China continued to dominate the region's venture scene, with startups raising $1.1 billion in Q1, a 9% increase from the previous quarter. India and Israel also saw gains, while Singapore experienced a significant downturn. Despite political tensions, China's private market remains robust, and the region is benefiting from a global interest in AI, with over $3 billion in venture funding going to AI startups.
Key takeaways:
- Total venture funding in the Asia region fell to $17.3 billion in Q1 2024, a drop of 4% from Q4 2023 and an 8% decline year to year.
- Late-stage and growth rounds hit the lowest dollar total since Q3 2014, totaling only $5.5 billion in 152 deals for the quarter.
- Early-stage funding saw the biggest gains, with the total amount hitting $10.2 billion, up 51% from the previous quarter’s $6.8 billion.
- China continued to dominate the region’s venture scene with startups in the country raising $1.1 billion in Q1, up 9% from the previous quarter and a more substantial 14% from Q1 2023.