Overreaction, Dislocation & Confusion, 2023 vs. 2024 Investment Landscape and $9B Annual Capital Intake & Realistic Exit Expectations with Shiyan Koh and Dmitry Levit - E386

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Recorded25 Feb 2024

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Dmitry Levit, General Partner of Cento Ventures, Shiyan Koh, Managing Partner of Hustle Fund, and Jeremy Au talked about three main themes: 1. 2023 vs. 2024 Investment Landscape: Dmitry, Shiyan and Jeremy discussed the Cento Southeast Asia Tech 2023H1 report and noted the discrepancy between the economic doom perception in the media and the reality of Southeast Asia’s funding numbers. Dmitry pointed out a "reset" in investment activity, with stable "core early funding stack" (Seed to Series A/B) maintaining momentum while later-stage growth deals significantly decreased. This bifurcation reflects a broader trend of cautious optimism among early-stage investors and a recalibration of expectations among late-stage financiers. They also underscored the importance of understanding these two parallel ecosystems for founders and investors alike, suggesting that strategies need to be adjusted depending on the stage of investment. 2. $9B Annual Capital Intake & Realistic Exit Expectations: Dmitry Levit observed that the long-term average capital intake for the region averages around $9 billion. He highlighted that prudent exit expectations in Southeast Asia should consider $100 million exits as very good, with exceptional cases potentially exceeding $250 million, and added further details on the growth rate. He emphasized the importance of disciplined fund strategies across IPO, trade sales, and secondaries. 3. Overreaction, Dislocation & Confusion: They discussed the fog of war in the region’s tech ecosystem driven by global economic pressures, media hype and doom cycles, and changing investment flows. Missed opportunities, strategy-market misalignments, and pressure on value-creation teams are currently being sorted out. They discussed how founders and investors need to urgently align their growth and exit strategies with the region’s market's realities. They also talked about the time lag of news absorption across the Vietnam ecosystem and how the search for the next "Indonesia" story is on pause. Dmitry, Shiyan and Jeremy also talked about the role of perception vs. reality in shaping investment strategies, the challenges for the multi-country expansion narrative, and the "small-cap private equity without leverage" VC theme in play. Watch, listen or read the full insight in English at https://www.bravesea.com/blog/overreaction-dislocation-confusion Saksikan, dengarkan atau baca wawasan lengkapnya dalam Bahasa Indonesia di https://www.bravesea.com/blog/overreaction-dislocation-confusion-id Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Learn more about HDMall here: htps://www.hdmall.co.th https://www.hdmall.id

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