SEA Horizons

An Opportunity Brief for LPs Investing in SEA.

Special Edition

February 2025

Ahead of International Women’s Day, March 8, 2025

The Growing Influence
of Women in Southeast Asia

As Southeast Asia’s venture capital landscape continues to evolve, one of the most compelling investment themes is the growing influence of women—as founders, fund managers, limited partners, and consumers.

This special edition of SEA Horizons spotlights the role of women in shaping capital markets, unlocking new economic frontiers, and leading high-growth sectors. As investors recalibrate their strategies in 2025, integrating women into investing strategies is no longer just an inclusion imperative—it’s a strategic advantage.

Gaining Traction

The evolving landscape of women-led businesses in Southeast Asia showcases strong investment potential. Several high-growth companies demonstrate scalability and progress toward potential exits. These companies span sectors such as fintech, AI, e-commerce, and payments infrastructure and have collectively raised hundreds of millions in capital, further reinforcing their position in the regional economy.

As these companies continue to grow and evolve, their funding milestones and market traction will be key indicators of their readiness for public market entry or strategic exits. Women-led businesses remain an opportunity for investors looking at scalable, high-growth ventures in Southeast Asia.

Co-founded by Guan Dian, PatSnap provides enterprises with R&D intelligence and IP analytics. Since its founding in 2007, the company has raised $351.6 million and has expanded its AI-powered patent search and intelligence platform globally. As of 2024, PatSnap continues to build on its machine learning and natural language processing capabilities, making it a strong candidate for future public market expansion..

Co-founded by Rachel Lim, Velda Tan, and Viola Tan, Love, Bonito, a women’s clothing and e-commerce brand, has seen continued online and offline retail growth, expanding its presence in Southeast Asia and the U.S. Following its Series D funding round led by Temasek Holdings, the company is reportedly evaluating further expansion strategies, with pre-IPO discussions ongoing.

Co-founded by Shanru Lai, ShopBack has grown into one of the largest shopping and rewards platforms in Asia Pacific. The company has raised $305 million and facilitates over $3.5 billion in annual sales for more than 10,000 merchant partners. In 2022, it expanded its offerings with ShopBack Pay and PayLater, strengthening its fintech capabilities. Given its market dominance, ShopBack remains a company to watch.

Founded by Tessa Wijaya (COO), Xendit has emerged as Indonesia’s leading payments infrastructure unicorn, raising $538 million to date. Xendit provides a range of digital payment solutions to 6,000+ clients, including Samsung Indonesia, GrabPay, and Ninja Van. As digital payments adoption continues to accelerate across Southeast Asia, Xendit is well-positioned for further expansion, with industry speculation about a possible IPO.

Disclaimer:
While there are no official announcements or confirmed reports regarding the following companies’ plans, their funding rounds and growth suggest their future trajectory may lead to an exit event at some point in the future.  Any discussions about potential outcomes remain purely speculative at this time.

Stars on the Rise

Despite a broader slowdown in venture funding, women-founded startups in Southeast Asia are proving resilient and attractive to investors. Companies across fintech, e-commerce, AI-driven business solutions, and healthcare are securing capital and scaling their operations, highlighting opportunities in sectors with strong demand and high growth potential. Their success signals broader opportunities for investors seeking high-growth, scalable businesses in the region.

Led by Trasy Lou Walsh, Fluid is a fintech startup providing B2B purchase financing solutions. In February 2024, Fluid raised $5.2 million in Series A funding, led by Insignia Ventures Partners, bringing its total funding to $7 million. The company plans to use the capital to enhance its product and onboard larger suppliers across various industries.

Founded by Joan Ong, Supermom, a platform connecting brands with over 10 million parents across Southeast Asia, raised $14 million in 2024 to scale its operations. The platform’s ability to leverage community-driven insights has positioned it as a leader in the region’s growing digital commerce ecosystem.

Founded by Jessica de Mesa-Lim, Kindred Health, provides accessible and tailored healthcare services for women. In July 2024, the company raised $5.5 million in pre-Series A funding to expand its network of clinics, with a goal of serving over 20,000 women across the Philippines.

Sustaining Momentum

INVESTORS

The Southeast Asia Women Investors Directory

Investors recognize women's role in capital allocation across venture capital, private equity, and private credit.

The launch of the Southeast Asia Women Investors Directory reflects this shift. It is a first-of-its-kind initiative by the Global Private Capital Association (GPCA), supported by Investing in Women, an initiative of the Australian Government. The directory features 365 women investment professionals actively deploying capital across multiple asset classes, from venture capital to infrastructure.

By providing greater visibility into the investment decisions being led by women, this initiative helps investors identify co-investment opportunities and build stronger networks within the region’s LP and GP ecosystem.

ACCESS THE DIRECTORY

CONSUMERS

Women as Consumers

Beyond venture capital, sectors where women make up the majority of consumers continue to see strong demand, fueling investment across healthcare, fintech, and consumer goods.

  • Bain Capital invested $157 million in Mayapada Healthcare (Indonesia), supporting the expansion of hospital operations to meet the growing demand for women’s healthcare services. Source: Reuters

  • E-commerce platforms in Southeast Asia, like Shopee, Lazada, and Tokopedia, have significantly empowered women entrepreneurs by providing them with a readily accessible online marketplace to reach a large customer base, allowing them to maintain and expand their businesses even amidst economic fluctuations, thus contributing to their economic resilience and growth potential in the region. Sources: Source of Asia, KrAsia, and World Bank

  • Fintech companies offering AI-driven financial services for women entrepreneurs are attracting institutional interest as financial inclusion becomes a key investment theme. Source: Accion

These trends reinforce what the data has shown for years—women are not a niche market; they represent a significant and growing share of economic activity across industries.

INNOVATION

Southeast Asia's Distinctive AI Advantage

Artificial intelligence (AI) continues to be a high-growth investment area in Southeast Asia, with applications spanning fintech, supply chains, and healthcare. Several women-led startups are at the forefront of this innovation, demonstrating scalable business models and robust unit economics. Here are some prominent examples:

  • MADCash (Malaysia): Founded in 2020 by Nuraizah Othman, MADCash is a fintech startup that empowers women entrepreneurs by providing interest-free micro-funding, business training, and financial education. In October 2023, the company secured $1.2 million in pre-Series A funding, led by Artem Ventures, to enhance its AI-driven platform and explore expansion opportunities across Southeast Asia.

  • OtterHalf (Singapore): Launched in April 2023 by Cassandra Ong, OtterHalf is a remote-based global marketing consulting firm specializing in tailored solutions for growth-stage tech businesses. With a team boasting over a decade of experience, OtterHalf has successfully executed over 100 digital marketing campaigns for prominent tech companies, including Foodpanda, Chope, and Tripadvisor.

  • Heyva Health (Indonesia): Heyva Health offers a family health app providing preventive health programs focused on family planning, mental health, women's reproductive health, and overall family care. The platform includes virtual consultations, personalized health programs, and online classes to create a more equitable and accessible healthcare system for women and families. 

These companies exemplify how women-led Southeast Asian startups leverage AI and innovative technologies to address diverse challenges, attracting significant investor interest and contributing to the region's dynamic tech ecosystem.

Source: Tech Collective SEA

Looking Ahead

Southeast Asia’s venture capital ecosystem is evolving, with women-focused investments now a material part of the growth conversation. Women-led companies are scaling, achieving exits, and demonstrating strong financial performance. At the same time, institutional capital is beginning to flow more intentionally toward women-led fund managers.

This shift presents a clear opportunity for LPs and venture capital firms looking to position themselves in high-growth, undercapitalized segments. The next wave of capital deployment will favor those who recognize these structural changes early and align their portfolios accordingly.


SEA Horizons
Women in AI - The Next Frontier for Innovation
and Growth in Southeast Asia
11 March 2025 - 11:00 am to 12:30 pm SGT
Virtual via Zoom

Upcoming Events

Confirmed Speakers

Ayesha Khanna

CEO
ADDO AI

Bell Beh

CEO
BuzzAR

Laura Nguyen

Managing Partner
GenAI Fund

Helen Wong

Partner
AC Ventures

Jingjing Zhong

CEO
SuperBench

Research Partner:

DealStreetAsia

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This publication has been funded by the Australian Government through the Investing in Women initiative. The views expressed in this publication are the author's alone and are not necessarily the views of the Australian Government.