The Mirage and the Fork in the Road

SEA of Startups · Jun 24, 2026 · 27m

Start with two numbers and a question.

In May, startups in this region raised $472 million. More than double what they raised in April. Read only that line and you would think the drought had broken.

Now the second number. That doubling was built almost entirely on two checks. Take those two out and May was thin, still down on the year before.

So here is the question I want to sit inside. When you are a founder in Kuala Lumpur, or Bangkok, or Manila, which numbers are actually telling you the truth?

Because two of the loudest numbers in this market, the funding headline when you raise and the…