VC-backed companies headquartered in Asia raised $9.7B in Q4’15, a significant decrease from the $14.2B seen in Q3’15 but still the third-highest quarterly total on record.
Mega-rounds weighed heavily in the quarter’s funding: the 10 largest Asian rounds of Q4’15 represent more than $5.9B, or 60% of the funding raised in Asia in the quarter.
Using CB Insights data, we dig into startup financing trends in Asia, including quarterly deals and dollars and deal size trends at the early and late stages.
Deal and dollar trend
Funding to Asian VC-backed companies fell 32% to $9.7B across 346 deals in Q4’15. Despite the pullback, the quarter’s funding and deal totals were up 4% and 5% respectively versus the same quarter a year prior.
The last 6 quarters have each had over 300 deals completed, with the peak reached in Q3’15 at 398 deals done.
The 10 largest Asian rounds of Q4’15 represent more than $5.9B in total funding.
The top rounds include investment into India’s ride-sharing company Olacabs which raised a $275M Series F III led by Baillie Gifford in November 2015. Other large rounds include a $300M Series D to delivery app Dada in December 2015, with Sequoia Capital China as one of the investors, among others.
Median early-stage deal size
The median early-stage deal size in Asia fell for the second straight quarter to $2M in Q4’15. Overall, early-stage deals have been at or above $2M for the past 5 quarters.
Median late-stage deal size
The median late-stage deal size in Q4’15 reached $154M, and increase of over $50M in deal size over the previous quarter. This was the third time in the past 5 quarters that late-stage deal sizes have cracked $100M, the others being Q4’14 and Q3’15.
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