Banking on it? Indonesia's largest private bank, Bank Central Asia (BCA), has pumped $27.8M into its VC arm, Central Capital Ventura. The firm's focused on startups that mix fintech with other sectors like health, commerce and logistics.

• After launching its $15M maiden fund in 2017, it has already invested in 26 startups.

What do BCA, Tiket.com and Blibli have in common? Well, they're all owned by the local conglomerate, Djarum Group. So yeah, it's in pretty good company. (Quite literally...)

• Travel-focused Tiket.com's valued at over $1B and looking to go public in a potential $2B deal.
• Blibli's also valued at over $1B and is one of the country's top five e-commerce companies.

💰 Funds, funds, funds

Banks, founders and Southeast Asia's richest families are all competing with your favorite VC funds.

Banks. It's not just your typical banks joining in on the startup wave. Even Asian Development Bank (ADB)'s in on it. ADB committed $60M and is a limited partner for private equity firm, Creador's fifth South and Southeast Asia-focused fund.

Founders. Apart from angel investing, founders have formed their own funds or syndicates. It makes a pretty sweet deal since they offer expertise, knowledge and a network to tap into for customers, new hires and even more investors.

SEA's richest. If they're not funding other VC funds, they're joining in on funding rounds through their conglomerates, launching their own funds, angel investing or starting their own family offices.

• CP Group led Ascend Money's fundraise, and Philippine conglomerate Ayala Corporation closed a $180M fund.

Extra Scoop: ASEAN startup fundraising more than doubled in 2021.