Southeast Asia’s start-up scene is presenting increased investment potential as the pandemic has shifted dynamics for the long-term, one of the region’s leading venture capital firms said.
Despite its “devastating” impact, the downturn has provided “a lot of opportunity” for new start-ups in the region, Roderick Purwana, managing partner at Indonesia-based East Ventures, told CNBC Monday, noting that he has seen many new businesses formed during this period.
In particular, new businesses related to digital adoption, including education technology, health technology and financial technology, have been a real success story, he said.
With any crisis, it brings also opportunity. We’ve seen that not just in this part of the world.Roderick Purwanamanaging partner, East Ventures
“With any crisis, it brings also opportunity. We’ve seen that not just in this part of the world,” Purwana told “Street Signs Asia.”
“We’ve seen some of the largest or most successful start-ups or tech companies are founded during this time,” he said citing previous historic downturns such as the dot-com bust and 2008 Financial Crisis. “I think this one (will be) no different.”
Purwana’s comments come as Southeast Asia’s start-ups have been gaining ground on the global stage.
On Monday, Indonesian ride-hailing giant Gojek announced that it had merged with e-commerce
