SEA of Startups

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🎙 Most VCs think ESG stories are too noble to fact-check. That's how you lose $600 million. — Kim Yeoh

🛰 Southeast Asia's startup ecosystem just got a reality check that makes WeWork look like a rounding error. E-Fishery — Indonesia's sustainable aquaculture darling backed by SoftBank and Temasek — somehow turned $150 million in real revenue into $750 million on paper.

This week, Kim and Kevin dissect how an entire investment ecosystem got so drunk on ESG narratives that apparently nobody thought to count the actual fish feeders.

The truth? When trust breaks in relationship-driven markets, the damage spreads faster than a TikTok trend.

💡 What You'll Learn

Why ESG halos can blind even sophisticated investors — and how noble missions became get-out-of-jail-free cards for basic due diligence.

How fabricated revenue scales exponentially — from 2x inflation to 5x fantasy, with receipts to match.

Why Southeast Asia's trust networks amplify fraud damage — and how one scandal sets back an entire regional ecosystem.

How institutional investors missed obvious red flags — when SoftBank and Temasek-level due diligence still isn't enough.

🔎 Key Takeaways

ESG stories aren't immune to fraud — sustainability missions require the same verification as any other business model.

Regional trust damage compounds — unlike Silicon Valley's forgive-and-forget culture, broken trust in SEA stays broken.

Due diligence can't be outsourced to lead investors — even big names get it spectacularly wrong.

Authenticity is now a competitive advantage — in a world of fabricated metrics, radical transparency wins long-term.

🧠 Sound Bites

"Math that would make Elizabeth Holmes blush."

"Apparently fraud has a universal playbook."

"In Silicon Valley, Adam Neumann crashes WeWork and still raises another fund. In Southeast Asia? Once trust breaks, it's gone."

"The most important business advice is also the most uncomfortable: verify, don't just trust."

"While we're explaining why counting fish feeders should be standard due diligence, Silicon Valley is buying AI researchers for $1.5 billion."

⏱ Chapters

00:00 – The $600M Fish Farm Scandal Explained

08:15 – How ESG Stories Became Too Good to Question

15:30 – When SoftBank and Temasek Miss the Red Flags

22:45 – Regional Trust Networks and Fraud Amplification

29:20 – The Silicon Valley vs SEA Redemption Gap

35:10 – Why Authenticity is the New Competitive Advantage

41:30 – Next Week Preview: Chi Chi Wong on Substance Over Spectacle

🙌 Support the Show

If this episode made you rethink your due diligence process:

👉 Tap "Follow" 🔔 Turn on notifications

⭐ Leave us a 5-star rating

📤 Share this episode with that investor friend who thinks big-name lead investors mean automatic credibility

💬 Let's Connect 🎙 Kim Yeoh → https://www.linkedin.com/in/weiisyuenyeohacmacgma/

🎙 Kevin Brockland → https://www.linkedin.com/in/kbrockland/

📬 Join 500+ founders & VCs reading our newsletter → https://seaofstartups.substack.com/

SEA of Startups is where the region's real startup stories live. No puff pieces. No fluff. Just what's actually happening under the surface.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit seaofstartups.substack.com

EP 7: The Enterprise Sales Reality Check You’ve Been Avoiding | The Enterprise Sales Playbook No One Talks About: Why Your Perfect Product Still Can't Close Corporate Deals in SEA

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🎙 Most founders think enterprise sales is about having the best product. That’s adorable. — Axel Winter, former CTO Cisco APAC

🛰 Enterprise sales in Southeast Asia isn’t a meritocracy.It’s a game of timing, politics, and trust — and if you don’t understand how the buying side really works, you’re setting yourself up for slow, expensive heartbreak.

This week, Kevin sits down with Axel Winter — ex-CTO at Cisco, global IT strategy lead at Standard Chartered, and the man who built a 450-person startup inside Central Group — to unpack how big corporates actually choose their vendors.

The truth? It’s not pretty. But it’s necessary.

💡 What You’ll Learn

Why 63% of RFPs already have a winner before they even start — and how to make sure you’re not just filling up the compliance quota.

How budget cycles can outweigh product features — and why December can be your best sales month of the year.

Why your elevator pitch is make-or-break — and how to nail it in 30 seconds or less.

How trust compounds differently in Southeast Asia’s relationship-driven markets — and why breaking it can cost you years.

🔎 Key Takeaways

Not every RFP is worth chasing — qualify your effort based on your odds.

Budget beats brilliance — know your buyer’s fiscal calendar better than your own.

Trust > Tech — in Asia, your WhatsApp access might be worth more than your product roadmap.

The default decision in enterprise is often no decision — learn to spot it early.

🧠 Sound Bites

“I haven’t been in any RFP where the outcome was totally open.”

“December can save you 50% — if you know who’s desperate to spend.”

“If you can’t explain your value between floors 1 and 3, you’re not ready for enterprise.”

“In Asia, once trust breaks, it stays broken.”

“Don’t just build features. Build relationships that outlast features.”

⏱ Chapters

00:00 – Why Most Founders Get Enterprise Sales Wrong07:45 – Axel’s Background: From Netscape to Cisco to Central Group12:20 – Defining “Legacy” from the Business Side16:50 – RFP Theatre and How to Play It Smart23:30 – Innovators vs Safe Choices in Corporate Buying28:40 – The Budget Cycle Advantage31:45 – The Make-or-Break Elevator Pitch35:00 – Relationship-Driven Markets in Southeast Asia

🙌 Support the Show

If this episode made you rethink your sales playbook:👉 Tap “Follow”🔔 Turn on notifications⭐ Leave us a 5-star rating📤 Share this episode with a founder stuck in RFP purgatory

💬 Let’s Connect

🎙 Kim Yeoh → https://www.linkedin.com/in/weiisyuenyeohacmacgma/🎙 Kevin Brockland → https://www.linkedin.com/in/kbrockland/📬 Join 500+ founders & VCs reading our newsletter →https://seaofstartups.substack.com/

SEA of Startups is where the region’s real startup stories live.No puff pieces. No fluff. Just what’s actually happening under the surface.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit seaofstartups.substack.com

From Apps to Infrastructure: 3 Startup Shifts Rewiring Southeast Asia

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🎙️ EP 6: The Invisible Unicorns: Why Southeast Asia's Biggest Startup Stories Are Happening Behind Your Phone Screen

🛰 The next big story in Southeast Asia’s startup scene isn’t an app.It’s the infrastructure humming underneath.

In this jam-packed episode, Kim Yeoh and Kevin Brockland unpack the quiet pivot happening across the region — from flashy B2C apps to the invisible rails powering how we travel, invest, and build.

This isn’t a trend. It’s a tectonic shift.

💡 What You’ll Learn:

How Airalo became the world’s first eSIM unicorn—and why it’s not just a travel app, it’s global telco infrastructure.

Why Arta Finance is building the AWS of private wealth—and how Singapore fits into their playbook.

What Lovable’s “vibe coding” model tells us about the future of dev infra—and what it means for SEA founders.

🔎 Key Takeaways:

Infrastructure is the new battleground—and Southeast Asia is exporting it.

The best startups don’t just build apps. They build rails.

“Freemium” tools today could become tomorrow’s lock-in traps.

Smart founders build optionality into their stack: rent wisely, own strategically.

🧠 Sound Bites

“From SIM cards to APIs—Southeast Asia isn’t just using infrastructure. It’s building it.”

“If one platform powers every MVP, who’s really innovating?”

“Selective independence is the name of the game. Build what you must, rent what you can.”

“Infrastructure isn’t sexy—until it breaks. Then it’s everything.”

“The next breakout isn’t another super app. It’s the rails they all run on.”

“Don’t just scale fast. Scale smart. Own your margins.”

⏱️ Chapters

00:00 – Southeast Asia's Infrastructure Revolution

12:29 – AI and Wealth Management Innovations

23:13 – The Future of No-Code Development

27:01 – The Rise of Vibe Coding

29:23 – Democratizing Access to Technology

32:20 – The Future of AI and Market Dynamics

35:55 – Empowering the Next Generation of Entrepreneurs

40:23 – Building for the Future: Infrastructure and Innovation

42:16 – Exploring Infrastructure Plays

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🙌 Support the Show

If this episode gave you something to think about:👉 Tap “Follow”🔔 Turn on notifications⭐ Leave us a 5-star rating📤 Share this episode with a founder or operator rethinking their stack

💬 Let’s Connect

🎙 Kim Yeoh →https://www.linkedin.com/in/weiisyuenyeohacmacgma/🎙 Kevin Brockland → https://www.linkedin.com/in/kbrockland/ 📬 Join 500+ founders & VCs reading our newsletter → https://seaofstartups.substack.com/

SEA of Startups is where the region’s real startup stories live.No puff pieces. No fluff. Just what’s actually happening under the surface.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit seaofstartups.substack.com

🎙️ Episode Title

Philippines Startup Shift with Joseph De Leon

📌 Episode Summary (100–150 words)

In this episode, Joseph De Leon (JDL) shares strategic insights into the evolution of the Philippine startup ecosystem: why $5K angel checks still teach more than $5M rounds, how conservative capital is learning to take risks, and what separates founders who pitch beautifully from those who can actually execute. We unpack how the Manila Angel Investor Network was built from the ground up, common red flags in founder profiles, and what’s next in climate tech and AI. If you're building in Southeast Asia—or exploring where to place your next bet—this conversation blends grit, strategy, and real-world lessons from the trenches.

🔑 Key Takeaways

Why small bets matter: A $5,000 angel check often teaches more than flashy multi-million‑dollar rounds—in part because it surfaces execution risk early.

Capital learning curve: Conservative investors in the Philippines are cautiously shifting toward higher-risk startup bets by getting closer to founders with measurable traction.

Execution over charisma: Plenty of founders pitch beautifully, but real dollars flow to those who can ship and scale.

Red flags that kill deals: “Airport‑test” personalities, grant-chasing founders, and ideas without real customer insight quickly turn seasoned investors away.

Ambition is rising: Startups are transitioning from local lifestyle plays to globally-oriented scale businesses focused on climate-tech, AI, and human-centric platforms.

Ecosystem leverage: Over half a billion dollars in institutional capital stands ready—if founders can meet the institutional investor readiness bar.

🚀 Why You Should Listen

Get candid insights from someone who’s built the largest active angel network in the Philippines.

Understand how the region’s investment thesis is evolving, amid risk-averse capital, system friction, and emerging ambition drivers.

Discover what early-stage founders often overlook—and what seasoned investors demand.

👤 Guest & Host Info

Guest: Joseph De Leon (JDL) — Partner at Gravitas Prime, Director of Founder Institute Philippines, and founder of consulting practice Bullet Day. Built MAN, syndicated angel capital, and currently prepping Filipino startups for institutional scaling.

Host: Kevin Brockland, CFA — Co‑host of SEA of Startups, focused on SEA capital flows and founder narratives.

Co‑Host: Kimberley (Kim) Yeoh — Producer & Editor, known for sharp framing and narrative tone.

🔑 SEO Keywords

Philippine startup ecosystem

Angel investing Philippines

Startup execution vs pitching

Climate tech Southeast Asia

ASEAN early‑stage founders

Joseph De Leon Philippines

Manila Angel Investor Network (MAN)

Southeast Asia venture insights

📎 Resources & Links

Manila Angel Investor Network

Founder Institute Philippines & Google Cloud partnership

Bullet Day consulting

Kumu (startup referenced in episode)

Related episode: SEA of Startups #4A – Infrastructure shift in Jakarta & Malaysia

✅ Call to Action

If you found the episode useful, rate and subscribe, and drop a review to help others discover it.Interested founders: email your 5-minute pitch deck to [email protected].Investors wanting exposure to Philippine capital flows: book a chat at cal.com/bulletday.🎧 Link to full episode is at the top of this page—or check it in your favorite podcast app.

📜 Transcript & Quotes

For accessibility and SEO, the full transcript is embedded below in an expandable section.Highlight quotes:

“Sometimes a $5,000 check teaches you more than a $5 million one.”“Ambition without discipline isn’t brave. It’s just recklessness.”

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit seaofstartups.substack.com

“You can’t build AI without compute. And you can’t build trust with slogans.”— Kevin Brockland

“Singapore can’t handle everything. It really can’t.”— Kimberley Yeoh

Hey everyone,

Last week we talked cold hard cash, where it's flowing and why seed founders are getting squeezed while unicorns feast. This week? We're going deeper. Past the money, into the guts of what's actually getting built.

Episode 4B is about the unsexy stuff that'll make or break SEA's next act: compute power, policy theater, and who gets to control the digital future.

Let's start in Jakarta. There's a $2.3B hyperscale AI datacenter going up at breakneck speed. 144 megawatts of raw compute. Kevin calls it "a hyperscaler on steroids" — and honestly, that's not hyperbole. This thing is massive.

But here's the thing about infrastructure — it doesn't exist in isolation. Which brings us to Malaysia's latest reinvention attempt. Fund-of-funds? Yep. VC tax breaks? Sure. ASEAN chair flex with a cross-border startup platform? Obviously.

The playbook feels familiar. Kevin's not wrong when he says: "Same playbook, new name, new slogan... Let's just do more of the same."

Look, I get the skepticism. Malaysia's had a few false starts. But I actually think there's something here worth watching. They're not trying to out-Singapore Singapore ,they're carving out their own lane. Intent matters. Execution matters more.

The reality is this: if SEA wants to ride the next wave — AI, IoT, green data, whatever comes after ; We need more than VC dollars. We need the boring stuff. The cables. The cooling systems. The regulatory frameworks. The sovereign compute strategies that let countries control their own digital destiny.

This episode digs into those foundations. The less flashy bets that determine what becomes possible.

🧠 What You’ll Learn in This Episode:

* Why Jakarta's AI beast could flip the regional power dynamic

* What Malaysia's policy refresh actually means (and where it'll probably stumble)

* How "sovereign compute" became the new national bragging rights

* Why Singapore might be hitting scale limits despite its strengths

* What this all means for founders trying to build on top

🧩 Key Founder Insights:

📌 Infrastructure isn't backend anymore- it's competitive advantage

📌 Policy theatre only works if you can actually execute

📌 Pay attention to infra shifts - they determine your costs, speed, and scale potential

📌 Singapore still leads but alternatives are getting real

📌 Sovereign cloud, tax structures, data laws — this stuff will matter way more going forward

🎧 Listen Now: "Infra Bets & Policy Plays: What's Next for SEA's Startup Ecosystem" on [Spotify] • [YouTube] • [Substack Audio]

🔮 Up Next:

Episode 5: From Infra Bets to Founder Grit — Why the Philippines Might Be SEA’s Next BreakoutPhilippines deep dive with Joseph De Leon-angel investor, strategist, and ecosystem whisperer. Everyone sleeps on this market — but something’s stirring. We’re going to find out what.

🔁 Missed Episode 4A?

Episode 4A was all about SEA's capital flows and why the funding game is so lopsided right now.

🎧 Listen to Episode 4A on Spotify

📺 Watch it on YouTube

📩 Subscribe. Share. You know a founder who needs this — go ahead and hit send.

This is SEA of Startups — where we skip the fluff and get real about what's happening.

Build smart. Build deep.

— Kim and Kevin

Usual disclaimer: This isn't investment advice. Just real talk from people who live this stuff.

🌐 Supporting Sources & Citations

* Jakarta’s $2.3 B AI Megacenter

* Edgnex (Damac Group) is investing US $2.3 billion in a 144 MW AI-focused data center in Jakarta, with phase one expected to launch in late 2026 BERNAMA+15DataCenterDynamics+15Capacity Media+15.

* Confirmed by the Indonesian government’s Ministry of Communications and Digital, calling it a key investment that will bridge digital infrastructure gaps Antara News.

* Malaysia’s VC Reboot via Jelawang Capital & Tax Incentives

* Khazanah’s Jelawang Capital has selected five VC firms under the Emerging Fund Managers Programme (EMP) and Regional Fund Managers Initiative, including Vynn Capital, Kairous Capital, AppWorks, and Granite Asia Capacity Media+13Jelawang Capital+13Jelawang Capital+13.

* The Malaysian government has approved concessionary VC tax incentives: a 5 % tax rate (for 10 years) for funds investing at least 20 % locally, plus a 10 % rate for fund management companies bloomberg.com+3thestar.com.my+3BERNAMA+3.

🚀 Thanks for diving into SEA of Startups. If you're into raw convos, sharp takes, and real stories from Southeast Asia’s startup trenches Subscribe for free to get new drops-straight to your inbox. No fluff. No FOMO. Just the good stuff.

Heard something that hit? This post is public — pass it on.

Thoughts? Let us know what’s brewing? Lets go

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit seaofstartups.substack.com

🎧 Episode 4A: Funding’s Up, Startups Down? Southeast Asia’s Barbell Economy in 2025

Welcome to Part 1 of our two-part deep dive on the state of startup funding in Southeast Asia.One month into the SEA of Startups podcast, we’re marking the milestone with a special two-parter that cuts through the noise — and goes straight to where the money’s moving (or not moving).

In this episode, we unpack the hard numbers behind Southeast Asia’s $2B funding snapshot for H1 2025 — and what it reveals about the barbell effect:→ Fat late-stage rounds.→ Starved early-stage pipeline.→ Not much in between.

Spoiler: If you’re raising a seed round, this might explain a few things.

🧠 What We Cover:

The 80% drop in seed deals since 2022

Why Singapore accounted for 92% of all VC funding

Flight-to-quality behavior: big checks only for proven bets

Why the unicorn drought may signal a longer-term innovation gap

What this barbell dynamic means for the future of the SEA ecosystem

🔍 Key Stats:

$2B total raised in H1 2025

56 seed-stage deals (vs. 200 in H1 2024, 245 in H2 2022)

Only 1 unicorn minted: Sygnum Bank (Singapore)

10 late-stage deals accounted for $1.4B — avg. $140M per deal

92% of all funding routed through Singapore entities

🎧 Listen now on your favorite platform:Spotify | YouTube | Substack | Apple Podcasts

🛎️ Stay tuned for Part 2 — where we dig into Jakarta’s $2.3B AI data center, Malaysia’s startup policy reboot, and the infrastructure tailwinds shaping what comes next.

📌 Disclaimer: Everything discussed reflects personal perspectives only. This is not financial advice, and we’re not speaking on behalf of any organization.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit seaofstartups.substack.com

“These APIs are pretty cool… they allow people to sell quickly without having to go through bureaucratic buying processes.”— Chris Birrell

🧠 Episode 3: Deep, Narrow & Agentic — with Chris Birrell (FUNC Ventures)

In this episode of SEA of Startups, we dig into the quiet revolution happening inside the software stack — where smart APIs, agentic AI, and vertical SaaS are giving focused founders an edge over generic platforms.

Our guest this week: Chris Birrell, Managing Partner at FUNC Ventures — a multi-exit founder and deep-tech operator who’s seen this shift from both the enterprise buyer’s seat and the founder’s side of the table.

This isn’t about building big.It’s about building specific.Precision, embedded value, and leverage — not noise.

💡 What You'll Learn

✅ What agentic AI actually is — and how it goes beyond automation to full-stack decision-making✅ How APIs act as distribution tools, not just plumbing✅ Why deep-and-narrow beats “all-in-one” in vertical SaaS✅ How to stay defensible as OpenAI and the majors keep moving fast✅ What founders in Southeast Asia need to do differently — mindset, model, and moats

🧩 Real-World Examples We Cover

• Using APIs to bypass enterprise red tape• Agentic flows for KYC, gym memberships, and onboarding• How Stripe and Twilio scaled by staying narrow, then expanding• What an “AI-native” stack might look like in healthtech, fintech, and transport• Why founders with specialist insight are best positioned to win the agentic future

🎧 Listen or Watch

📺 Watch on YouTube: https://www.youtube.com/@SEAofStartups

🎧 Listen on Spotify: https://lnkd.in/gmMi2NyR

📨 Subscribe on Substack:https://lnkd.in/gVfiXaPz

If Episode 2 explored the funding terrain,Episode 3 dives into the stack itself —where the real leverage is quietly being built.

And if this feels like a calm before the storm… you’re not wrong. 💥

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit seaofstartups.substack.com

🎙️ EPISODE 2: The Road Less Funded – Seed-Strapping with Strategy

Welcome back to SEA of Startups — where Southeast Asia’s startup game gets real. No hype. No fluff. Just raw conversations with the people building and backing what’s next.

If Episode 1 was our reset, Episode 2 is the reframe — and we’re calling it: Seed-Strapping. That gritty middle ground between bootstrapping till burnout and fundraising your way into a diluted cap table (or a derailed vision).

This week, Kevin takes the hot seat as we unpack:

💡 What is Seed-Strapping?Not bootstrapping, not blitzscaling — it’s raising just enough to move fast without losing your soul (or equity).

🌏 Why it matters more in Southeast AsiaLess capital, more constraint = sharper strategy. Tools like AI are leveling the playing field.

📉 The risk of raising too much too soonIndigestion kills more startups than starvation. Go big only if the market demands it.

You’ll also hear Kevin’s story — from Wall Street to launching Indelible Ventures in Malaysia — and his deeper take on capital efficiency in his Tech in Asia article: “How seed-strapping is killing endless funding rounds" a must-read companion to this episode.

Cheat Sheet for Seed-Strappers:

Be ruthless with capital.

Hire with intent, not ego.

Just say no — especially to dumb money.

Default alive > Growth theater.

Build fast. Don’t fall down the mountain.

👀 Next up: What happens when your co-founder isn’t even human? We deep dive into Agentic AI with Chris Birrell. Think founder energy… made of code.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit seaofstartups.substack.com

This isn’t a fluffy reset. It’s a recalibration.

SEA of Startups is back — sharper, bolder, and more real than ever.

In this special kickoff, co-hosts Kevin Brockland (Indelible Ventures) and Kimberley Yeoh (Producer & Co-host) share what inspired this new chapter, and what listeners can expect from the episodes ahead.

This isn’t just a podcast — it’s a space for authentic conversations, layered perspectives, and the untold stories shaping Southeast Asia’s startup ecosystem.

🎯 In this episode:

Why we’re relaunching with fresh energy and deeper intent

What kind of founder and funder stories we’re spotlighting

How ambition, vulnerability, and iteration define this region

Our vision for building a more connected, honest startup conversation

🎙 If you're a founder building in the thick of it, or a funder tired of surface-level noise — this one's for you. Tune in and be part of the conversation.

Follow, share, tag us — or just send it to someone who needs to hear this.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit seaofstartups.substack.com

This time around, we are sharing a recent presentation that our host gave at a recent event in which he discussed the different players in a startup ecosystem and how the current environment in Malaysia shapes up.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit seaofstartups.substack.com