White Star Capital South East Asia Venture Capital Landscape 2020

SEA Venture Capital
Landscape 2020
From the eyes of
an International
Investor
White Star Capital
In our first report on South East Asia, we take a high level view on the
region looking at underlying macro-economic, demographic and VC
funding data: all signs point towards the region following the footsteps
of China & India, as the next hotbed for entrepreneurs and VC investors
alike.
Since its founding in 2014, White Star Capital has focused on high
Eric Martineau-Fortin growth companies with strong internationalisation potential as well as
Managing Partner looked at markets with strong entrepreneurial potential that were
underserved by VCs. SEA is a region that fits this profile and now more
than ever is the right time for us to take part in its story”
South-East Asia is a diverse group of countries and cultures that has a

young and rapidly growing population, the region looks to benefit from
a demographic dividend that will further drive rapid economic
development and a thriving tech sector.
Combined with rapidly increasing internet penetration, start-ups are

finding new creative ways to solve issues around infrastructure and
logistics that have historically held back its tech sector, providing a
Joe Wei playbook for future founders.
Venture Partner
Hong Kong We are excited by the opportunities this brings and to work with
innovative start-ups as they seek to become the next generation of
unicorns in the region.
The South East Asian region has seen a rapid growth in the recent years,
with a surge of capital inflow from China as well as other developed
nations which are attempting to counter the “bamboo network”
influence.
The annual economic growth in the region has constantly topped 5%,
Shun Nagao which is primarily lead by the “tiger cub economies” - Indonesia,
Malaysia, Philippines, Thailand and Vietnam - and noticeable trends
Venture Partner such as the millennial demographics, greater consumer demand for
Tokyo convenience, increased digital savviness, and increased regional
integration suggest further growth to come.”
SEA’s venture capital and startup ecosystem has exploded since 2013
and is increasingly becoming one of the world’s most exciting new
market to invest in. I am thrilled to share what makes us bullish about
the region in this first White Star Capital report on SEA.
Personally, the move to Singapore in mid-2019 has been extremely

rewarding and eye opening. Having traveled and spent time in 7 out
of the 11 countries which make up the region, I’ve come to appreciate
Sanjay Zimmermann the differences between each of the countries as well as their ever
Senior Associate increasing interconnectedness that will make this region thrive over the
next decade.”
Singapore
“South East Asia is seeing rapid

shift to internet adoption and
e-commerce and the
ecosystem is undergoing a
rapid transformation, moving
from third-world economies to
tech-focused ecosystems
Allen Duoji within one generation”
Analyst (London)
Eddie Lee Alex Wilson
Senior Associate (Seoul) Associate (London)
"Rapid socioeconomic growth in SEA "Similar to the rest of the world, the explosion “The demographics and economic
continues to drive virtuous economic cycles of internet in SEA has had a profound growth of the SEA region fills the
in the region. Mass consumer adoption of impact on the region. Consumers are now country with tremendous potential
technology leads to local innovation, and able to do, buy, build and entertain and leads to an increase of
the resulting boom in local startups create themselves in ways they were never able to investments in the region. Even if
economic opportunities that further drive before. Considering this with the sheer size the startup ecosystem still needs to
growth and reduce wealth gaps.” of the region, and the wide range of gain maturity in some parts of SEA,
consumer types and cultures makes SEA a the large Internet consumption is
great ecosystem to be a part of.” turning SEA into one of the most
Alexandre Witkowicz important VC hubs in the world”
Analyst (Montreal)
White Star Capital SEA Venture Capital 3
2019 News Highlights

A big year for South East Asia
B Capital, Vertex, EV, SoftBank invested $2bn into

InnoVen, Jungle & Strive Grab to develop its
close new funds in 2019 Indonesian operations
B Capital ($406m), Vertex ($305m), East Softbank will help Grab to go head-to-
Ventures ($200m), InnoVen Capital ($200m), head with local rival Go-Jek over the next
Jungle Ventures ($175m), Strive ($130m). 5 years and to modernise the country’s
Record setting number of $100m+ closes transportation infrastructure
White Star Capital eyes Asia Go-Jek made first close

growth with new Hong Kong of Series F round at
office $9.5bn valuation
This new office will allow White Star to The first close of this round (January) was led
capture interesting investment opportunities by existing backers Google, JD.com and
throughout the SEA region Tencent with participation from Mitsubishi
Corporation and Provident Capital
PayU entered South East Asia South East Asia VC funds

by acquiring Red Dot on track to raise over
Payment $4.2bn for the region
Naspers’ global fintech firm which More than 35 venture capital funds with a
specializes in emerging markets bought a complete or partial focus on South East
majority stake in the Singaporean company Asia are currently in the market to raise
over $4.2 billion
Go-Jek bought Singapore-based Zilingo

Philippines fintech raised a $226m Series D
Coins.ph for $72m round
This acquisition occurred in January and will The e-commerce startup will use the funds
help the Indonesian company to expand in provided by existing investors to digitize
the Philippines Asia’s fashion supply chain
Sea raised $1.5bn for its The Malaysia-based food

Shopee e-commerce delivery startup Dahmakan
business in SEA raised $5m
The Singaporean business planned to offer This new financing round backed by well-
60m American Depository Shares (ADS) at a known entities such as Partech Partners
price of $22.5 each, which could raise and Y-Combinator among others will help
$1.35bn and which could increase by $202m the company to expand operations in SEA
Summary
Following the opening of White Star Capital’s Hong Kong office
and the move of Sanjay Zimmermann to Singapore, the fund has
begun to consider investment opportunities in the region. With
that, we sought to build a deeper understanding of what makes
SEA unique, delving into its constituent countries and trends
present in the region.
This report aims to consolidate key information on the SEA region,

and to provide an overview of SEA from the eyes of a new
international investor entering the region.
No.1 10%
New region for VC Of the world’s population
investment this decade lives in South East Asia
Young demographics
Window of opportunity
(median age 30)
4x 2nd
The growth in GDP per capita Fastest growing workforce in the
than the world average world
Inflexion point for consumers Growing middle class
430m 14
Active internet users in the Unicorns have been created
region, and still growing in the region, 4 this year
High internet penetration Vibrant Startup ecosystem
Disclaimer: While great care has gone into assembling the facts presented in this report, the authors and White Star Capital assume
no liability for errors or omissions. For comments, suggestions or questions on the report please e -mail sanjay@whitestarcapital.com
Content
Section 1 Overview: SEA on the map 07–20
What excites us about SEA
Demographics
Economics
VC Landscape
Section 2 Country deep dives 21–61

Singapore
Indonesia
Vietnam
Malaysia
Philippines
Thailand
Frontier VC markets
Section 3 Private Equity perspective

62–75
By JL capital
Section 4 Impact Investing in SEA 76–80

By INSEAD INDEVOR
Section 5 Predictions / Survey 81-87

Look back at 2019
White Star’s SEA survey
Macro view
White Star Capital SEA Venture Capital: An Overview 7
Attractive fundamentals have underpinned Asia’s

fast-growing venture capital market
2018 Global comparison
5,936 Deals
2,745 Deals
$102B $21B
Invested in Invested in 5,066 Deals
North America Europe $81B
Invested in
Asia
Source: PwC | CB insights MoneyTree Report Q4 2018
Asia VC investment has increased drastically year-

over-year
$81
$73
5,066
$45
$37 3,569
$22 2,609
2,425
$7
1,675
1,071
2013 2014 2015 2016 2017 2018
Deals Investment ($B)
Source: PwC | CB insights MoneyTree Report Q4 2018

South East Asia on the map

Cambodia Vietnam
17m 6.8% 96m 7.1%

Population Real GDP Population: Real GDP
Laos Growth Growth Philippines
7m 6.9% 107m 6.2%

Population Real GDP Population Real GDP
Growth Growth
Myanmar Brunei
54m 6.4% 0.4m 1.3%

Growth Growth
Thailand Malaysia
70m 3.9% 32m 5.9%

Growth Growth
Singapore Indonesia Timor-Leste
6m 3.6% 261m 5.1% 1m 2.8%

Population Real GDP Population Real GDP Population Real GDP
Growth Growth Growth
Singapore Singapore Indonesia Indonesia Indonesia Indonesia Indonesia Philippines

Valuation: $14.3bn Valuation: $1.3bn Valuation: $2.5bn Valuation: $10.0bn Valuation: $7.0bn Valuation: $2.9bn Valuation: $2.0bn Valuation: $1.0bn
Sources: Source: CB Insights, IMF

(1) Unicorn defined as a private company raising a round of financing at a valuation of at least US$1bn.
(2) GDP growth rates corresponds to real growth from 2017 to 2018
What excites us about SEA !

At a high level, the region offers a compelling demographic and economic
outlook which is coupled with a healthy and growing VC landscape
Categories Highlights Reports that inspired us
▪ Close to 10% of the world’s

population lives in the region
▪ Population growth is steady with the

world average and becoming
increasingly urban
Demographics
▪ Young population with increasing
spending potential “South East Asia is entering a
golden age of rising affluence that
has been associated with large
▪ Internet users growth (now at 400m+) tech company formation in China,
is showing no signs of slowing down Korea, and Japan in the past”
▪ SEA’s middle class is rising at an

unprecedented rate
▪ GDP per capita is growing at 4.0x

the world average
Economics
▪ The region has the 2nd fastest
growing workforce in the world
“South East Asia Internet
economy hits $100B in 2019,
▪ Inflation is under control and cross-
exceeding all expectations
border trade across SEA is exploding on track to $300B by 2025”
▪ The region received record VC

funding over the past 2 years
▪ Median deal sizes in SEA have

doubled over the past 3 years
VC Landscape
▪ 4 new unicorns emerged in 2019,
tallying up to 14 in the region
“We foresee 700+ exits [in
▪ Capital available from both local SEA] between 2023-2025”
and foreign funds is steadily rising
Demographics
SEA shares some similar demographic trends

with other leading regions globally
SEA population has and expects to grow inline with the world average, whereas
other more developed regions are showing signs of slowing
Population growth
2.0%
1.5%
1.0%
0.5%
0.0%
-0.5%
2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028
South East Asia Euro Area United States China India World
SEA is slowly closing the gap on the World average for urbanisation
Urbanisation
55%
50%
45%
40%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
South East Asia World
Impacts of urbanisation on GDP are not equal across all regions, with
Indonesia and Thailand being less impacted than Vietnam and Malaysia
Urbanisation vs GDP
12.0%
10.0%
Singapore Myanmar
GDP CAGR (1990-2018)
8.0%
Philippines CambodiaMalaysia Vietnam Laos
6.0%
Indoneisa
4.0% South East Asia Thailand
2.0%
Brunei
0.0%
-1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5%
-2.0%
-4.0%
Urbanisation CAGR (1990-2018)
Source: OECD, World Bank
Demographics
SEA shares some similar demographic trends

with other leading regions globally
Similar to the rest of the World, the SEA population is ageing. However, the
average age remains low, which is a positive for the labour force in the region
Median Age (yrs)
42 43 44
39 41 38 39
37 38
30 30 32 31 32
28 29 30
27
India South-Eastern World China United States Europe

Asia
2025 2020 2015
SEA internet users have grown at a CAGR of 17.2% since 2008, reaching over 430m
users by the end of 2019. With a record 114m users coming online in 2019 alone
and with total penetration at only 66%, further near term growth is to be expected
SEA Internet Users (millions)
360
322
294
256
219
188
167
149
112 128
76 81
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
SEA consumers are spending at least 2x more on average since 2000, as the middle
class population has increased by 130m
Consumer Spending and Middle Class Population

680
3,000
Expenditure per Capita
Middle Class Population
660
Final Consumption
2,500 640
620
2,000 600
(m)
580
1,500
560
1,000 540
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Consumer Spending per Capita ($) Middle Class Population (m)

Source: World Bank, e-Conomy SEA 2019
(1) Final consumption expenditure: expenditure on goods/services used for the direct satisfaction of individual/collective needs/wants of
household
Economics
SEA’s real GDP per capita is growing c.4x faster

than the World, clear evidence of convergence
We have identified a number of key drivers for SEA’s exponential growth in
GDP per Capita over the last two decades….
GDP per Capita ($000) 4.5

4.3
4.0 4.2
3.8 3.9
3.6
3.3 3.5
3.0 3.1 3.1
2.7 2.9
2.5 2.6
2.3 2.3 2.4
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
SEA has the 2nd fastest growing workforce in the world, with 80m+ joining since 2000,
with a further 60m to join by 20301
Labour Force (m)
+80m 428
324 328
314 318 320
307 310
295 301
285 290
279
266 271
258 263
248
248 252 255
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
FDI has grown at c.12% CAGR2 since 2000, economies

struggling with volatility have looked to SEA for diversification
FDI Inflows ($bn) 25%
180 Share of regions exports
160 that go to other SEA
140 countries1
120 Growing internal Market
100
80
60
40
20
13%
0 2018 central government
debt exposure as % of
GDP3
Source: ASEAN Post, World Bank Fiscal strength
(1) PwC: The Future of ASEAN, Time to Act
(2) 2000-2018 CAGR
(3) IMF.
VC Landscape
The pick-up in VC funding from 2017 strongly

correlates with the growth in online commerce
A record $10bn+ in VC funding was captured by startups in 2019 with both an
increase in mega-rounds and traditional VC rounds
Online Activity and VC Funding
20,000
20,000 70%
60%
($m)
Sales($m)
18,000
18,000 60%
16,000 50%
16,000
Funding/e-Commer Sales
Penetration
50%
InternetPenetration
14,000
14,000
40%
VCFunding/e-Commer
12,000
12,000 11,029 40%
10,000
10,000 30%
8,570
30%
8,000
8,000 6,170
Internet
6,000 6,570
6,000 4,648 20%
20%
6,000
4,000 568 3,790
4,000 4,648
225 2,160 568 10%
2,000 293 1,130
574 1,000 550
1,190
2,000 605 3,922 4,459
2,380
94
VC
365 349
905 1,592 432 1,352
- 0%
- 0%
2013 2014 2015 2016 2017 2018 2019
2013 2014 2015 2016 2017 2018 2019
VC Funding Rounds >$100m e-Commerce Sales Internet Penetration
VC Funding Rounds >$100m e-Commerce Sales Internet Penetration
90% of the 360m internet users connect

Internet penetration increased by 39%
to the internet primarily through their
over the last 6 years
phones1
E-Commerce sales have grown at a More than half of the region’s 14

30% CAGR since 2013 Unicorns are based in E-Commerce
Most of the venture capital funding in SEA is following in the footsteps of

the region has been geared towards China, where super-apps are the
consumer facing ridesharing, mobile leading consumer propositions in the
and e-commerce applications region
In general, SEA has experienced a

The most funded start-ups in the region positive upward trend for VC activity,
are Grab ($5.4bn) and GO-JEK ($2bn) with every year since 2013
Source: Pitchbook, Euromonitor Morningstar

(1) Google, Temasek & Bain Co.: e-Conomy SEA 2019
VC Landscape
South East Asia cities are starting to appear on the

global map of top cities for VC funding
Singapore, as a hub for VC funding in the SEA region has an important role
amongst the most active cities for funding and deal volume globally.
Jakarta also joins the list, driven by the spur of B2C driven investments in the
region that are aiming to capture the 4th largest population in the world
Funding & Deal Volume: 2018 Funding & Deal Volume: 2019 YTD1
% of Total % of Total
Total ($bn) Global Total ($bn) Global
Deals Deals
Global Total $226.7 100.0 20,065 Global Total $150.4 100.0 13,907
Beijing $23.6 10.4% 1354 San Francisco $17.8 11.8% 667
Hangzhou2 $20.1 8.9% 340 Beijing $13.8 9.2% 627
San Francisco $18.6 8.2% 919 New YorkCity* $10.2 6.8% 547
Shanghai $16.7 7.4% 794 Shanghai $6.7 4.5% 392
New YorkCity* $9.9 4.4% 771 London* $6.5 4.3% 508
Singapore* $5.3 2.3% 294 Singapore* $3.7 2.5% 347
London* $4.2 1.9% 649 Jakarta $2.5 1.7% 94
Jakarta $2.9 1.3% 83 Paris* $2.4 1.6% 195
Paris* $2.0 0.9% 264 Shenzhen $1.6 1.1% 237
*Note:Cities where White Star Capital has offices / presence
Average deal size in SEA has risen due to mega-rounds into the rising unicorns in
the region such as Go-Jek and Grab, while median deal sizes have gradually risen
in parallel
Average and Median Deal size in SEA

$30m $26.0m
$25m
$19.7m
$20m $17.7m
$15m
$9.8m
$10m $7.6m
$6.3m
$5m $0.8m $0.9m $1.0m $1.4m $2.0m
$0.6m
$0m
2014 2015 2016 2017 2018 2019
Avg ($m) Median ($m)
Source: CB Insights
(1) 2019 YTD as of 9/21/2019.
(2) Excludes outlier Ant Financial Services Group (Hangzhou, CN) deal of $14bn on 5/29/18.
VC Landscape
20% of start-ups in SEA that raise a Seed round go on

to raise a Series A round, but less than 15% of these
start-ups raise graduate to Series B and beyond
Pipeline of high quality seed and Series A stage start -ups has been driven
by the large number of <$100m funds. However, with the absence of
larger funds to finance later stage Series B+ rounds, there remains a clear
opportunity for international funds to build a presence in the region
% of Seed Start-Ups That Raise

Additional Funding Rounds
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
SEA Europe USA China
Series A Series B Series C+
“Between $20m and $100m check sizes, “It isn’t just new funds that are springing up; those that
South East Asia has a $930m Series C-D were once seed-stage investors are also scaling to
gap in funding each year relative to cover unfulfilled Series B demand. Jungle Ventures, for
China. Few investors focus on this example, recently hit the first close on its newest
gap…The funding bottleneck means fund that’s aimed at $220 million. Others stepping into
about 511 companies in South East Asia the void include Vertex Ventures, which has a new $230
that raised $1-20m in investments from million fund.”
2014 to October 2019 will find it hard to
graduate to a possible unicorn status… TechCrunch
EV Growth close $200m fund to
Asia Partners cover SEA’s Series B Funding Gap
South East Asia’s Golden Age
Select new funds in SEA focused on Series B+
Fund Size: Fund Size: Fund Size: Fund Size: Fund Size:
$200m $220m $230m $200m $300m
Source: Pitchbook, South East Asia’s Golden Age, TechCrunch
Note: Series A startups for SEA correspond to start-ups raising $5m or more, for other regions this is $10m. Series B startups f or SEA corresponds
to start-ups raising $10m or more for other regions this is $15m. Series C+ start-ups corresponds to start-ups raising $15m or more, for other
regions this is $20m.
VC Landscape
Rise of Unicorns coming out of

South East Asia
Inthe past 4 years, over $25B in funding has gone to the 14 Unicorns in
the region
2019
4 Unicorns
2018
1 Unicorn
2017
3 Unicorns
2016
2 Unicorns
2015
1 Unicorns
2014
2 Unicorns
2013
1 Unicorn
Source: Temasek SEA Economy Report

VC Landscape
Leading players within the SEA ecosystem

High-profile unicorns have seen significant investment from global tech
players such as Google, Tencent and Alibaba as they jostle for strategic
positioning within the region
Founded: 2012 2010 2009 2012 2009
Ride-hailing - but has

Ride-hailing - but has
expanded to food
expanded to food, Digital entertainment
delivery/logistics,
grocery, prescription (Garena), Ecommerce
Focus: payments (via Ovo), Ecommerce Ecommerce
delivery/logistics, ticket (Shopee), Payments
hotel booking, ticketing,
booking, cleaning, (AirPay)
video streaming,
payments, lending
insurance
Indonesia, Malaysia, Indonesia, Malaysia, Indonesia, Malaysia,

Indonesia, Philippines,
Philippines, Philippines, Philippines,
Countries: Singapore, Thailand, Indonesia
Singapore, Singapore, Taiwan, Singapore,
Vietnam
Thailand, Vietnam Thailand, Vietnam Thailand, Vietnam
Employees: 6,000 3,000 5,000+ 8,000+ 4,700
$5bn+ (Alibaba
Valuation: $14bn $9.5bn+ $21.2bn acquired 51% for $1bn $7bn+
in 2016)
Amount raised: $9bn+ $4.7bn+ IPO-ed in 2017 $3.7bn+ $2.4bn
SoftBank, Microsoft
Google, JD, Temasek,
and Didi Chuxing,
Key investors: Tencent, DST , Tencent Owned by Alibaba Alibaba, Softbank
Honda, Toyota,
Meituan, GIC
Booking Holdings
Source: Pitchbook
VC Landscape
Evolution of super-app ecosystems

Players such as Grab and Gojek are emulating Chinese tech players to
become one-stop ‘super-app’ ecosystems looking to serve customer needs
whether ride-hailing, ecommerce or food delivery
2013 Mar 2018 Oct 2018 Apr 2019

Ride-hailing Lending JV Courier delivery Video streaming
Nov 2016 May 2018 Jan 2019 Apr 2019

Payments Food Delivery Insurance Hotel/Ticket booking
Similarly Gojek has extended from bike-hailing to everything from food/ grocery
delivery to massage, health and cleaning services
Increasingly new emerging start-ups are seeking to adopt this same approach to
expand from one specific vertical to serving a broad range of customer needs
Source: Company filings

VC Landscape
There is a steadily increasing flow of

capital into the region’s VC funds
Snapshot of SEA grown and international VC funds setting up
operations in the region over the past decade
1
SEA VC
2
Foreign VC
18 17 1.6
16
16 15 1.4 1.4
14 14 Aggregate Capital Raised ($bn)
14
1.2
12
No. of Funds Closed
12
1.0
10
10 0.9
0.8 0.9
0.8
8 7
0.6
0.6 0.6
6
4
0.4 0.4
0.2
2 0.2
1
0 0.0 0.0
2011 2012 2013 2014 2015 2016 2017 2018 2019E
Year of Final Close
Annual ASEAN-Focused Venture Capital Fundraising, 2011 - 2019E

Source: Preqin Pro. Data as of June 2019
Data breakdown across SEA Countries

As of the end of 2019, this is how the SEA countries stack up in terms of VC
investments, economic and demographic figures. Each of these data points
will be examined in more detail in the next section of the report
VC Landscape Economics Demographics
VC Funding ($bn) % of GDP GDP ($bn) % of GDP Population (m) % online
Singapore 6.70 2.04% 328 65k 6 91%
Indonesia 2.67 0.24% 1,146 4k 261 41%
Vietnam 0.99 0.53% 187 3k 96 70%
Malaysia 0.23 0.06% 381 11k 32 82%
Philippines 0.26 0.08% 332 3k 107 82%
Thailand 0.13 0.03% 441 7k 70 73%
Frontier 1 0.05 0.04% 130 3k 78 39%
Source: WorldBank, CIA World Factbook, Pitchbook

(1) Frontier markets include: Myanmar, Cambodia, Laos & Brunei
Country
deep dives
The White Star Capital

model for a venture
capital ecosystem
The following country deep dives will delve into the high-level categories
that we at White Star Capital believe constitute a vibrant VC ecosystem.
1. Market 2. Talent
Naturally occurring, The abundance of strong
uncontrollable aspects of the founders and employees and
landscape the underlying initiatives
supportingthem
Key Characteristics
Key Characteristics
• Size and growth
• Universities
• Business environment
• Major corporates
• Tailwinds or
headwinds • Pool size and breadth
3. Government 4. Capital
Controllable, human-led Financing available in the

aspects of the landscape market
Key Characteristics Key Characteristics
• Government led • Angel investors
incubators and hubs
• Presence of funds across
• Workforce initiatives sectors and stages
• Regulations and incentives • Access to international
funding
Singapore
White Star Capital SEA Venture Capital: Country deep dive 24
Singapore
Overview
5.8m +3.6% $64,582 91% $6.7bn

Singaporean Real GDP ‘19 GDP per ‘19 Internet '19 VC
Population Growth (‘17-’18) Capita Penetration Funding
➢ Singapore is the Startup funding hub for all of SEA

➢ Several pan regional VCs have their HQ in Singapore
➢ Most SEA startups set up legal entities in Singapore
Perspectives
➢ Cybersecurity, IoT and AI are key sectors of interest to the government
Macro Investment Highlights VC Funding
206 200 227 6,680

184
159
1 +64.7% 67% 4,040 210
Unicorn Net National is the Fintech

Income per adoption amongst 1,590 1,700
1,070 1,080
Capita Singaporean
‘09-’17 CAGR consumers (used
to be 23% in 2017)*
2014 2015 2016 2017 2018 2019YTD
*Global average = 64% ; Asia-Pacific average = 63%
Trending Sectors Other key data points

Economic Demographic Workforce by Sector
FinTech 523 Inflation

0.2% Gini coefficient 46 Agriculture 1%
# of Deals (14'-18')
Exports ($ bn) 642 % under 15 yr 12% Industry 26%
SaaS 507
# of Deals Imports ($ bn) 546 % over 64 yr 11% Services 73%
Top 5 Funded Startups
Amount Amount Amount

Amount Amount
Raised: Raised: Raised:
Raised: Raised:
$183m $181m $179m
$9.4bn $308m
Source: World Bank, Pitchbook, KPMG ASEAN Business Guide, SBR

YTD: As of Dec 2019
Market
Singapore
Demographics
Despite a slowdown in 2015, GDP is on track to become twice what it was 10 years
ago. GDP per capita has continuously outpaced population growth.
64,582
60,298
GDP and Population 56,967 57,563 56,724 188%
53,890 55,547 55,647
47,237 174%
162% 164%
38,927 158% 159%
152%
144%
124%
114% 115% 116%
111% 113%
108% 110%
103% 106%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
GDP per Capita ($) GDP Population
Due to its small land surface, Singapore’s urbanisation has always been deemed
equal to 100%. Internet access increased by more than 20% in 10 years while the
number of internet users increased by 56%, reaching very near 100% penetration.
By these standards, Singapore is one of the most advanced countries in the world
and is well positioned for the digital economy. The only down-side is its scale,
where with a population shy of 6m it is hard to build B2C companies of scale
focusing solely on the Singaporean market.
Internet Use and Urbanisation 100%

100% 100% 100% 100% 100%
100% 100% 100% 100%
5.1 5.3
4.8 4.8
4.4 4.3 4.4
3.6 3.7 3.8
3.4
84% 88%
81% 79% 79% 84% 91%

69% 71% 71% 72%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
# internet users (in million) Urbanization Internet Access
Sources: OECD, World Data

Talent & Government
Singapore
Ecosystem
Talent
No. of Tech Workers Top Universities
22,000
Government Programs
Startup SG Innovation and Capability Voucher (ICV)
• Provides access to funding and mentorship • Easy-to-use $5,000 voucher to help startups
• Entails 6 different programs • Used to strengthen business operations through
• Government invests $1 for every private dollar projects
invested • Each startup is entitled to a maximum of 8
• 25+ accelerators provide mentorship and vouchers
guidance • The duration for each project is 6 months
maximum
Capabilities Development Grant (CDG) Market Readiness Assistance (MRA) Grant

• Program to help startups build their capabilities • This grant is available to subsidize third-party
• Capabilities are built across 10 key business costs
areas • The subsidy can go up to 70% for eligible costs
• Up to 70% of qualifying project costs can be • Eligible costs cover different activities
subsidized • Overseas market set-up and promotion are one
• Initiatives in this program lead to increased of them
productivity
Global Rankings for Key Economic Aspects

Ease of doing business 2 Corruptions perceptions index 7
Corporate governance watch 1 Global competitiveness index 3
Intellectual property protection 4 Global innovation index 7
Transparency of govn. policymaking 2
Source: OECD, QS Top Universities, Singapore Company Incorporation, KPMG ASEAN Business Guide
Capital
Singapore
Funding Activity
2018 was an inflexion point for Singapore’s late-stage rounds market with Series C and
Series D+ respectively increasing to $507m ($32m in 2017) and $2,540m ($77m in 2017)
Grab
Series G
Grab
6,680 Series H
227
206 200
184
210
159
4,040
Lazada 4,800
Series F Grab
Series F
Sea
2,500
Grab Series C
Series D 1,590 1,700
Grab
1,070 Series E 1,080
550
250 350 750 1,880
250 1,150 1,540
570
730 840
2014 2015 2016 2017 2018 2019YTD
Funding Main ($m) Deal No.
A relatively strong exit market in terms of valuations but not in terms of volume yet
1
2
11 11
8
7
6
5
2014 2015 2016 2017 2018 2019YTD
M&A IPO
Valn: $30m Valn: $470m Valn: $1bn Valn: $884m Valn: $573m Valn: $1.4bn
Valn: $20m Valn: $5m Valn: $45m Valn: $500m Valn: $86m Valn: $125m
Source: Pitchbook
YTD: As of Dec 2019
Capital
Singapore
Investor Mapping
Fund # Deals Fund # Deals Fund # Deals
39 37 24
Multi-stage
27 11 16
8 12
7 9
4 2
89 61 55
65 35 47
Seed
64 30 14
45 23 11
30 16 9
45 18 17
Series A -B
36 15 8
22 10
11 9
64 17 5
11 12
Series C+
8 11
8 X
Domestic Foreign Corporate
Source: Pitchbook - based on # of deals over the past decade, local insights (non exhaustive list / Series C+ may include PE & Growth deals)
Indonesia
Indonesia
Overview
261m +5.1% $3,894 40% $2.7bn

Indonesian Real GDP ‘19 GDP per ‘19 Internet '19 VC
➢ Indonesia has for several years been seen as the most attractive market in SEA
➢ Due to its large population (close to the size of the US) and growing middle class
Perspectives
➢ However half the population is on the island of Java, while the rest is scattered
➢ Indonesia is home to several unicorns already and ample access to funding

120
98 141
87 86
4 +5.9% 24.6% 48
3,058
2,667
Unicorns Net National is the proportion
Income per of Indonesian 878 586
companies 128 65
Capita
‘09-’17 CAGR adopting AI*
2014 2015 2016 2017 2018 2019YTD
*This is the highest proportion of the whole ASEAN region

E-Commerce 109 Inflation

(14'-18')
# of Deals
FinTech 106
Amount Amount Amount Amount Amount

Raised: Raised: Raised: Raised: Raised:
$3.9bn $2.5bn $920m $155m $78m
Source: World Bank, Pitchbook, Traxcn, KPMG ASEAN Business Guide, Computer Weekly
YTD: As of Dec 2019
Market
Indonesia
Demographics
Even though it experienced a decline between 2013 and 2015, GDP started to grow
again in 2016 and is in good shape to double what it initially was 10 years ago
193%
GDP and Population 188%
170% 173%
169%
165% 165%
160%
140% 3,694 3,837 3,894

3,643 3,624 3,492 3,563
3,122 3,332
2,261
110% 111% 112%

107% 108%
104% 106%
101% 103%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Urbanisation has steadily been increasing in Indonesia while internet users have grown 5x
over the past decade. Penetration still remains low at 41% with room for further growth
Indonesia is undergoing a historical transformation with its cities growing at a rate of 4.1%
per year. This makes it the Asian country with the fastest growing cities
Internet Users and Urbanisation
55%
55%
51% 52% 53% 53% 54% 41%

49% 50% 51% 40%
32%
106 112
22% 25%
15% 15% 85
12% 17%
11% 67
57
7% 44
36 38
26 30
17
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
# internet users (in million) Internet Access Urbanization

Talent & Government
Indonesia
Ecosystem
Talent
55,903
Government Programs
1,000 Startups
• The goal is to create 1,000 startups by 2020 • The program started in Jakarta and Yogyakarta
• They will amount to a valuation of US$10 billion • It covered the ten major cities in less than a year
1,001 Digital Startup Movement

• A renewed version of the initial program • Improves the start-up development activities
• Focuses on expanding the scale of coverage • It will target a wider reach of 15 cities
Income Tax Incentive for VC Firms

• First incentive package ever for VC • The incentive’s duration could be extended
• Income of VC firms won’t be taxed • VCs receive a tax cut between 10% and 100%
Special Economic Zones (KEKs)

• Businesses in KEKs can enjoy tax facilities • Non-collection of VAT on goods imported
• There are income tax incentives (up to 100%) • Non-collection of income tax on these imports
Source: OECD, QS Top Universities, Tech in Asia, e27, KPMG ASEAN Business Guide
Capital
Indonesia
Funding Activity
2018 was an inflexion point for Indonesia’s venture capital landscape with GO-JEK’s
$1.5bn Series E and the trend continues in 2019 with the company’s $1.0bn Series F
GO-JEK
Series E
Tokopedia
Series G 141
120
98
87 86
GO-JEK
3,058 Series F
2,667
48 Carmudi GO-JEK Traveloka
Tokopedia
Series B Series D Series C 1,100
Series E
1,020
878 1,500
586
128 65 550
100 25 350
2014 2015 2016 2017 2018 2019YTD
Indonesia has seen a steady stream of VC-backed exits via M&A but no IPOs yet as a
nature of the country’s less mature capital markets
6
5
4 4
2 2
2014 2015 2016 2017 2018 2019YTD
M&A IPO
Valn: $2m Valn: $134m Valn: $4.4m
Source: Pitchbook
YTD: As of Dec 2019
Capital
Indonesia
Investor Mapping
12 17 15
Multi-stage
12 14
12
106 41 34
37 14 29
Seed
36 13 23
25 7 17
12 6 11
20 22 12
Series A -B
12 12 6
9 7 1
26 7 7
7 6
Series C+
3 2
Vietnam
Vietnam
Overview
96m +7.1% $2,567 70% $992m

Vietnamese Real GDP ‘19 GDP per ‘19 Internet '19 VC
➢ Vietnam is one of the fastest growing VC markets in SEA

➢ The country attracted record VC funding in 2019 and deal activity
Perspectives
➢ It boasts one of the region’s largest computer engineering talent pool
➢ Several Startup’s are at an inflexion point and heading to become unicorns

70
992
46
37
2 +8.7% 6.7hrs 26 26
Companies 14
Net National Daily average 101 195
that raised 13 68 79
Income per time spent on
more than
Capita internet per
$100m 2014 2015 2016 2017 2018 2019YTD
‘09-’17 CAGR person

TMT 65 Inflation
(14'-18')
# of Deals
Mobile 35

$3.9bn $2.5bn $920m $155m $78m
Source:World Bank, Pitchbook, KPMG ASEAN Business Guide, We Are Social

YTD: As of Dec 2019
Market
Vietnam
Demographics & Economics
Vietnam is one of the world’s fasting growing economies. Growth over the last
decade has been attributed to significant foreign investment from neighbouring
Asian countries, notably South Korea and its large engineering talent pool
172%
GDP and Population
161%
151%
142%
133%
1,444 125%
1,386 1,753 1,853 1,964
119% 1,579 1,667
1,251 1,318 113% 1,506
108% 109% 110%
106% 104% 105% 106%
102% 103%
100% 101%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Compared to other SEA core counterparts, Vietnam is still very early in the urbanisation
cycle, outside of the frontier markets, it has the lowest urbanisation %
Nonetheless, internet penetration is quite high across both urban and rural regions and
has reached 70% or 68m users
Internet Users and Urbanisation
70% 70%
58%
53%
45%
39% 41%
35% 37% 35% 35% 36%
34%
30% 31%
30% 31% 32% 32% 33%

27% 67 68
50 55
33 35 38 42
23 27 31
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Sources: OECD, World Data, Vietnamnet.vn

Talent & Government
Vietnam
Ecosystem
Talent
Tech Workers Top Universities
250,000+
Government Programs
Mekong Business Initiative
• Development partnership to accelerate innovation and growth in Cambodia, Laos, Myanmar and Vietnam
• Supports access to alternative finance
• MBI partners with enterprises to advise governments to formulate policies that encourage entrepreneurship
• Supports business incubators and accelerators and pilots innovative business models
Support from Vietnam’s Ministry of Science and Technology

• NATECD is a platform that offers training, mentorship, and financial aid to startups
• National Technology Innovation Fund provides grants and preferential loans for R&D, innovation and
technology transfer
Saigon Silicon City Center

• Objective to support technology-focused startups and international firms
• 52-hectare complex in Saigon
• Expected to attract investments worth US$1.5 billion by 2020

Source: OECD, QS Top Universities, Manpower Group, KPMG ASEAN Business

Guide
Capital
Vietnam
Funding Activity
2018 was an inflexion point in terms of mega rounds for Vietnam’s venture capital
landscape with Sendo and Topica Edtech Group both raising $50m rounds. The trend
accelerates in 2019 with VinCommerce’s $500m Series E round and, SCOMMERCE
and Momo’s respective $100m Series C rounds.
Sendo.vn
Series B
70
Topica 992 Momo
Series D Series C
46 100
100 SCOMMERCE
37 Series C
26 26
500 VinCommerce
Series E
14 Tiki.vn
Series C 195
68 101 79 51
13 44
50
2014 2015 2016 2017 2018 2019YTD
Exits in the Vietnamese ecosystem are still sparse, as funding only picked up around
2018, however there have been 2 IPOs in the past 3 years
1
1 1 1 1 1
2014 2015 2016 2017 2018 2019YTD
M&A IPO
Top 4 Exits
Valuation: Valuation: Valuation:

$86m $78m $72m
Source: Pitchbook
YTD: As of Dec 2019
Capital
Vietnam
Investor Mapping
7 5 2
Multi-stage
12 56 7
9 13
Seed
4 6
3 5
3 3
4 16
Series A -B
40 17 2
8 1
Series C+
4 1
Malaysia
Malaysia
Overview
31.6m +5.9% $11,373 61% $231m

Malaysian Real GDP ‘19 GDP per ‘19 Internet '19 VC
➢ Malaysia is one of the smaller and more industrialised countries in SEA

➢ The country boasts the regions’ second highest GDP per capita
➢ Its smaller size and relatively wealthier population have attracted e-commerce
Perspectives
➢ Since 2016, a steady stream of VC funding has entered the region

63 227 231
54
49
45
153
3 +60.4% 82% 19
126
46
Mega rounds Net National is the proportion of 60
in the past 5 Income per exporting SMEs in 29
years Capita the country that
‘09-’17 CAGR sell to markets
beyond Asia* 2014 2015 2016 2017 2018 2019YTD
*This represents the highest proportion in SEA

E-Commerce 128 Inflation

(14'-18')
# of Deals
SaaS 64

$380m $47m $30m $29m $28m
Source:World Bank, Pitchbook, KPMG ASEAN Business Guide, SME Magazine Asia
YTD: As of Dec 2019
Market
Malaysia
Aside from the decline in 2015, the Malaysian GDP has been growing healthily
over the past decade.
GDP and Population 11,319 11,373

10,817 10,970
10,399 10,254
9,955 9,818 177%
9,041
167%
160%
7,293 155% 158%
147% 149% 149%
126%
112% 114%
109% 111%
106% 108%
105%
102% 103%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Urbanisation is stagnating and, internet access and number of internet users

start to follow the same trend. Growth in Malaysia’s VC ecosystem will mainly
come from the continuing growth in GDP capita and rising middle class.
Internet Use and Urbanisation

80% 81%
79%
73% 74% 74%
72% 72% 82%
75% 75% 76%
70% 71% 71%
66% 64%
61%
56% 56% 57%
25 26 26
24
21
19 19
17 17
15 16
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Talent & Government
Malaysia
Ecosystem
Talent
15,000
Government Programs
Young Entrepreneur Fund TEKUN Financing

• For Malaysian entrepreneurs launching businesses • It has 2 categories: SPK and SPS
• Applicants must be between 18 and 30 years old • With SPK, you can apply for a RM10k-RM50k
• The financing amount falls between RM30k and loan
RM5m • With SPS, you can apply for a RM50k-RM100k
• The financing amount is subject to a rate of 5% per loan
year • It’s run by TEKUN Nasional, a governmental
agency
Business Startup Fund Micro Enterprise Fund

• Makes the list of all governmental grants • Objective is to allow startups to get secure
• Tech-related startups are eligible for funding
these grants • The loan amount ranges between RM10k and
• The maximum amount of financing can RM50k
be RM5m • The loan depends on the different business
• It can also be 90% of the business at a needs
3.5% yearly rate • To be eligible, you should work full time for your
startup

Source: OECD, QS Top Universities, Founders.my, KPMG ASEAN Business

Guide
Capital
Malaysia
Funding Activity
Total funding and deal volume appears to have flatlined in Malaysia since 2017,
hovering around the same ranges.
Iflix Iflix
Series D Series C
63
54
49 46
Columbia Asia 45
Series C
227 231
Sentinext 133 153

Therapeutics
19 Iflix
126
Series B
Series A
60
90
25 30
14
2014 2015 2016 2017 2018 2019YTD
Malaysia is not yet a very mature market when it comes to exits, with only a
handful of sub $100m exits having materialized.
3 3
2
1 1
2014 2015 2016 2017 2018 2019YTD
M&A IPO
Valn: $106m Valn: $9m Valn: $14m Valn: $4m
Valn: $3m
Source: Pitchbook
YTD: As of Dec 2019
Capital
Malaysia
Investor Mapping
53 22 5
Multi-stage
50 10 3
13 5 2
5 2
52 37 3
24 8 2
Seed
19 7
6 7
5 5
13 5 4
Series A -B
6 3
17 6
12
Series C+
10
Philippines
Philippines
Overview
107m +6.2% $3,103 73% $264m

Philippine Real GDP ‘19 GDP per ‘19 Internet '19 VC
➢ Philippines demographics and economic growth fill the country with potential
➢ Filipinos spend record amounts of time per day on the internet
Perspectives
➢ Philippines’s largest conglomerates are heavily investing into VC & startups
➢ However the startup ecosystem appears to still be early, yet ripe for takeoff

259 264
28 30 29
21 22
+5.7% 10.0hrs 14
1 Net National
Income per
Daily average
time spent on 11
29
56
Unicorn 3
Capita internet per
‘09-’17 CAGR person 2014 2015 2016 2017 2018 2019YTD
Funding ($m) Deal No.

TMT 73 Inflation
(14'-18')
# of Deals
Mobile 21

$53m $27m $15m $11m $10m
Source: World Bank, Pitchbook, KPMG ASEAN Business Guide, We Are Social
YTD: As of Dec 2019
Market
Philippines
Demographics & Ecnomics
Filipino GDP growth has been very strong over the last decade, driven by policy,
social and fiscal reforms, increasing wealth in the region and boosting economic
output. Meanwhile, population growth has been more moderate.
GDP and Population
174%
164%
153%
143%
2,496 2,884 3,022
2,605 2,743
2,271 2,390
2,007 2,124 2,165
119% 135%
112% 127%
108% 105%
102% 103% 114% 115%
110% 112%
107% 109%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
For the last 10 years, the Philippines has been one of the more urbanised countries
in SEA. The economic benefits of urbanisation seem to have been fully reached
Nonetheless, the strong growth in internet access in the last three years has
positioned the Philippines as leading country in terms of internet activity in SEA.
There is a captive and youthful audience of Filipinos online that are primed to
enter digital marketplaces across sectors, making the region a hotbed for
entrepreneurship to watch over the next 36 months.
73%
67%
60%
56%
53%
48% 50% 47%
45% 46% 46% 47%
45% 46% 46% 46% 46%

25%
36%
29% 63 71 71
9% 50 54 58
48
28 35
8 23
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: World Bank, Public Finance International

YTD: As of Dec 2019
Talent & Government
Philippines
Ecosystem
Talent
Information Technology and Top Universities
Engineering Graduates per Year
130,000
Government Programs
The Innovative Startup Act
• Offers subsidies in business registration, use of office space and equipment, grants in research and
development
• Special visas with multiple entry privileges to foreign startup owners, employees and investors
The Startup Pilipinas

• Developed by the Department of Trade and Industry (DTI)
• Areas of development: Increase culture and
collaboration, address legal and regulatory barriers, capital and resource support, create a national
startup business council and establish a Philippine startup economic zone
The digital startups PH Program

• Initiative of the Department of Information and Communications Technology (DICT)
• The goal is to boost the ICT ecosystem and develop local ICT startups
• Brings together industry stakeholders and enables them to create innovative business products and
solutions

Source: OECD,QS Top Universities, Harvard Business Review, KPMG ASEAN Business Guide
Capital
Philippines
Funding Activity
The Filipino ecosystem has been continuously increasing over the past few years.
While deal volume tends to decrease since 2018, larger rounds start appearing with
Voyager Innovation’s $175m Series A in 2018 and Converge ICT Solutions’ $250m
Series C in 2019.
Converge ICT
Solutions
Series C
30 259 264
28 29
Philippines 21 22
Urban Living
Solutions Voyager
Series A Innovation
14 Series A 175 250
56
29
3 11 13
2014 2015 2016 2017 2018 2019YTD
Exit activity has been limited, although this is expected given the early stage
of the ecosystem
1 1
2014 2015 2016 2017 2018 2019YTD
M&A IPO
Top 2 Exits
Valuation: Valuation:
$72m $22m
Source: Pitchbook
YTD: As of Dec 2019
Capital
Philippines
Investor Mapping
10 3 20
Multi-stage
3 3 5
16 22 29
6 14 2
Seed
- 13
9 9 2
Series A -B
8 4
- 9
5
Series C+
Thailand
Thailand
Overview
70m +3.9% $7,274 82% $129m

Thai Real GDP ‘19 GDP per ‘19 Internet 19YTD VC
➢ Thailand’s VC ecosystem is still very much in its early days

➢ The country boasts one of the world’s most active social media population
Perspectives
➢ However there have been limited Thai-led large scale startups
➢ CVCs are leading the way in kickstarting the ecosystem to live up to its potential

40
35 36 36
129
153
120
1 +4.2% 9.2hrs 13 63
30
Companies Net National Daily average 30

23
that raised Income per time spent on
more than Capita internet per
$100m ‘08-’17 CAGR person 2014 2015 2016 2017 2018 2019YTD

TMT 95 Inflation
(14'-18')
# of Deals
Mobile 44
Amount Amount Amount Amount

Raised: Raised: Raised: Raised:
$125m $32m $29m $28m
Source:World Bank, Pitchbook, KPMG ASEAN Business Guide, We Are Social

YTD: As of Dec 2019
Market
Thailand
While population growth has been relatively flat, the economy has seen stable growth
over the past decade: Thailand currently sits as the 8th largest economy in Asia
GDP and Population

6,362
6,129
5,741 5,912
5,438 5,559 5,589
5,076 5,094
4,745
139%
134%
129%
124%
119% 121%
116%
108% 108%
101% 102% 102% 103% 103% 104% 104%
100% 101%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
The Thai government’s efforts to bring the population online have borne fruit as the
number of internet users close to tripled in the past 3 years and internet penetration
has jumped to an all-time high of 82%
Urbanisation has increased steadily, reaching levels close to the world average
82%
57%
53%
48% 48%
48% 49% 50%

45% 45% 46% 47%
43% 44%
39%
35%
29% 79
26%
22% 24%
20% 37 39
24 27 33
13 15 16 18 20
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: World Bank

Talent & Government
Thailand
Ecosystem
Talent
Target for new Digital and Tech Top Universities
Workers per Year by 2022
40,000
Government Programs
Startupthailand.org
• Ecosystem database that allows businesses from the Thai startup community to receive
accreditation from the Ministry of Science and Technology
• Access to government privileges such as tax exemptions and funding
Spending of Board of Investment (BoI)

• Government step to position Thailand as a startup hub by 2020
• Ordered to spend 10bn baht ($312m) of the Competitiveness Fund on the startup community
Smart Visa and innovation district schemes

• Should increase capital in Thai startups to 100bn baht from nearly 40bn in 2018
• SMART Visa holders must be working in one of the 10 industries targeted by the Thai government
• Thailand’s Smart Visas are available for investors, executives, talented individuals and those involved
in startup incubators and accelerators to stay in Thailand for up to four years

Source: OECD, QS Top Universities, Asia Blockchain Review, KPMG ASEAN Business Guide
Capital
Thailand
Funding Activity
Over the last 5 years, early-stage rounds have been a regular feature in the Thai
ecosystem, but few late stage rounds have been raised illustrating the early nature of
the Thai VC ecosystem
Acommerce
Series B
Pomelo Fashion
40 Series C
36
35 36
153 30
129
120
65
52
13 63
30
23
2014 2015 2016 2017 2018 2019YTD
In recent years, exits in Thailand have been limited, this is to be expected given the
limited growth funding that has taken place to scale-up startups in the country
1 1
2014 2015 2016 2017 2018 2019YTD
Top 4 Exits M&A IPO
Valuation: Valuation:
$6m $5m
Source: Pitchbook
YTD: As of Dec 2019
Capital
Thailand
Investor Mapping
9 11 5
Multi-stage
- 5
9 54 2
7
Seed
5 11 12
Series A -B
4 4 10
4 9 3
4
Series C+
Myanmar Cambodia Laos Brunei
Frontier VC Markets
Frontier VC markets
Overview
54m +6.4% $1,572 31% $6m

Burmese Real GDP ‘19 GDP per ‘19 Internet '19 VC
Myanmar
Perspectives
➢ Myanmar has the highest growth potential from all the frontier markets
➢ It’s large population and low internet penetration make it one to watch
17m +6.8% $1,205 40% $4m

Cambodian Real GDP ‘19 GDP per ‘19 Internet '19 VC
Cambodia
Perspectives
➢ Cambodia’s VC ecosystem is still in it’s infancy with few transactions taking place
➢ Relatively new local VC funds such as Ooctane are helping grow the market
7m +6.9% $1,789 26% $0m*

Laos Real GDP ‘19 GDP per ‘19 Internet '19 VC
Laos
Perspectives
➢ Laos is at a similar stage to Cambodia but is a lot smaller in size
➢ Startups from neighbouring countries will seek to seize this market
0.4m +1.3% $31,437 95% $0m*

Brunei Real GDP ‘19 GDP per ‘19 Internet '19 VC
Brunei
Perspectives
➢ Brunei is a resource rich small country in the island of Borneo
➢ The country’s sovereign funds play a big role in the domestic and intl. market
Source: World Bank, Pitchbook, KPMG ASEAN Business Guide

*limited data sources
Frontier VC
Investor Mapping
7 6
7 3
Myanmar
7 2
6 2
5 2
2 5
Cambodia
- 4
1
Laos
- 1
-
Strategic Development Fund
Brunei
White Star Capital SEA Venture Capital JL Capital Group 62
PE perspective
Section written in collaboration with:
JL Capital Group
JL Capital Group, LLC 63
From a private equity perspective, there are few places more

exciting than South East Asia right now. The region is benefitting from
a combination of stronger foreign investor legal protections, better
regulatory environments, a rapidly emerging middle class, a young
and increasingly educated population, and continued globalization
trends in Asia.
After recently moving to Singapore and meeting regional business

owners, other private equity firms, and family offices investing in South
East Asia I have found that the private equity capital markets have
slowly become more competitive, but the current demographic
trends and economic indicators keep SE Asia highly attractive as an
Joseph Lassen investment destination. Consumer spending, FDI, and productivity
Managing Member rates continue to increase at a rapid pace.
JL CAPITAL GROUP The potential rewards in SE Asia for sophisticated and value-oriented
________________________ private equity investors remains significant. Investors who are willing to
embrace local cultures and have on-the-ground operations in the
region continue to see a robust pipeline of companies seeking
JL Capital Group manages growth capital and/or ownership transitions.
various private investment
holdings on behalf of outside
investors. We currently focus Country Highlights
on completing private Private Equity Ecosystem
equity investments and co-
investments in the United Thailand
• Thailand 4.0 reforms recently
States and South East Asia, passed
but have a global mandate • 12%+ CAGR in consumer spending
growth during last 3 years
and consistently assess • Largest stock market in emerging
opportunities in numerous SE Asia by market cap Vietnam
Consistent regulatory and
countries and regions across •
business reforms being passed
the globe. • Explosive growth in
manufacturing and tech sectors
• Constant FDI growth in past 5
For contact, please visit: years
https://jlcapital.group
Malaysia
• Favorable tax reforms passed, 2019
• Top 15 globally in ’Ease of Doing
Business’ index
• Positive FDI inflows for 15+ years
Indonesia Singapore
• Recently hit $1tn GDP • Leading financial hub of SE Asia
• Large and highly diverse consumer • Highly favorable tax regime
population • Well developed judicial and
• Avg. $5bn in new FDI per quarter regulatory system
White Star Capital SEA Private Equity: An Overview JL Capital Group 64
Singapore
Private Equity Ecosystem
Investors
Number of Private Equity Funds Largest Funds by AUM
70-80
Summary
General
• The majority of funds domiciled in Singapore are used as parent entities which invest in other
countries in APAC. Private equity fund investments within Singapore are limited due to strong
presence of the country’s sovereign wealth funds: GIC and Temasek Holdings
• In 2019, 100% of PE funds raised in Singapore either matched or exceeded their target fund size; 33%
met the fundraise target, and 67% exceeded this amount
• Singapore consistently ranks as the country with the highest nominal amount committed to buyouts
in SE Asia
Geographic Focus
• Slightly more than 40% of Singapore PE funds list China as a geographic focus
• >95% of Singapore funds list South East Asia as a strategic geographic mandate and invest outside
of Singapore
Number of PE Funds by Size - Singapore

16
13
12
10
9 9
< $100mn $100mn - $250mn - $500mn - $1bn - $10bn - $100 bn +

$250mn $500mn $1bn $10bn $100bn
Sourcee: PitchBook and SVCA, 2019

Singapore
Private Equity Deal Volumes
In recent years, the majority of Singapore’s private equity deal volume has been
concentrated in commercial and residential real estate portfolio transactions.
Due to the size of the market, the number of deals annually remains relatively
constant.
Number of Transactions Completed by Year -

Singapore
45
40
35
30
25
20
15
10
5
0
2015 2016 2017 2018 2019
● Estimated annual PE deal volume: $3 billion to $10 billion with certain outlier
transactions
● Outsized 2017 deal volume of $15 billion+ driven by Blackstone’s acquisition of

various assets from GLP’s commercial real estate portfolio
Annual Notable Transactions

2016: Everbright Asset Management buyout of MP & Silva Pte. Ltd. - $1bn
2017: Blackstone’s buyout of GLP commercial RE portfolio - $11bn +
2018: Affirma Capital’s buyout of Tat Tong Holdings - $545m
2019: EQT’s buyout of Health Management International Ltd. - $451m
Source: S&P Capital IQ

Indonesia
Investors
Headquartered in Indonesia
Appx. 5
Summary
General
• Due to complex regulatory requirements, and a difficult business environment, there are not a high
number of PE funds operating directly in Indonesia, although this is beginning to change as the
Indonesian government implements investor and business-friendly policies
• Many PE funds domiciled in other locations are actively investing in the country. The most recent
data shows 50+ PE funds domiciled in other countries - primarily Singapore - that have portfolio
investments in Indonesia
• Continuing improvements to the judicial and regulatory environments in Indonesia continue to draw
increasing amounts of capital into the country; this trend is likely to continue, and possibly
accelerate in the coming years
Number of PE Funds by Size – Indonesia
2 2
$0 - $50mn $50mn - $200mn $200mn +
Sourcee: PitchBook and SVCA, 2019

Indonesia
In recent years, the majority of private equity deal volume has been
concentrated in travel & leisure, IT infrastructure, healthcare, and financial
services. However, the majority of investment capital flowing into Indonesia
remains in venture capital and growth equity.

Indonesia
30
25
20
15
10
0
2015 2016 2017 2018 2019
Estimated PE deal volume in Indonesia fluctuates between $2bn and $7bn annually.

2016: CVC Capital’s buyout of PT Siloam International Hospitals Tbk - $154m
2017: Proterra Partners growth capital investment in FKS Food and Agri - $100m
2018: KKR’s buyout of Unilever Indonesia’s Spreads Business - $207m
2019: Warburg Pincus’s growth investment in P.T. Nirvana Wastu Pratama - $200m
Source: Preqin Private Equity Dashboard and S&P Capital IQ

Vietnam
Investors
Headquartered in Vietnam
6-10
Summary
General
• Due to Vietnam’s stable currency, improving FDI policies, and quickly emerging middle class, the
country has experienced one of the highest rates of FDI as a percentage of GDP in the world in the
past five years
• However, similar to Indonesia and other quickly emerging South East Asian nations, there are still few
traditional private equity funds domiciled in the country. Rather, many funds are investing in
Vietnam through holding companies located in Singapore and other jurisdictions
• Within the last five years, 50+ international private equity funds have completed deals in Vietnam
• Vietnam is poised to be one of the largest beneficiaries of increased private equity investment into
the Technology & Industrials sector
Number of PE Funds by Size – Vietnam

6
2 2
$0 - $50mn $50mn - $200mn $200mn +
Source: PitchBook and World Bank

Vietnam
concentrated in financial services, food & beverage, retail, and other
consumer products.

Vietnam
100
90
80
70
60
50
40
30
20
10
0
2015 2016 2017 2018 2019
● Private equity deal volumes remain small in Vietnam, even though the number of
transactions is increasing. Estimated total private equity deal volumes in the
country remain well below $1bn annually
● The 2019 decline in deal volume was partly due to higher asset prices and a
protracted decline in the public stock market; a reversal of the trends that led to
record deal volume in 2018

2016: UOB and ORIX Corporation’s investment in Bitexo Power - $50m
2017: KKR’s buyout of Masan Nurtri-Service - $150m
2018: Warburg Pincus’s growth investment in Techcombank - $370m
2019: Oaktree Capital and Quadrant’s add-on investment to CMG, Asia - $135m
Sourcee: Preqin Private Equity Dashboard

Malaysia
Investors
Headquartered in Malaysia
10-15
Summary
General
• In the past five years, Malaysia has consistently been ranked among the top three countries in South
East Asia in terms of deal volume. The favorable business environment and ease of doing business in
the country serve as catalysts for future growth
• Although the deal volume in Malaysia decreased from previous years, the government is working
hard to increase the confidence of foreign investors. Alongside Singapore and Indonesia, the
government passed standards in line with ISO 37001 Anti-bribery management systems
• Additionally The Anti-Corruption Commission (Amendment) Act was recently passed. The Act
penalizes commercial organizations for corrupt acts by associated persons. It also empowers the
Malaysian Anti-Corruption Commission
• Transparency International’s Corruption Perception Index ranks Malaysia as the second best
environment to do business in the region behind Singapore
Number of PE Funds by Size – Malaysia

6
4
3
$0 - $50mn $50mn - $200mn $200mn +
Sourcee: PitchBook and World Bank

Malaysia
In recent years, the majority of private equity deal volume in Malaysia has
been highly variant, and includes: industrials, technology, and environmental
equipment, among others.

Malaysia
30
25
20
15
10
0
2015 2016 2017 2018 2019
● Estimated annual PE deal volume in Malaysia fluctuates between $500mn

and $1.5bn
● Decrease in deal volumes between 2017 and 2019 were partially due to
the uncertainty around the 2018 Malaysian elections. However, the outlook
pos—election looks more promising moving into 2020

2016: CVC Capital Partners and GIC buyout of Nirvana Asia - $1.1bn
2017: Innovation Network Corporation of Japan and Khazanah Nasional growth

capital investment in edotco Group - $600m
2018: Consortium including: BDT Capital Partners, JAB Holding Co., Jacobs Douwe
Egberts, Quadrant buyout of OldTown White Coffee - $372m
2019: Khazanah Nasional recapitalization of Malaysia Airlines - $72m
Source: Preqin Private Equity Dashboard, EY PE Report, S&P Capital IQ

Thailand
Investors
Headquartered in Thailand
5-10
Summary
General
• After the military coup of the Thai government in 2014-2015, private equity deal volumes have been
slow to recover in the country. However, in recent years, FDI is returning to the country
• A gradual increase in urbanization has lifted private consumption expenditures and boosted
consumer confidence, providing new investment opportunities in a wide range of sectors in Thailand
• Tourism and hospitality continue to be the fastest growing sectors in the country – double digit
percentage growth are anticipated to continue in the coming years
• The government of Thailand has an eye on the future of the country and the development of its
economy. Recently the ‘Thailand 4.0’ framework was released – the initiative offers objectives to
develop and support innovation in 10 industries that are critical to the continued development of
the country
Number of PE Funds by Size – Thailand
2 2
$0 - $50mn $50mn - $200mn $200mn +
Sourcee: PitchBook and EY

Thailand
concentrated in tourism and insurance. Deal sizes continue to increase as
investors feel more comfortable with the political and economic situation in the
country.
Private Equity Transactions – Thailand

30 3500
3000
Number of Transactions
25
US Dollars (million)
2500
20
2000
15
1500
10
1000
5 500
0 0
2015 2016 2017 2018 2019
Number of Transactions Completed by Year Annual Deal Volume
● Note: total estimated deal volumes are roughly double what is shown above;
most private equity deal sizes were undisclosed in the reported years
● The significant rise in deal volume in 2019 was due to the $3.1bn acquisition of
SCB Life Assurance Co. by a consortium of domestic and international investors

2016: Goldman Sachs’ growth equity investment in Red Planet Hotels - $70mn
2017: Morgan Stanley Private Equity Asia’s buyout of DSG International - $130mn
2018: Lakeshore Capital Partners’ buyout of Pañpuri – $undisclosed
2019: GIC – Singapore and KSL Capital Partners’ buyout of Sovena Group - $200mn

Philippines
Investors
Headquartered in Philippines
5-10
Summary
General
• The large majority of private equity funding in the Philippines comes from corporate enterprises or
international investors. There are few traditional private equity funds located in the country
• Private equity transaction volumes remain very small in the Philippines due to the yet undeveloped
infrastructure and true value proposition for investing in the country
• The longer-term demographics in the Philippines could drive more investment and capital growth in
the country in the next decade. The current average age of the country is 23 and nearly one-third
of the population will join the middle class in the next ten years. This will most likely lead to massive
nominal GDP growth, and large GDP per capita growth
• The primary development issues in the Philippines are infrastructure focused – a large percentage of
private and government funding is being allocated to solve logistics and urban population
management problems
Number of PE Funds by Size – Philippines
3 3
$0 - $50mn $50mn - $200mn $200mn +
Sourcee: PitchBook and World Bank

Philippines
completed by corporate or strategic acquirers rather than traditional PE funds
and the majority of FDI has been concentrated into venture capital
investments.

Malaysia
4
0
2015 2016 2017 2018 2019
● Note: Specific private equity deal numbers and deal volumes in the Philippines are
difficult to identify – the above transactions are those that were publicly reported. It
is highly likely that more than this number of transactions occurred in each
respective year
● Deal volume in the Philippines remains low – consistently below $500mn annually

2017: Partner’s Group management buyout of SPi Global - $330mn
2018: Tencent and KKR’s recapitalization of Voyager Innovations - $175mn
2019: Japan Bank for International Cooperation and Osaka Gas’s growth equity
investment in the Atlantic, Gulf and Pacific Company - $100mn

Impact Investing
in the region
Section written in collaboration with:

INDEVOR Singapore 77
Impact investing market in SEA is fast growing but

remains fragmented, with huge variations in deal
value, volume and nature across countries. Since
2013, Private Impact Investors (PIIs) have began to
play a bigger role in the region which was
previously dominated by Development Finance
Institutions (DFIs).
Grace Su Lei Naing
2020 President Although the region is lagging in ESG
INDEVOR Singapore considerations and reporting compared to US and
________________________ European markets, demand for impact investments
continues to grow. There is a substantial increase in
Founded in 1993, INDEVOR is the number of dedicated impact-focused funds,
one of the oldest student and which are making direct investments in sectors like
alumni organization at INSEAD. agriculture, financial services, energy, and ICT.
Supported by the Faculty, Most of these funds have LPs from outside of the
Social Innovation Centre and region, with a handful of local investors showing
Social Entrepreneurship interest in the space.
Initiative, INDEVOR fosters
network across MBAs, alumni
and impact professionals At a glance (2007 – 2017)
around the region. Each year,
we organize panels, networking
event and talks to strengthen
the impact ecosystem in $11.2bn $ 0.9bn
Singapore. Impact capital by Impact capital by
Development Finance Private Impact Investors
For contact, please visit: Institutions (DFIs) (PIIs)
https://www.linkedin.com/com
pany/indevor
~65% $ 0.7m
Of PII investments Median ticket size
are in equity of PII investments
Private Impact Investors investments by country (2007 – 2017)
70 58
500
60 400.9 54
400
50
37 300
40
30 23
148.8 9
200
107.2 15 6.8 14
20 10.8 73.3 10
4.9 61.3 7 100
10 2.6 1.9 3 30 27.5 25.9 25.8
3.9 1.9 1.1
0 0
Cambodia Indonesia Philippines Thailand Singapore Malaysia Laos Myanmar Vietnam
Total investments ($ mil) Average Deal Size ($mil) # of deals
Cambodia, Indonesia and Philippines together made up ~75% of the total value of capital deployed
by PIIs, but each countries have different drivers to these investments.
Source: IFC, AVPN, GIIN

White Star Capital SEA Venture Capital: An Overview INDEVOR Singapore 78
Different drivers of impact investments in SEA

Perspectives from INSEAD’s INDEVOR on three key countries in SEA
$2.3bn $0.6bn $401m 37 $10.8m

FDI net inflows Impact capital Impact capital Deals by Active Average deal size
( ‘16) by DFIs (’07 –’17) by PPIs (‘07-’17) PIIs (’07 –’17) by PPIs
Cambodia
Perspectives
➢ Microfinance industry accounts for majority of the impact capital inflow.
➢ Unusual concentration of investments in one sector – allows scale, but risks
commercialisation
➢ Limited to no investments in other sectors
$3.6bn $149m 24 58 $ 27.6m

Deployed into 5
Impact capital Impact capital Active PIIs Deals by Active
Gender lens
Indonesia by DFIs (’07-’17) by PIIs (’07 –’17) (’07-’17) PIIs (’07 –’17)
investments
➢ With SEA’s largest population, Indonesia attracts impact capital to diverse

range of sector: Agriculture, fin. services, tech, health and workforce
Perspectives development
➢ Have comparatively more mature impact ecosystem; with many impact-
focused business support providers.
➢ Existing network of impact-first angel investors
$2.3bn $107m 23 54 $ 12.4m

Deployed into 20
Impact capital Impact capital Active PIIs Deals by Active
Gender lens
by DFIs (’07-’17) by PIIs (’07 –’17) (’07-’17) PIIs (’07 –’17)
Philippines investments
Perspectives
➢ Growing traction in impact investing, ~40% of the deals by PIIs were made from
2015 onwards
➢ Philippines attracts impact capital to range of sector: fin, services, workforce
development, agriculture and energy
➢ Huge DFI presence, Asia Development Bank headquarter in Manila
➢ Lacks seed-stage capital, limited investments below $ 0.5m
Source: AVPN, GIIN

White Star Capital SEA Venture Capital: Country deep dive INDEVOR Singapore 79
United Nations’ Sustainable Development Goals

A guiding framework for impact investing
Adopted by the United Nations’

Sustainable Development Goals (SDGs)
have enabled some impact investors to
use common language to communicate
their goals.
However, due to the nascent ecosystem,

there are limited standards, guidelines
and independent evaluators to
objectively categorize an investment as
an impact investment.
We track performance to the

37%
SDGs for all of our investments
We track performance to the
18%
SDGs for all of our investments
We do not track performance to
21% the SDGs, though we plan to do so
in the future
We do not track performance to
24% the SDGs and don’t have any
foreseeable future plans to do so.
Impact investors benefit significantly from

having a local presence – 2x likely to
uncovering investments.
The region accounts for 17% of the global

impact investment activity, however only
2% of the funds have HQs based in SEA
(4 out of the 226 impact funds ➢ Investments (above $5m) mostly in
interviewed for 2019 GIIN survey). microfinance enterprises
➢ Smaller investments (less than $0.5m)

in agriculture sector, education, and
ICT – made through incubators.
Source: UN, IFC, GIIN, AVPN

White Star Capital SEA Venture Capital: Country deep dive INDEVOR Singapore 80
Impact Investor Mapping

Overview of most active investors
Fund # of deals
56
Development Finance
Impact investors have

Institutions (DFIs)
4
various investment goals
Percentage of investors with
different target financial returns
3
Closer to capital
preservation
-
15%
66
-
Private Impact Investors
5
(PIIs)
3
Risk-adjusted,
Below-market-rate market rate
returns; closer to returns
market rate 66%
8
19%
10
Source: Pitch book, GIIN

Predictions / Survey
White Star Capital SEA Venture Capital: Predictions / Survey 82
Looking back at predictions

made by SEA VC’s for 2019
SEA VC’s seem to have been on the money with predictions made
in January 2019 for the year ahead which appeared on Tech Crunch
Investor Prediction Outcome
Albert Shyy
Burda “We will see two to three newly-
minted unicorns from the region”
4 unicorns emerged
Wilson Cuaca “South East gets two new unicorns” in 2019
East Ventures
Daren Tan
Golden Equator
Capital “Significant capital from outside
SEA, notably North Asia and the
Vinnie Lauria U.S. will flow into the region”
Golden Gate
Foreign VC investment in
Ventures region was at record high
“More foreign funds will open
levels and several
offices in the region” international funds opened
Dmitry Levit new offices in SEA
Cento
Chua Kee Lock “We expect to see a record $9bn

Vertex Ventures to $10bn in VC investments”
Over $10Bbn was raised
Heang Chhor “Expect to see bigger Series A and Median round sizes
Qualgro Series B rounds” increased by 0.6m from
2018 to 2019
“Growth in urbanisation create

Rachel Lau further job and business
RHL Ventures Rapid urbanisation
opportunities in the region” continued to drive growth
Hian Goh “Flight to quality will happen…

Openspace investors will want to see a path to WeWork tanked IPO lead
Ventures profitability” to refocus on profitability
Source: TechCrunch
Perspectives from the next generation

of VC leaders across SEA
N>20 respondents, appear to be bullish about the ecosystem and
are keen to stay for the long-term
Is now a good time to be starting Do you expect it to get harder or easier to raise
a company in SEA? venture capital in the next 12 months?
43%
29%
24%
Yes
No
100%
5%
VC Landscape views
0%
Much Somewhat Neither Somewhat Much
easier easier harder nor harder harder
easier
Are you encouraging your portfolio companies How many billion dollar plus exits do you expect to
to optimize for growth or profitability? see in SEA across the next decade?
43%
33%
Growth
43%
57% 10% 10%
Profitability
5%
Less than 2 Between 2 Between 5 Between 10 More than

and 5 and 10 and 20 20
How long do you plan on staying in the Venture Does your organization have a strategy to promote
Capital industry? diversity and inclusion?
Investment professionals views
43%
67%
29%
24%
14%
5% 10% 10%
Less than 1 Between 1 Between 3 Over 5 years Yes we have Yes but No but we No and no
year and 3 years and 5 years a formal plan nothing have plans to plans
or policies formal adopt one currently in
Source: WSC SEA Survey (Jan 2020)
the works
Perspectives from a handful of

VC & Tech leaders in SEA
What excites you the

What do you feel is
most about the SEA
missing most in the
Investor Venture Capital
SEA startup or VC
landscape over the next
ecosystem?
decade?
“Local Family Offices getting “Understanding of the ASEAN

Navin Danapal heavily involved either via CVC or culture which is different from
SOSV their own funds” CN/EU although similar”
“There's no founder
“There will be a large
ecosystem yet like there is in
demographic shift in the region,
Silicon Valley - former
with young population of countries
Luca Burlando such as Vietnam, Indonesia,
successful founders don't re-
BVV Ventures invest in startups yet, mostly
Philippines, growing up and
because there aren't that
becoming the main drivers of
many successful founders that
economy.”
exited yet.”
Zaran “The growth of secondaries funds”

“The pay it forward culture,
Bhagwagar Structured growth capital”
Anthill
“As a B2B-focused investor,
we would like to see more
“I am excited to see the innovative
government-driven initiatives
Ine Jacobsen solutions that startups are exploring
such as startup friendly
Cocoon Capital to tackle the real problems faced
regulations and investments in
by businesses across SEA”
infrastructure to further
support the ecosystem”
Krista “More startups in deep

“Strong female player either
Supavatanakul technology, especially in biotech
as an investor or founder”
Expara Ventures and medical devices.”
“Homogenous market driven by

increasing integration from
“A strong successful founding
Hill Pruksananont government and economy from a
team that can act as a
Thai Entrepreneur more mature country such as TH,
keystone for the ecosystems”
SG and MY to growth country such
as Myanmar, Laos and Cambodia”
“South East Asia is facing a perfect

storm of tipping points across
technological, sociopolitical and “Transparency around how to
Vardhan Kapoor macroeconomic trends that mean optimise for extraordinarily
Deliveroo SG it is, indisputably, the most exciting disparate local markets.”
place to be in tech over the
coming decade”
Source: WSC SEA Survey (Jan 2020)
White Star
Capital’s Ecosystem
White Star Capital 86
Introduction to
White Star Capital
White Star Capital is a transatlantic fund investing in Series A and B.
Our footprint is global: we have 6 offices in the world in New York, Paris,
London, Montreal, Tokyo and Hong Kong.
We are partnering with exceptional entrepreneurs with global ambitions and
leverage our extensive experience and international networks to help them
scale their business internationally.
3 Continents I18N Team Track Record

With a presence We leverage An ideal balance Our current funds
in North America, our experience between have close to $300m
Western Europe founding and entrepreneurial under management
and East Asia, we scaling businesses and operational and a portfolio of
invest in early stage to support the experience with 25+ core companies
companies with int ernationalization financial and M&A which have raised
global ambitions. of our start-ups. experience. over $1bn+.
Global Presence and Portfolio United Kingdom &Nordics
Canada
East Asia
United States France, Germany, ROE
Physical Hubs Core Hubs

White Star Capital 87
Other White Star Capital

Country Deep Dives
We actively publish detailed reports on different VC Ecosystems
German Venture Capital French Venture Capital

Landscape 2020 Landscape 2019
South Korean Venture UK Venture Capital

Capital Landscape 2018 Landscape 2019
Japanese Venture Capital Canadian Venture Capital

Landscape 2018 Landscape 2019

White Star Capital South East Asia Venture Capital Landscape 2020

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White Star Capital South East Asia Venture Capital Landscape 2020

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SEA Venture Capital

South-East Asia is a diverse group of countries and cultures that has a

Combined with rapidly increasing internet penetration, start-ups are

Personally, the move to Singapore in mid-2019 has been extremely

“South East Asia is seeing rapid

2019 News Highlights

B Capital, Vertex, EV, SoftBank invested $2bn into

White Star Capital eyes Asia Go-Jek made first close

PayU entered South East Asia South East Asia VC funds

Go-Jek bought Singapore-based Zilingo

Sea raised $1.5bn for its The Malaysia-based food

This report aims to consolidate key information on the SEA region,

Inflexion point for consumers Growing middle class

High internet penetration Vibrant Startup ecosystem

Section 2 Country deep dives 21–61

Section 3 Private Equity perspective

Section 4 Impact Investing in SEA 76–80

Section 5 Predictions / Survey 81-87

Attractive fundamentals have underpinned Asia’s

Source: PwC | CB insights MoneyTree Report Q4 2018

Asia VC investment has increased drastically year-

2013 2014 2015 2016 2017 2018

Deals Investment ($B)

Source: PwC | CB insights MoneyTree Report Q4 2018

South East Asia on the map

17m 6.8% 96m 7.1%

7m 6.9% 107m 6.2%

54m 6.4% 0.4m 1.3%

70m 3.9% 32m 5.9%

Singapore Indonesia Timor-Leste

6m 3.6% 261m 5.1% 1m 2.8%

Singapore Singapore Indonesia Indonesia Indonesia Indonesia Indonesia Philippines

Sources: Source: CB Insights, IMF

What excites us about SEA !

Categories Highlights Reports that inspired us

▪ Close to 10% of the world’s

▪ Population growth is steady with the

▪ SEA’s middle class is rising at an

▪ GDP per capita is growing at 4.0x

▪ The region received record VC

▪ Median deal sizes in SEA have

SEA shares some similar demographic trends

South East Asia World

SEA shares some similar demographic trends

India South-Eastern World China United States Europe

2025 2020 2015

SEA Internet Users (millions)

Consumer Spending and Middle Class Population

Middle Class Population

Consumer Spending per Capita ($) Middle Class Population (m)

SEA’s real GDP per capita is growing c.4x faster

GDP per Capita ($000) 4.5

FDI has grown at c.12% CAGR2 since 2000, economies

The pick-up in VC funding from 2017 strongly

Online Activity and VC Funding

90% of the 360m internet users connect

E-Commerce sales have grown at a More than half of the region’s 14

Most of the venture capital funding in SEA is following in the footsteps of

In general, SEA has experienced a

Source: Pitchbook, Euromonitor Morningstar

South East Asia cities are starting to appear on the

Beijing $23.6 10.4% 1354 San Francisco $17.8 11.8% 667

Hangzhou2 $20.1 8.9% 340 Beijing $13.8 9.2% 627

Shanghai $16.7 7.4% 794 Shanghai $6.7 4.5% 392