Stats: 97 million population; $266 billion GDP; 64 million internet users; 39% mobile payment adoption
ASEAN-based PE and VC AUM: $1.5 billion
Attributes: Consistent economic reform with improvements to business climate. Focus on manufacturing sector.
No. of VC/PE investors: 7
Unicorn: VNG Corp. Companies to watch: Tiki.vn and Momo
Stats: 108 million population; $313 billion GDP
ASEAN-based PE and VC AUM: $100 million
Attributes: Only Asian country in the top 10 most gender-equal countries in the World Economic Forum’s 2018 Global Gender Gap report.
No. of VC/PE investors: 8
Unicorn: Revolution Precrafted
Exit: Coins.ph, acquired by Gojek
Stats: 270 million population; $1.066 trillion GDP; 150 million internet users; 35% mobile payment adoption
ASEAN-based PE and VC AUM: $800 million
Attributes: Multi-ethnic and multi-cultural. Most populated country in Southeast Asia. Largest proportion of unicorns in Southeast Asia. Only ASEAN country to hit the $1 trillion mark in GDP. World’s 16th-largest economy. Greater Jakarta, known as Jabodetabek, is home to 30 million people, the second-largest metro area worldwide behind Tokyo.
No. of VC/PE investors: 8
Unicorns: Gojek, Tokopedia, Traveloka and Bukalapak. Approaching unicorn status is Akulaku. Companies to watch are HaloDoc and Kredivo
Stats: 5.8 million population; $350 billion GDP; 4.92 million internet users; 36% mobile payment adoption
ASEAN-based PE and VC AUM: $19.2 billion
Attributes: Free-market economy, global trading hub. One of Asia’s leading financial centers. Attractive business policies and favorable tax policies. Efficient legal system and high-quality infrastructure. Many Southeast Asian venture firms have the Singapore government as an LP, including an anchor investor.
No. of VC/PE investors: 91
Unicorns: Grab, Lazada and Trax; almost unicorns: Zilingo and PropertyGuru
Exits: Acquisitions of Wavecell (8×8), SpaceMob (WeWork), Redmart (Lazada), Luxola (Sephora) and GuavaPass (ClassPass). Razer and Sea Ltd both went public
Stats: 32.4 million population; $373 billion GDP; 25.8 million internet users; 42% mobile payment adoption
ASEAN-based PE and VC AUM: $6 billion
Attributes: Tax reforms in real estate and services industry to boost investment climate. Untapped potential in the manufacturing sector in emerging regions.
No. of VC/PE investors: 29
Company to watch: Carsome
Stats: 69 million population; $534 billion GDP; 57 million internet users; 47% mobile payment adoption
ASEAN-based PE and VC AUM: $200 million
Attributes: Fastest growth rate of the ultra-rich in Southeast Asia. Biggest stock market by capitalization in emerging Southeast Asia.
No. of VC/PE investors: 14
Sources: John Landers, an advisor to Intudo Ventures, based on World Bank data; Preqin; e-Conomy SEA by Google, Temasek, Bain; and Venture Capital Journal research.