Indonesian Tech Startups See 64% Funding Decrease in H1 2024

In the first half of the year, funding for Indonesian technology startups dropped by 64 percent compared to the previous year. A total of $191 million was invested in Indonesian technology companies during the first half of 2024, which is a 64 percent decrease from the $526 million that was invested in the same period in 2023, according to a statement released by Tracxn on Tuesday.

Within the dynamic environment of Indonesia's technology startup ecosystem, the first half of 2024 has been distinguished by major shifts in funding and market activities, according to the worldwide software as a service (SaaS)-based market intelligence platform, which stated this in its 'Geo Semi-Annual Report: Indonesia Tech H1 2024.'

When it comes to funding, Indonesia is ranked 29th internationally as of the first half of 2024. This indicates that Indonesia has shown resilience in the face of global economic crises.

It is important to note that the total money that was raised by the Indonesian tech startup ecosystem decreased by 79 percent when compared to the $918.3 million that was raised in the second half of 2023. This highlights the changing situation regarding investments. Different patterns emerged in the financing that the country received at different phases. This represents a decrease of 42 percent from the $45 million that was raised during the second half of 2023 and a decrease of 27 percent from the $32 million that was raised during the first half of 2023. The seed-stage funding for this company reached $26 million.