The Impulso Podcast E67: Dmitry Levit & Boon Ping Chua on the distress in Southeast Asia, and why it’s not evenly distributed
Mar 15, 2024
Boon Ping Chua, Cento Ventures partner with 20+ years in VC and M&A, and Dmitry Levit, Cento partner focused on SE Asia tech investing, discuss regional capital shifts. They debate whether a downturn is permanent, why mega exits are rare, how capital will deploy in 2024, and how fixing broken value chains with financial tech can reshape markets.
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Multiple Ecosystems, Mixed Momentum
- Southeast Asia contains multiple distinct ecosystems with different capital flows and dynamics.
- Seed and Series A/B activity remains strong regionally even as late-stage global capital slowed down.
Late-Stage Pullback, Realistic Exit Sizes
- Late-stage growth capital has materially reduced, pausing the 'sell-into-late-stage' playbook.
- Reasonable regional exit sizes are typically in the $100–$250M range, with exceptional outcomes at $250–$500M.
Design Capital Trajectory Carefully
- Plan your capital trajectory so you don't raise far more than needed to reach a realistic exit.
- Target raising modest totals (e.g., $50–$70M) to reach a regional standout without over-capitalizing.