Southeast Asia Tech Investment – H1 2019

dmpABOUT CENTO VENTURES

2

Cento Ventures is a venture capital firm focused on technology startupsbuilding products and services emerging from the digital transformation ofpromising growth markets, particularly Southeast Asia.

We are based in Singapore and backed by a team well experienced ininternet business. We operate three funds that invest across industriesthrough a disciplined, well-researched approach to locate technologyinvestment opportunities originating from the Southeast Asian region.Our investments are guided by three main principles:

- Sectors ready for digital transformationThere is a great opportunity for technology to solve some of the inefficienciespresent in emerging markets. However, technology alone does not digitaliseindustries. Most of our investments apply innovative business models to largeindustry sectors that are set in their ways, using technology as an enabler.

- Tech startups at an early stage, but with proof pointsOur investments are usually at Series A, where we lead the round. This helpsus establish a solid relationship with the founder, and to influence companystrategy. We only invest once a company can show that a market exists forits product and that it is ready to use extra capital to scale.

- Founders with great ambitionWe look for founders who want to build large digital companies that areleaders in their category. In a fragmented region, such as Southeast Asia,operating across multiple countries often essential. Our preference is forbusiness models that are light on physical assets and where the foundershave ambitious plans to scale internationally.Cento Ventures is convinced that the opportunity exists for Southeast Asianfounders to build transformational digital companies, and we look forward toworking with more startup teams to create new success stories.Learn more about us at cento.vc or our Facebook or Linkedin pages.

dmp

Introduction

dmpINTRODUCTION

4

The headline story of Southeast Asia is the sustained investment in technology investmentwith increasing geography and sector diversification. Close to $6B was invested during thefirst half of 2019, lower than that of first half of 2018. However, we expect the total investmentin 2019 will match the total investment amount in 2018 as local champions like Grab, Go-jek,Traveloka and Tokopedia continue to attract sizeable funding rounds. Besides that, a growingcohort of new companies valued in excess of $100M will attract significant capital.

A closer look at the data partly emphasizes the progression of existing trends, but alsoreveals interesting findings emerging in the first half of 2019:

- Record number of deals

The first half of 2019 sees investment in more than 300 companies, a record high in our dataset for the region. The amount invested, remains ‘relatively’ constant relative to 2018. Whilewe continue to see ‘mega-deals’, tech investment in Southeast Asia appears to be morediversified in 2019. ‘

- A new set of unicorns?

Although the majority of capital will likely continue to be associated with a few familiar names,we also observe a growing cohort of other late stage companies who are raising largerrounds, putting them above the $100M valuation. As these companies mature in the comingyear, they may follow the fundraising trajectory of the current SE Asian unicorns.

- Increasing early stage activities

Small deals (less than $500K) experienced a spike in the first half of 2019, after remainingfairly flat between 2016 - 2018. We note that the increase in the early stage activities is partlydriven by deals invested by a number of new accelerators/ incubators such as Antler, SKALAand Accelerating Asia.

- Investments to Vietnam increases in proportion

As compared to 2018 where Indonesia accounts for more than 70% of the capital invested inSoutheast Asia, there seems to be greater geographical diversification in capital deployed.Investment into Vietnam is increasing, making up 17% of the capital invested in 2019 H1, asignificant to 2018 where it only made 5% of total capital invested. Indonesia captured asmaller proportion of the total capital invested. Investments into Malaysia, Thailand andPhilippines appear to be consistent to previous years

- Logistics and healthcare attract more interest

We also continue to observe investment into a wider range of sectors. Fintech, Healthcareand Logistics startup investments demonstrate solid growth. While Fintech has attractedinterest since 2017, Logistics and Healthcare are two key sectors that have attracted moreinterest in the first half of 2019.

- Absence of landmark exits

While the number of liquidity event in the first half of 2019 is relatively high, the total proceedsremains low as we have not yet seen a landmark exit during the year. In 2017, the largestliquidity event was the listing of Sea Group in NYSE while in 2018, the region sees themerger of Grab and Uber Southeast Asia. The largest liquidity event in the first half of 2019remains Go-jek’s $72M acquisition of Coins.ph in the Philippines.

Thank you

Mark Suckling

Laphat Tantiphipop

Marco Hadisurya

dmp

Investment landscape

dmp$6B INVESTED IN H1 2019

6

Capital invested, $M and deals done, # The number of Southeast Asia internettechnology related investment continues to seta new record in first half of 2019 even thoughthe total capital remains relatively constantrelative to 2018. The tech investment duringthis half of the year is less concentrated asonly 50% of the total capital invested iscontributed by ‘mega deals’, lower than 70%in 2018

Furthermore, the increase in number of dealsdone in this half of the year is mostly driven bythe increase of early stage deals (< $500K).

Notes:The numbers exclude the investment portioncarved out for secondary exits, and includevarious events that while count as investmentin technology companies, are considered non-VC, e.g. ICO, project financing, corporatespin-off. Some early stage incubator-fundedcompanies are not yet included in our data

Source: Cento research

$247 $989 $899 $970 $1,468 $2,043 $1,154 $4,216 $8,306 $3,622 $5,993

108 104

220

190

209

149

193 197

177

183

332

-

5 0

1 00

1 50

2 00

2 50

3 00

3 50

$ -

$ 1, 00 0

$ 2, 00 0

$ 3, 00 0

$ 4, 00 0

$ 5, 00 0

$ 6, 00 0

$ 7, 00 0

$ 8, 00 0

$ 9, 00 0

2014 H1 2014 H2 2015 H1 2015 H2 2016 H1 2016 H2 2017 H1 2017 H2 2018 H1 2018 H2 2019 H1

Capital Invested # of Deals

dmpINVESTMENTS INCREASES AT MOST DEAL SIZES

7

$0.5M or smaller deals** $0.5M+ to $2M deals $2M+ to $5M deals

$5M+ to $10M deals $10M+ to $50M deals $50M+ deals

Source: Cento research**Various incubator funded early stage companies are yet to be included in the dataCapital invested, $M

Deal #

$26 $45 $34 $27 $24 $49

110

205

147124 111

254

2014 2015 2016 2017 2018 2019E

$64 $147 $139 $137 $116 $194

56

117 110 11192

164

2014 2015 2016 2017 2018 2019E

$72 $134 $145 $203 $190 $357

19

42 41

5953

94

2014 2015 2016 2017 2018 2019E

$101 $132 $213 $196 $265 $433

1217

25 2633

56

2014 2015 2016 2017 2018 2019E

$199 $540 $639 $710 $930 $1,915

10

22 2531

36

70

2014 2015 2016 2017 2018 2019E

$774 $872 $2,342 $4,098 $10,403 $9,125

56

7

10

19

14

2014 2015 2016 2017 2018 2019E

dmpSERIES B DEAL SIZE GRADUALLY INCREASES

8

Deals done by series, # Average deal size by series, $M

Source: Cento research

0.4 0.5 0.7 0.5 0.5 0.6

2.4 2.8

2.3 2.7

3.3 3.2

6.2

11.5

9.8

10.7 11.4

12.0

2014 2015 2016 2017 2018 2019 H1Pre-A A B

122

249

194 174 157 176

55

109

101 146

110 86

11

25

22

33

39 25

9

14

26

21

32 25

2014 2015 2016 2017 2018 2019 H1Pre A A B C+

dmpVIETNAM GAINS LARGER SHARE OF CAPITAL INVESTED

9

Source: Cento researchCountry of origin is defined as where the company was founded and where it is believed

to generate its core revenues

In 2019 H1, Indonesia and Singapore continuedto capture the majority of investment activity inSoutheast Asia. Indonesia loses large share ofcapital invested due to the absence of ‘mega-deals’, although potentially this may changeduring the second half of the year.Vietnam gains the larger share of capital investedas it produces more late-stage company such asTiki, VNPay and Vntrip. Singapore also maintainsits share of capital distribution as a new cohort oflater-stage companies such as QExpress,Carousell and Taiger continue to raise largerrounds.On the share of deals done, the trend is fairlyconsistent with the last few years data with similargeneral increase in Vietnam’s deal count as weare seeing more early stage deals in the country.

Notes:The data excludes Sea Group (Garena), Grab,Lazada and other companies that have a trulyregional footprint and are therefore hard toallocate to a particular country.

Share of capital invested by country

Share of deals done by country

37%

67%

60%

77%

48%

32%

15%

19%

13%

25%

11%

7%

9%

3%

7%

12%

6%

8%

1%

2%

4%

3%

2%

5%

17%

3%

2%

2%

0.6%

1.3%

2015

2016

2017

2018

2019 H1

24%

29%

30%

33%

26%

29%

31%

34%

30%

36%

20%

12%

12%

11%

8%

10%

11%

10%

8%

6%

10%

8%

8%

15%

19%

8%

9%

5%

3%

4%

2015

2016

2017

2018

2019 H1

Indonesia Singapore Malaysia Thailand Vietnam Philippines

dmpVIETNAM CONTINUES TO ATTRACT MORE CAPITAL

10

Capital invested and deals done in Malaysia

Capital invested and deals done in Vietnam

Capital invested and deals done in Thailand

Capital invested and deals done in Philippines

Source: Cento researchCapital invested, $M

Deal #

$31 $111 $116 $214 $150 $173

16

76

41 43

33

52

2014 2015 2016 2017 2018 2019E

$28 $125 $99 $174 $78 $76

18

37 38 37

26

32

2014 2015 2016 2017 2018 2019E

$36 $44 $58 $48 $286 $731

19

4028 30

49

110

2014 2015 2016 2017 2018 2019E

$10 $28 $39 $36 $33 $38

15

29 29

18

9

24

2014 2015 2016 2017 2018 2019E

dmpLOGISTICS, HEALTHCARE - KEY GROWTH SECTORS

11

Capital invested by sector, $M

While online retail (e-commerce and C2C) andlocal services (on-demand services and urbantransportation), along with ‘multi-vertical’companies (often a mix of the two) remain themost heavily funded categories, othercategories are attracting increasing attention.

The Financial Services and Travel sectorscontinue to attract investment. The Logisticsand Healthcare sectors are emerging as someof the most funded sectors.

By deal count, we have also seen emerginginterest in other categories such as RealEstate, Business Automation and Advertisingand Marketing Technology.

Source: Cento research

Proceed (US$M) 2014 2015 2016 2017 2018 2019 H1

Multi-vertical $53 $270 $770 $2,550 $5,895 $2,394

Travel $13 $78 $176 $400 $51 $454

Retail $182 $229 $935 $937 $1,874 $303

Financial Services $7 $130 $134 $189 $407 $242

Logistics $15 $34 $64 $136 $124 $143

Healthcare $12 $26 $37 $102 $12 $128

Advertising and Marketing Technology $22 $117 $25 $78 $34 $96

Payments and Remittances $26 $85 $115 $112 $240 $58

Entertainment / Non-Gaming $4 $52 $83 $393 $75 $57

Real estate $2 $9 $17 $53 $259 $56

Local services $376 $442 $827 $49 $100 $49

Business Automation $13 $28 $30 $78 $94 $40

Education $7 $12 $9 $16 $60 $15

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

dmp% of companies raising seed round that raised follow-on rounds

12

Source: Cento researchhttps://www.cbinsights.com/research/venture-capital-funnel-2/

http://www.atomico.com/news/the-state-of-european-tech-2016

SERIES B REMAINS A CHALLENGE BUT IMPROVING

We tracked Southeast Asian startupsthat announced seed funding between2013 - 2015 and compare the rate offollow-on fundraising with data from theUS and Europe where it appears thatstartups in Southeast Asia have beenable to attract Series A funding at abroadly similar rate. We also observeda clear rise in Series B follow-onfunding rate for the 2013 cohort, and agradual increase for 2014 - 2015,compare to the previous year data.

Although we believe the follow onfunding rates will continue to increasethrough time, it is still too early to tellhow Southeast Asia later stage fundingenvironment compared to those of amore mature ecosystem.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Seed Follow-on Round 1 Follow-on Round 2 Follow-on Round 3

SE Asia 2013 SE Asia 2014 SE Asia 2015 US 2008 - 2010 Europe 2010

dmpTHERE IS A GROWING CROP OF $100M+ COMPANIES

13

SEA beyond recognized leaders:Ø 4 companies with combined value of ~$4B are crossing into ”unicorn” territory in 2018: PropertyGuru, Zilingo, Qoo10 and BukalapakØ ~40 companies with valuations above $100M and combined value of $ 6-7B

Source: Cento research

~10

B

Indonesia MalaysiaSingapore ThailandRegional

~1+

B

Akulaku

Philippines

Carro

M-Daq

Publicly-listed company

~100

+ M

*

* List of US$ 100M+ companies is not exhaustive

Southeast Asia has produced companies valuedabove $1B with Bulakapak, Zilingo, PropertyGuru,and Qoo10 crossing the “unicorn” zone.

A more comprehensive view of the region’scapability to generate shareholder value in digitalspace is provided by looking at companies webelieve are valued in excess of $100M, based ona recent substantial financing or liquidity eventand known business developments.

RupiahPlus

Vietnam

New Entry

dmpOTHER $100M+ COMPANIES PRESENT IN THE REGION

14

Select $100M+ enterprise value businesses executed via prior acquisition / non-third party funded subsidiary

Source: Cento research

An overview of the value beingcreated in the digital space inSoutheast Asian would be incompletewithout noting:

• A significant and growing set ofdigital businesses previouslyacquired by or created within largercompanies and continuing to growaround their respectiveopportunities within Southeast Asia

• A number of overseas players -usually from adjacent markets inNorth Asia - focusing on SoutheastAsia as a primary source of growth

• A number of Southeast Asia-originating companies that buildtheir domestic advantage into asignificant international footprintbeyond Southeast Asia

Indonesia MalaysiaSingapore ThailandRegional

Search

Bigo RevolutionPrecrafted

Razer

Select $100M+ enterprise value businesses by global players targeting SE Asian market or by SE Asian based players targeting a global opportunity.

Vietnam Philippines

Source: Cento research* List of US$ 100M+ opportunities is not exhaustive

~100

+ M

*

Publicly-listed company

dmpMORE CAPITAL TO SE ASIA VS. OTHER GROWTH MARKETS

15

Source: LAVCA, Partech Ventures, Magnitt Research, Cento Ventures Research

Over the past 5 years, SE Asia hasconsistently attracted significantly more capitalinto tech investment relative to other growthmarket. It is perhaps worth noting that LatAmrecorded relatively similar amount of fundingto SE Asia in 2013.

Furthermore, other growth markets likeLatAm, MENA and Africa have also seenrelative increased investment in techcompanies over the past five years albeit atdifferent rate.

Interestingly, each region has also seeninvestments driven by “mega deals” in 2018:• LatAm: Rappi ($185m), Nubank ($150m)and Movile ($500m)

• MENA: Careem ($200m)• Africa: Webuycars ($98m), Frontier CarGroup ($130m) and Jumo ($52m)

Tech companies investment in growth markets ($M)

1,888 3,515

5,371

11,917

594

500

1,141

1,976

291

972

679

893

277

367

560

1,163

2015 2016 2017 2018SE Asia LatAm MENA Africa

dmpM&A & SECONDARIES PROVIDE MOST LIQUIDITY

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Source: Cento research

Liquidity events, #Proceeds realized at exit, $M Exit valuations, $M

894 1099 1082 2084 2232 362

390

9 35

931

201

2014 2015 2016 2017 2018 2019 H1

Trade Exit + Secondary IPO

28 41 68 56 44 55

5

1

5

6

4

2014 2015 2016 2017 2018 2019 H1

Trade Exit + Secondary IPO

$187

$250

$110

$327

$151

$65 $55

$30

$50 $55 $55

$20

$2 $6 $13 $24

$8 $5

2014 2015 2016 2017 2018 2019H1

Top decile Top quartile Median

Exit Valuations decrease due to lack of landmark exits in H1 2019. We expect FY 2019 results to be more

similar to past years

dmpEXITS ARE HAPPENING, BUT STILL RELATIVELY FEW IN NUMBER

17

Source: Cento researchAmount, $M

Events, #

Liquidity events and proceeds, <$1M Liquidity events and proceeds, $1M+ to $5M Liquidity events and proceeds, $5M+ to $20M

Liquidity events and proceeds, $20M+ to $50M Liquidity events and proceeds, $50M+ to $100M Liquidity events and proceeds, >$100M

$9 $16 $9 $9 $19 $9

22

34

24

15

23

18

2014 2015 2016 2017 2018 2019 H1

$22 $38 $31 $50 $37 $21

8

13

10

12 12

6

2014 2015 2016 2017 2018 2019 H1

$76 $109 $169 $92 $150 $96

4

9

14

8

11 10

2014 2015 2016 2017 2018 2019 H1

$162 $189 $160 $265 $173 $104

5 5

4

7

5

3

2014 2015 2016 2017 2018 2019 H1

$239 $220 $163 $111 $301 $132

3 3

2 2

4

2

2014 2015 2016 2017 2018 2019 H1

$1,057 $543 $620 $3,397 $1,856

3

2 2

4

2

2014 2015 2016 2017 2018 2019 H1

dmp

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Source: Cento research*For 180 liquidity events

KEY ACQUIRERS ARE FROM SE ASIA & APAC REGION

Country of origin of acquirer, by deals done, 2013-2019H1* Country of origin of acquirer, by capital invested, 2013-2019 H1*, $M

SE Asia Countries Others SE Asia Countries Others

2,109

948

703

564 489

363

204 176 145 86 67 61 48 47 40 40 24

China

Austra

lia

Singap

ore

Indon

esia

USAJa

pan

Malays

ia

Norway UK

German

y

Netherl

ands

Philipp

ines

Korea

Thail

and

India

Fran

ce

Vietna

m

45

2927

1312

119 9

76

53

2 2 2

Singap

oreJa

pan

Indon

esia

Korea

Malays

iaUSA

China

Thail

and

Philipp

ines

Austra

lia

Vietna

m UK

Norway

German

y

Netherl

ands

dmp

Methodology

dmpMETHODOLOGY

20

In this report, we analysed and verified close to 3,000 financing and liquidity events. Inevitably, a fewlarge deals would avoid detection on occasion of exceptionally secretive nature of the transaction ordue to the methodology we apply. It is also our impression that we are likely seeing only half or less ofthe pre-Series A activity in the region due to a sheer volume of deals in $ 10 - 250K range happening inthe market – while total dollar value of inflow and outflows is unlikely to be impacted heavily, do takeour “number of deal” assessments for pre-Series A with a large handful of salt. Finally, as new factscome to light and as erstwhile announcements are verified, we adjust our databases retroactively,leading to mild inconsistencies between various versions at the same period.

Category definitions and company profiles include:

This report aims to describe the state of financing and liquidity generated by companies focused ondigital technology-driven opportunities in Southeast Asia. The exact definition of what a digitaltechnology-driven opportunity constitutes is a subject of much debate. While leaving biotech, newmaterials and space tech out is relatively straightforward (but including software and digital servicesenabling these industries), telling an offline company with digital elements apart from a business wherevalue creation is primarily tied to either its technology core or its digital distribution is anything butsimple.

We have generally taken a view that if something is valued as a technology company, we can trust itsinvestors that it probably is. At the same time, we also endeavour to exclude categories that, whileadjacent 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 thecompanies with valuations determined by token economics). Furthermore, we currently do not includetraditional TV stations, content producers, telcos, IT infrastructures and system integration companiesas well as holding level entities that buy or develop technologies in addition to their core business intoour reporting. Hence, this excludes a number of otherwise very important names absolutely worth acloser 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.

Key premises:

Numbers and conclusions in this study rely upon a company’s reported last round valuation. At best thisis a partial reflection of a company’s true value. To all in our audience who appreciate the importance offinancing terms over headline valuations, and who recognise that a more complete understanding of anyunderlying business is helpful, we apologise. To atone for this oversimplification, we’d like to take thisopportunity to give a commendation to the great work being done by a few in academia who probedeeply into the contradictory nature of how tech valuations are reported, and produce splendid researchthat will one day help us as an industry upgrade our reporting systems and, perhaps, change how techcompany narratives are formed. In this report, our recognition goes to Will Gornall and Ilya A.Strebulaev (professors at the Sauder School of Business at the University of British Columbia and theStanford Graduate School of Business, respectively) for their comprehensive work on “Squaring VentureCapital Valuations with Reality”, available here:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2955455 and with media coveragehttp://nymag.com/intelligencer/2018/11/fake-unicorns-are-running-over-the-venture-capital-industry.html

Geographies covered:

This iteration of our report does not make an attempt at covering some of the newer digital ecosystemswithin ASEAN beyond the customary six countries, or the developments in counties starting to gravitatetowards SE Asia venture scene such as Pakistan, Bangladesh, Sri Lanka, Hong Kong, and Taiwan.

Data sources and completeness :

Our data is compiled from a number of sources, although we primarily rely on public pressannouncements and community disclosures from the companies and their investors. Our teamresearches the validity of claims to an extent possible and supplements incomplete information withinsights from our own industry sources and, on occasion, somewhat educated guesswork.

dmpMETHODOLOGY

21

Company classification:

Country of origin:

Determined by the country in which the company was founded, and has its primary base of operation(defined in terms of revenue, if known). At the (subjective) point where the company has bothoperations in multiple countries in Southeast Asia and substantial revenues generated in multiplecountries, then it may be classified as Southeast Asia / regional in the country of origin.

Sector classification:

Cento’s definition of the industry segment in which the company’s primary business focus sits. A fulltaxonomy of sector allocation is listed below. In cases where a company focus on multiple sectors withdifferent units generating thought to generate substantial revenue, then multi-vertical category is used.We also note that a company’s sector may change as the company progresses; the company’s sectoris evaluated according to the primary business focus during the event of financing.

• Advertising & Marketing Technology: companies that facilitate the acquisition of customersincluding coupons and rebates, price comparisons and affiliate marketing

• Business automation: tools that automates non industry-specific business activities such as CRM,ERP, workplace communication tools, etc.

• Comms & communities: social networks and dating

• Education: provision of goods and services revolving teaching and learning, including adult trainingand education

• Employment: companies that manage and facilitate the management of employees includingonboarding, benefit, payroll, etc.

• Entertainment/ Gaming: gaming development, distribution and publishing

• Entertainment/ Non-gaming: content production and news aggregation

• Financial Services: companies that apply technology into traditional banking services i.e. lending,wealth management, etc.

• Healthcare: provision of goods and services revolving around medical and wellness servicesincluding, but not limited to, e-pharmacy, medical tourism and telehealth

• Local Services: platforms that connect local merchants/ service providers to consumers in an urbansetting including, but limited to, ride-hailing services, local search and directory and food delivery

• Logistics: companies that facilitate the movement of goods including, but not limited to, acquiring,storing and transporting of goods

• Payments and remittances: companies that facilitate movement of capital

• Real Estate: construction, buying & selling and management of real estate assets, including the toolsfacilitating those activities

• Retail: companies that sell or rent goods using internet technology, including tools that facilitate thoseactivities e.g. Store-front management software, POS systems, etc.

• Travel: tourism and hospitality

Fund definitions:

Mapping fund allocations is an inexact science. We count the number of funds that have been observeddoing early stage tech investment in Southeast Asia. We also try to assess the allocation of those fundsto the region. In some cases (e.g. Cento Ventures) that is equivalent to 100% of their AUM. In manyothers with a broader, or no particular geographic focus, Southeast Asia allocation is an estimate basedon information received from the fund manager, or the relative number of deals that they have donewithin the region compared to elsewhere. Besides that, the collected fund information is also comparedwith third-party data sources such as Pitchbook and Preqin.

Currency:

$ refers to United States Dollar (US$) unless otherwise stated.

dmpMETHODOLOGY

22

Deal definitions:

Deal stage:

Each series definition is determined as follows:

- Pre-Series A: amounts of $10K - $1M. Purpose of investment tends to be building the idea/team; insome cases, the company generates revenue.

- Series A: amounts of $1M - $3M. The product has been built and proven via initial but repeatablerevenue. Investment purpose tends to be establishing domestic position, and sometimes scalingregionally.

- Series B: amounts of $3M-$10M. Investment purpose tends to be building scale, either domesticallyor regionally.

- 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 orliquidity event and known business developments

Deal type:

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 thetotal number of early stage tech deals in the region.

We separate the following from most of our data, apart from the ‘total capital invested and total dealsdone’ chart:

- Corporate transfers: events where a corporate entity funds an entity in the region in which it owns amajority or significant minority stake (e.g. Rocket Internet, Lippo Group)

- Project financing: A deal which was a partnership for an identified purpose – e.g. Grab-Honda.

- Non-Southeast Asia deals: e.g. India and China focused companies that happen to use Singapore fortheir corporate domicile.

dmp

www.cento.vc

team@cento.vc

+65 6816 2810

Office address: 56B Pagoda Street, Singapore059215

Mailing address: Cento Ventures, 3 Church Street,Level 8, Singapore 049483

Contact

23