2022 has been a year of transitions, much of which has only added to the challenges faced by venture-backed startups going into 2023 (e.g., the end of easy money, as we shared with CNBC). At the same time, 2022 has also been a year of milestones in the journeys of our portfolio companies as well as our own (we documented a number of them here). As we head into 2023, we recount five numbers and the far more valuable ideas and stories behind them.
It’s been five years of partnering with entrepreneurs across Southeast Asia and beyond to build great companies. We have seen some of them grow from day one to companies impacting millions of lives, and we had the opportunity to share some of these learnings in case studies published by HBS and INSEAD. But this is just the beginning, and what really matters is how much more can we move the needle in this next decade of ASEANnovation.
>60 Billion USD
In our fifth-year anniversary video, we mention the amount of tech market cap our portfolio has created thus far as the unlock economic growth in Southeast Asia and beyond. But beyond this number, what really matters are the lives impacted by this value creation: from housewives earning income for their families in rural cities in Indonesia to insurance agents in a far-flung island in Vietnam delivering better access to healthcare, to the millions of unbanked and underbanked middle-class millennials in the Philippines now growing their savings and accessing credit for homes all in one app.
516 Million USD
This is the total amount we announced in August for our third fund raised to capitalize on what we see as the “golden hour” to back outlier companies amidst market headwinds. While we have our thoughts on where these outlier companies might be built, what really matters is being able to follow and “run” alongside the founders building these outlier companies.
142 Venture Fellows
These many venture fellows from tech giant leadership to bankers and corporate professionals have gone through Southeast Asia’s first experiential venture capital accelerator program (the fourth cohort is wrapping up in two weeks and the next one starts in March — learn more here). As we continue to run the accelerator and develop new ways for various types of professionals to learn more about startup investing in Southeast Asia, what really matters is how this growing community continues to pay it forward and how their involvement in the ecosystem continues to evolve.
2022 has been a year of transitions, as well as a year of refocusing on what really matters — the growth behind the valuations, the sustainable business model behind the growth, and the people behind the business, and they are beyond measure. We finally got to meet and reconnect with many of these people in person this year, with numerous community gatherings across Singapore, Jakarta, Ho Chi Minh, and Manila. While calls are certainly efficient, there’s invaluable merit to stopping to refocus in person at critical junctures, especially in this time of unprecedented challenges.
Wishing you and your loved ones a renewed and refreshed start to 2023,