 Total VC funding in Asia fell to $36.3B in Q1’22, constituting a 7% decline YoY and a much larger 31% dip QoQ. The biggest fall was recorded in China, where first-quarter funding came in at $13.6B, a 50% slide from Q4’21 and a 46% drop compared to Q1’21. More: - The continent’s second-largest VC hub, India, saw funding remain almost on par with the Q4’21 sum at $10.8B.
- Moreover, that figure also represents a 128% YoY boost.
- The number of deals saw a similarly precipitous collapse: There were only 1,709 deals announced in Q1’22, 21% less than the 2,153 deals that closed in Q’4’21.
- The loss contraction in total capital volume was concentrated at the early- and late-/growth-stage funding levels.
- Late-stage funding totaled $22.5B in Q1’22, a 34% decline from Q4’21 and 9% lower than a year earlier.
- The 257 late-stage deals recorded were 27% fewer than the 353 deals in Q4’21. Still, that figure was up from the 231 a year prior.
- Early-stage’s $11.7B was down 29 percent from the $16.5 billion deployed in Q4’21 and a 10% down YoY.
- A total of 586 early-stage deals closed, a 24% drop from Q4’21 but an 8% increase compared with 2021’s first quarter.
- Seed funding, on the other hand, reached a new high of $2.1B, 3% up QoQ, and 87% higher than in Q1’21.
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 GoTo, Indonesia’s super app, saw its shares jump as much as 23% during its IPO and were up 15% to $.03 (388 rupiahs) at midday break in Jakarta, valuing the company at about $32B. The company raised a total of $1.1B in the offering, marking it the third-largest IPO in Indonesian history. More: - Thanks to its successful debut, GoTo has bucked recent trends that saw many tech companies scrap or delay IPO plans in the face of unreliable market conditions.
- It only issued 4% of its stock, which included multiple class voting shares in a first for a domestic company. It was also the first to tap new rules allowing unprofitable firms to list directly on the bourse’s main board.
- Although the company has yet to achieve stable profitability, it enjoys a leadership position in its home country, which is home to over 270 million people.
- The company’s ubiquitousness could be seen in Indonesian President Joko Widodo giving a short address during a ceremony marking the debut, lauding the company for motivating young Indonesians to “lend new energy to the technological leap in this country’s economy.”
- The size of Indonesia’s digital market has been estimated at $70B. Record venture funding has contributed to the creation of a wave of startups.
- The size of that market is forecast to grow by five times to $330B by 2030.
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 Crunchbase finds Tiger Global easily commanded the top position of most active startup investors in Q1’22 by leading or co-leading rounds worth $7.6B. It also took the top slot for the number of rounds, with 87 in total. More: - In both measures, second place also went to a PE/growth equity investor instead of a classic VC.
- For funding volume, SoftBank came in second with $5.4B. In terms of total rounds, Insight Partners was involved in 54, the second-highest figure.
- Andreessen Horowitz was the most active VC. It tied for third place in terms of total funding volume by leading or co-leading rounds valued at $3.1B (tied with Insight) and was involved in a total of 33 funding rounds.
- A16z’s prolific investing pace was outstripped by SoftBank’s 36 rounds, putting it in fourth place.
- Insight’s total of 38 Series A or B rounds put it in second place by funding pace at the early stage. It beat out a16z’s 20 rounds and came in only behind Tiger’s 48.
- It should be noted that a16z got involved, in general, with larger rounds than Insight.
- Tiger’s top funding round came as it led a $768M Series E for Getir, the Istanbul-based on-demand delivery service. SoftBank’s came from a $425M Series E for California-based online Hispanic/Asian grocery provider Weee!.
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Best of Last Week M&A - Chip manufacturer Advanced Micro Devices is set to expand its data center product suite with the acquisition of Pensando Systems Inc for $1.9B.
- Bolt Financial Inc. is acquiring San Francisco-based cryptocurrency infrastructure company Wyre Payments Inc for a reported $1.5B.
- Pokemon Go maker Niantic will acquire NZXR, a New Zealand-based AR game development team, for an undisclosed sum.
- Fastly, an edge cloud network provider, acquired Fanout, a Mountain View-based platform to build and scale real-time and streaming APIs, for an undisclosed sum.
- Noissue, a New Zealand-based company offering custom, sustainable packaging, acquired London-based Tapkit, which makes digital experiences for brands, for an undisclosed sum.
- NetApp has bought open-source database provider Instaclustr for an undisclosed sum to build out its cloud data management offerings.
- Airbyte, an open-source data integration platform, bought Grouparoo, an open-source enterprise data sync platform for warehouses and cloud-based tools, for an undisclosed sum.
IPO/SPAC - After peaking in Q4’21 with 104 new mergers, SPAC activity collapsed last quarter with only 66 completed deals, reports CB Insights.
- Bitcoin miner PrimeBlock confirmed its plan to go public through a merger with SPAC 10X Capital Venture II for an estimated value of $1.25B.
New Funds - Thoma Bravo secured $3.3B in commitments toward Fund II, its largest credit fund to date.
- Mary Meeker co-founded Bond Capital raised $2.5B for its third and largest fund to date.
- Lead Edge Capital closed its oversubscribed Fund VI at $1.95B after receiving support from over 500 limited partners and institutions.
- San Francisco headquartered growth equity and buyout firm Turn/River Capital raised $1.35B toward its fifth fund.
- New York-based private equity firm Blue Wolf Capital Partners closed its fifth fund at $1.1B.
- Early-stage Indian investor Elevation Capital raised $670M for its eighth vehicle.
- Imaginary Ventures raised $500M for its early- and late-stage venture capital fund, bringing its total assets under management to over $1B.
- Base10 Ventures closed a third oversubscribed $460M fund after launching just four years ago.
- Tech investment firm Edison Partners closed its Fund X at $450M with a new investment vehicle for growth equity.
- Avoro Ventures closed its maiden fund to invest in the life sciences and biotech sectors at $186M.
- Philadelphia-based MissionOG raised a fourth fund with $167M to support and expand its portfolio of B2B fintech, data, and SaaS companies.
- AmerisourceBergen, a global healthcare solutions company, launched its corporate venture arm to invest $150M into possible partners.
- Freestyle raised a sixth seed fund at $130M. It will make around a dozen $1.5M-$3M seed deals per year.
- V-Bio Ventures, a Belgian biotech fund, raised a second fund at $121.5M ($110M).
- Voyager Ventures closed its inaugural fund with $100M to invest in early-stage climatetech startups.
- LionBird, a digital health investment outside, raised a third VC fund with $85M to distribute between 15-18 U.S.- or Israel-based startups.
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 A message from EQUITYBEE In order to attract and retain talent, some companies are now giving employees more flexible stock options. What’s in it for them? - ESOs can turn into a financially life-changing opportunity. That’s why workplaces use them as an incentive.
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 Today’s Funding 💸 Biotech/Health - Triana Biomedicines (Boston, Mass.), molecular glue discovery platform: $110M A led by Lightspeed Venture Partners, participation from Pfizer Ventures, Surveyor Capital, Logos Capital.
- Ensem Therapeutics (Boston, Mass.), innovative small-molecule precision medicines for oncology: $67M A led by GGV Capital, participation from Pavilion Capital, Cenova Capital, Mitsui, CBC Group.
- LTZ Therapeutics (Palo Alto, Calif.), cancer and other therapies: $17M A led by K2 Venture Partners, participation from Qiming Venture Partners, Tigermed.
- Codetta Biosciences (Morrisville, N.C.), digital spatial polymerase chain reaction and digital spatial immuno polymerase chain reaction platform: $15M A led by Anzu Partners, participation from Genoa Ventures, VC23.
- Kynos Therapeutics (Edinburgh, Scotland), immune-metabolic company: $11.7M led by Epidarex Capital.
- Elastrin Therapeutics (Greenville, S.C.), therapies to reverse cardiovascular disease: $10M led by Kizoo Technology Capital, participation from Starbloom Capital, SC Launch.
Cybersecurity - Trustworthy (San Francisco, Calif.), operating system provider: $15M A led by Valor Siren Ventures.
- Truora (Colombia), user authentication startup: $15M A led by Propel Venture Partners, Accel.
Fintech - Golmpact (Hong Kong), sustainable finance platform: $22M A led by Oriental Watch Holdings Limited.
Insurance - Covr Financial (Hartford, Conn.), digital life insurance platform: $15M B led by Stone Point Ventures, participation from IVG, Aflac Ventures, Allianz Life Ventures, Connecticut Innovations, Fairview Capital, et al.a
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- UserZoom, an insight system for digital user experience, raised a strategic growth investment from Thoma Bravo that valued it at $800M.
- Accenture has acquired a London-based sustainability consultancy called Avieco for an undisclosed sum.
- Airbyte, an open-source data integration platform, bought Grouparoo, an open-source businesses data sync platform for data warehouses and cloud, for an undisclosed sum.
- Geneva-based Proton, the startup behind the E2E encrypted webmail service ProtonMail, acquired French startup SimpleLogin, a freemium, open-source service for creating email aliases, for an undisclosed sum.
*This is a sponsored post.
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 |  | Inside VC's writer/curator Stephen currently lives in Berlin and is pursuing a Master's degree in philosophy. He otherwise spends his time trying his hand at recipes from India and Southeast Asia, escaping it all at the kickboxing gym, and offending aural sensibilities with his band. |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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