SEA Startup Macro
Funding cycle reads, LP-side perspective on capital flow shifts across Indonesia / Vietnam / Singapore — structural framework, not deal news.
SEA's Q1 2026 $2.8B Surge: Reading the 146% QoQ Spike Through a Reallocation Lens
Q1 2026 SEA tech funding came in at $2.8B — a 146% jump over Q4 2025. The headline read is 'recovery.' The deal-count read is 'lowest in 8 years.' Both are true. Here's the reallocation lens that reconciles them.
SEA's Late-Stage Surge: Five Deals That Tell the Reallocation Story
The late-stage surge narrative gets reduced to a single chart line in most coverage. Five specific deals tell the actual story — what kind of capital came back, what kind didn't, and what shape the next two years take.
SEA's Funding Reallocation Story (Not the "Recovery" Narrative)
The dominant SEA startup story is 'recovery.' The data doesn't support that — it supports reallocation. Here's the framework I'm using to read where the capital is actually going.