Private funding for Southeast Asia’s digital economy grew 15% year on year to USD7.7bn in the 12 months to June 2025, though it remains about 70% below the 2021 peak, according to the Google-Temasek-Bain report. Growth lagged the global 25% pace, with capital concentrated in late-stage rounds while early-stage deals dropped from 30% to about 20%. The study, expanded to 10 markets, found that AI accounted for 32% of total funding in H1 2025, up from 30% in H2 2024, as over 680