3
174 176
157
122
0.5 0.7 0.5 0.5 0.6
0.4
2014 2015 2016 2017 2018 2019 H1 2014 2015 2016 2017 2018 2019 H1
Pre A A B C+ Pre-A A B
Source: Cento research
8
VIETNAM GAINS LARGER SHARE OF CAPITAL INVESTED
d
Share of capital invested by country
1.3% In 2019 H1, Indonesia and Singapore continued
2019 H1 48% 25% 7% 2% 17%
to capture the majority of investment activity in
1% 0.6%
Southeast Asia. Indonesia loses large share of
2018 77% 13% 3% 5% capital invested due to the absence of ‘mega-
deals’, although potentially this may change
during the second half of the year.
2017 60% 19% 9% 8% 2% 2%
Vietnam gains the larger share of capital invested
as it produces more late-stage company such as
2016 67% 15% 7% 6% 3% 2% Tiki, VNPay and Vntrip. Singapore also maintains
its share of capital distribution as a new cohort of
later-stage companies such as QExpress,
2015 37% 32% 11% 12% 4% 3% Carousell and Taiger continue to raise larger
Share of deals done by country rounds.
On the share of deals done, the trend is fairly
2019 H1 26% 36% 8% 6% 19% 4% consistent with the last few years data with similar
general increase in Vietnam’s deal count as we
2018 33% 30% 11% 8% 15% 3% are seeing more early stage deals in the country.
2017 30% 34% 12% 10% 8% 5% Notes:
The data excludes Sea Group (Garena), Grab,
2016 29% 31% 12% 11% 8% 9% Lazada and other companies that have a truly
regional footprint and are therefore hard to
allocate to a particular country.
2015 24% 29% 20% 10% 10% 8%
Indonesia Singapore Malaysia Thailand Vietnam Philippines Source: Cento research
Country of origin is defined as where the company was founded and where it is believed
to generate its core revenues
9
VIETNAM CONTINUES TO ATTRACT MORE CAPITAL
d
Capital invested and deals done in Malaysia Capital invested and deals done in Thailand
76 37 38 37
32
52 26
41 43
18
33
16
$31 $111 $116 $214 $150 $173 $28 $125 $99 $174 $78 $76
2014 2015 2016 2017 2018 2019E 2014 2015 2016 2017 2018 2019E
Capital invested and deals done in Vietnam Capital invested and deals done in Philippines
110
29 29
24
18
49 15
40
28 30 9
19
$36 $44 $58 $48 $286 $731 $10 $28 $39 $36 $33 $38
2014 2015 2016 2017 2018 2019E 2014 2015 2016 2017 2018 2019E
Source: Cento research
Capital invested, $M
Deal # 10LOGISTICS, HEALTHCARE - KEY GROWTH SECTORS
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Capital invested by sector, $M
Proceed (US$M) 2014 2015 2016 2017 2018 2019 H1 While online retail (e-commerce and C2C) and
Multi-vertical $53 $270 $770 $2,550 $5,895 $2,394 local services (on-demand services and urban
transportation), along with ‘multi-vertical’
Travel $13 $78 $176 $400 $51 $454
companies (often a mix of the two) remain the
Retail $182 $229 $935 $937 $1,874 $303 most heavily funded categories, other
Financial Services $7 $130 $134 $189 $407 $242 categories are attracting increasing attention.
Logistics $15 $34 $64 $136 $124 $143
Healthcare $12 $26 $37 $102 $12 $128 The Financial Services and Travel sectors
Advertising and Marketing Technology $22 $117 $25 $78 $34 $96 continue to attract investment. The Logistics
and Healthcare sectors are emerging as some
Payments and Remittances $26 $85 $115 $112 $240 $58
of the most funded sectors.
Entertainment / Non-Gaming $4 $52 $83 $393 $75 $57
Real estate $2 $9 $17 $53 $259 $56
By deal count, we have also seen emerging
Local services $376 $442 $827 $49 $100 $49 interest in other categories such as Real
Business Automation $13 $28 $30 $78 $94 $40 Estate, Business Automation and Advertising
Education $7 $12 $9 $16 $60 $15 and Marketing Technology.
Employment $4 $11 $10 $20 $24 $14
Others $0 $1 $3 $5 $3 $13
Comms & communities $23 $16 $48 $0 $10 $3
Entertainment / Gaming $8 $11 $11 $5 $4 $2
Source: Cento research
11SERIES B REMAINS A CHALLENGE BUT IMPROVING
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% of companies raising seed round that raised follow-on rounds
100% We tracked Southeast Asian startups
that announced seed funding between
90%
2013 - 2015 and compare the rate of
80%
follow-on fundraising with data from the
US and Europe where it appears that
70% startups in Southeast Asia have been
able to attract Series A funding at a
60% broadly similar rate. We also observed
a clear rise in Series B follow-on
50%
funding rate for the 2013 cohort, and a
40% gradual increase for 2014 - 2015,
compare to the previous year data.
30%
20% Although we believe the follow on
funding rates will continue to increase
10%
through time, it is still too early to tell
how Southeast Asia later stage funding
0%
Seed Follow-on Round 1 Follow-on Round 2 Follow-on Round 3 environment compared to those of a
SE Asia 2013 SE Asia 2014 SE Asia 2015 US 2008 - 2010 Europe 2010
more mature ecosystem.
Source: Cento research
https://www.cbinsights.com/research/venture-capital-funnel-2/
http://www.atomico.com/news/the-state-of-european-tech-2016
12THERE IS A GROWING CROP OF $100M+ COMPANIES
SEA beyond recognized leaders:
Ø 4 companies with combined value of ~$4B are crossing into ”unicorn” territory in 2018: PropertyGuru, Zilingo, Qoo10 and Bukalapak
d
Ø ~40 companies with valuations above $100M and combined value of $ 6-7B
Regional Singapore Indonesia Vietnam Malaysia Thailand Philippines
Southeast Asia has produced companies valued
~10 B
above $1B with Bulakapak, Zilingo, PropertyGuru,
and Qoo10 crossing the “unicorn” zone.
A more comprehensive view of the region’s
capability to generate shareholder value in digital
~1+ B
space is provided by looking at companies we
believe are valued in excess of $100M, based on
a recent substantial financing or liquidity event
and known business developments.
M-Daq Akulaku
Carro
~100+ M*
RupiahPlus
Publicly-listed company New Entry
Source: Cento research
* List of US$ 100M+ companies is not exhaustive
13OTHER $100M+ COMPANIES PRESENT IN THE REGION
Select $100M+ enterprise value businesses executed via prior acquisition / non-third party funded subsidiary
d
Regional Singapore Indonesia Malaysia Thailand Vietnam Philippines An overview of the value being
created in the digital space in
Southeast Asian would be incomplete
without noting:
Search • A significant and growing set of
digital businesses previously
~100+ M*
acquired by or created within larger
companies and continuing to grow
around their respective
opportunities within Southeast Asia
• A number of overseas players -
usually from adjacent markets in
North Asia - focusing on Southeast
Asia as a primary source of growth
• A number of Southeast Asia-
Select $100M+ enterprise value businesses by global players targeting SE Asian market or by SE Asian based players targeting a global originating companies that build
opportunity. their domestic advantage into a
Bigo Revolution Razer significant international footprint
Precrafted beyond Southeast Asia
Publicly-listed company Source: Cento research
Source: Cento research
* List of US$ 100M+ opportunities is not exhaustive
14MORE CAPITAL TO SE ASIA VS. OTHER GROWTH MARKETS
d
Tech companies investment in growth markets ($M)
Over the past 5 years, SE Asia has
1,163 consistently attracted significantly more capital
893
into tech investment relative to other growth
market. It is perhaps worth noting that LatAm
1,976 recorded relatively similar amount of funding
to SE Asia in 2013.
Furthermore, other growth markets like
LatAm, MENA and Africa have also seen
relative increased investment in tech
companies over the past five years albeit at
560 different rate.
679
1,141 11,917 Interestingly, each region has also seen
367 investments driven by “mega deals” in 2018:
972 • LatAm: Rappi ($185m), Nubank ($150m)
500
277 and Movile ($500m)
291 5,371 • MENA: Careem ($200m)
594
3,515 • Africa: Webuycars ($98m), Frontier Car
1,888 Group ($130m) and Jumo ($52m)
2015 2016 2017 2018
SE Asia LatAm MENA Africa
Source: LAVCA, Partech Ventures, Magnitt Research, Cento Ventures Research
15M&A & SECONDARIES PROVIDE MOST LIQUIDITY
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Proceeds realized at exit, $M Liquidity events, # Exit valuations, $M
$327
5
Exit Valuations decrease
931 due to lack of landmark exits
in H1 2019. We expect FY
6
2019 results to be more
$250
201 similar to past years
4
$187
1
$151
5
390
35 $110
9
$65
$55 $50 $55 $55
$30
$20
$24
894 1099 1082 2084 2232 362 28 41 68 56 44 55 $13 $8
$2 $6 $5
2014 2015 2016 2017 2018 2019 H1 2014 2015 2016 2017 2018 2019 H1 2014 2015 2016 2017 2018 2019H1
Trade Exit + Secondary IPO Trade Exit + Secondary IPO Top decile Top quartile Me dian
Source: Cento research
16EXITS ARE HAPPENING, BUT STILL RELATIVELY FEW IN NUMBER
d
Liquidity events and proceeds, $100M
7 4 4
3 3 3
5 5 5
4
2 2 2 2 2 2
3
$162 $189 $160 $265 $173 $104 $239 $220 $163 $111 $301 $132 $1,057 $543 $620 $3,397 $1,856
2014 2015 2016 2017 2018 2019 H1 2014 2015 2016 2017 2018 2019 H1 2014 2015 2016 2017 2018 2019 H1
Source: Cento research
Amount, $M
Events, #
17KEY ACQUIRERS ARE FROM SE ASIA & APAC REGION
d
Country of origin of acquirer, by deals done, 2013-2019H1* Country of origin of acquirer, by capital invested, 2013-2019 H1*, $M
45
2,109
29
27
948
703
13
12 564
11
489
9 9
7 363
6
5
204 176
3 145
2 2 2 86 67 61 48 47 40 40 24
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SE Asia Countries Others SE Asia Countries Others
Source: Cento research
*For 180 liquidity events
18d Methodology
METHODOLOGY
d
Key premises: In this report, we analysed and verified close to 3,000 financing and liquidity events. Inevitably, a few
large deals would avoid detection on occasion of exceptionally secretive nature of the transaction or
Numbers and conclusions in this study rely upon a company’s reported last round valuation. At best this due to the methodology we apply. It is also our impression that we are likely seeing only half or less of
is a partial reflection of a company’s true value. To all in our audience who appreciate the importance of the pre-Series A activity in the region due to a sheer volume of deals in $ 10 - 250K range happening in
financing terms over headline valuations, and who recognise that a more complete understanding of any the market – while total dollar value of inflow and outflows is unlikely to be impacted heavily, do take
underlying business is helpful, we apologise. To atone for this oversimplification, we’d like to take this our “number of deal” assessments for pre-Series A with a large handful of salt. Finally, as new facts
opportunity to give a commendation to the great work being done by a few in academia who probe come to light and as erstwhile announcements are verified, we adjust our databases retroactively,
deeply into the contradictory nature of how tech valuations are reported, and produce splendid research leading to mild inconsistencies between various versions at the same period.
that will one day help us as an industry upgrade our reporting systems and, perhaps, change how tech
company narratives are formed. In this report, our recognition goes to Will Gornall and Ilya A. Category definitions and company profiles include:
Strebulaev (professors at the Sauder School of Business at the University of British Columbia and the This report aims to describe the state of financing and liquidity generated by companies focused on
Stanford Graduate School of Business, respectively) for their comprehensive work on “Squaring Venture digital technology-driven opportunities in Southeast Asia. The exact definition of what a digital
Capital Valuations with Reality”, available here: technology-driven opportunity constitutes is a subject of much debate. While leaving biotech, new
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2955455 and with media coverage materials and space tech out is relatively straightforward (but including software and digital services
http://nymag.com/intelligencer/2018/11/fake-unicorns-are-running-over-the-venture-capital-industry.html enabling these industries), telling an offline company with digital elements apart from a business where
value creation is primarily tied to either its technology core or its digital distribution is anything but
Geographies covered: simple.
This iteration of our report does not make an attempt at covering some of the newer digital ecosystems We have generally taken a view that if something is valued as a technology company, we can trust its
within ASEAN beyond the customary six countries, or the developments in counties starting to gravitate investors that it probably is. At the same time, we also endeavour to exclude categories that, while
towards SE Asia venture scene such as Pakistan, Bangladesh, Sri Lanka, Hong Kong, and Taiwan. adjacent to digital economy, tend to attract non-VC capital to a degree where their financing /
liquidation events interfere with the signal from the rest of the ecosystem (notably, excluding the
Data sources and completeness : companies with valuations determined by token economics). Furthermore, we currently do not include
Our data is compiled from a number of sources, although we primarily rely on public press traditional TV stations, content producers, telcos, IT infrastructures and system integration companies
announcements and community disclosures from the companies and their investors. Our team as well as holding level entities that buy or develop technologies in addition to their core business into
researches the validity of claims to an extent possible and supplements incomplete information with our reporting. Hence, this excludes a number of otherwise very important names absolutely worth a
insights from our own industry sources and, on occasion, somewhat educated guesswork. closer look under different circumstances such as MyRepublic, Airtrunk, NetTV, One Championship,
and others that would occasionally be included in other digital ecosystem reports. It also excludes tech-
savvy conglomerates such as FPT Group or Emtek.
20METHODOLOGY
d
Company classification: • Financial Services: companies that apply technology into traditional banking services i.e. lending,
wealth management, etc.
Country of origin:
• Healthcare: provision of goods and services revolving around medical and wellness services
Determined by the country in which the company was founded, and has its primary base of operation including, but not limited to, e-pharmacy, medical tourism and telehealth
(defined in terms of revenue, if known). At the (subjective) point where the company has both
operations in multiple countries in Southeast Asia and substantial revenues generated in multiple • Local Services: platforms that connect local merchants/ service providers to consumers in an urban
countries, then it may be classified as Southeast Asia / regional in the country of origin. setting including, but limited to, ride-hailing services, local search and directory and food delivery
Sector classification: • Logistics: companies that facilitate the movement of goods including, but not limited to, acquiring,
storing and transporting of goods
Cento’s definition of the industry segment in which the company’s primary business focus sits. A full
taxonomy of sector allocation is listed below. In cases where a company focus on multiple sectors with • Payments and remittances: companies that facilitate movement of capital
different units generating thought to generate substantial revenue, then multi-vertical category is used. • Real Estate: construction, buying & selling and management of real estate assets, including the tools
We also note that a company’s sector may change as the company progresses; the company’s sector facilitating those activities
is evaluated according to the primary business focus during the event of financing.
• Retail: companies that sell or rent goods using internet technology, including tools that facilitate those
• Advertising & Marketing Technology: companies that facilitate the acquisition of customers activities e.g. Store-front management software, POS systems, etc.
including coupons and rebates, price comparisons and affiliate marketing
• Travel: tourism and hospitality
• Business automation: tools that automates non industry-specific business activities such as CRM,
ERP, workplace communication tools, etc. Fund definitions:
• Comms & communities: social networks and dating Mapping fund allocations is an inexact science. We count the number of funds that have been observed
doing early stage tech investment in Southeast Asia. We also try to assess the allocation of those funds
• Education: provision of goods and services revolving teaching and learning, including adult training to the region. In some cases (e.g. Cento Ventures) that is equivalent to 100% of their AUM. In many
and education others with a broader, or no particular geographic focus, Southeast Asia allocation is an estimate based
• Employment: companies that manage and facilitate the management of employees including on information received from the fund manager, or the relative number of deals that they have done
onboarding, benefit, payroll, etc. within the region compared to elsewhere. Besides that, the collected fund information is also compared
with third-party data sources such as Pitchbook and Preqin.
• Entertainment/ Gaming: gaming development, distribution and publishing
Currency:
• Entertainment/ Non-gaming: content production and news aggregation
$ refers to United States Dollar (US$) unless otherwise stated.
21METHODOLOGY
d
Deal definitions: Deal type:
Deal stage: We focus mainly on venture capital deals – investments made by fund entities into early stage startups,
whether they are from independent funds of corporate venture capital entities. This is a subset of the
Each series definition is determined as follows:
total number of early stage tech deals in the region.
- Pre-Series A: amounts of $10K - $1M. Purpose of investment tends to be building the idea/team; in
We separate the following from most of our data, apart from the ‘total capital invested and total deals
some cases, the company generates revenue.
done’ chart:
- Series A: amounts of $1M - $3M. The product has been built and proven via initial but repeatable
- Corporate transfers: events where a corporate entity funds an entity in the region in which it owns a
revenue. Investment purpose tends to be establishing domestic position, and sometimes scaling majority or significant minority stake (e.g. Rocket Internet, Lippo Group)
regionally.
- Project financing: A deal which was a partnership for an identified purpose – e.g. Grab-Honda.
- Series B: amounts of $3M-$10M. Investment purpose tends to be building scale, either domestically
or regionally. - Non-Southeast Asia deals: e.g. India and China focused companies that happen to use Singapore for
their corporate domicile.
- Series C+: any amount invested later than Series B. Series C, Series D, later series investments,
pre-IPO, mezzanine.
We have also estimated a particular company’s valuation through a recent substantial financing or
liquidity event and known business developments
22d
Contact
www.cento.vc
team@cento.vc
+65 6816 2810
Office address: 56B Pagoda Street, Singapore
059215
Mailing address: Cento Ventures, 3 Church Street,
Level 8, Singapore 049483
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