# Venture capital & startup funding — gaps & caveats (SEA-11)

**As of:** 2026-09-30  
**Pack:** `topics/venture_capital/scoreboard.csv`

## Hard gaps (empty cells — do not invent)

| Gap | Countries | Why |
|-----|-----------|-----|
| EnterpriseSG ASEAN-6 VC deal value / count | **BRN, KHM, LAO, MMR, TLS** | Not in ASEAN-6 (SG/ID/MY/PH/TH/VN) PitchBook landscapes. Leave empty. |
| Country unicorn stock | **IDN, VNM, THA, PHL, BRN, KHM, LAO, MMR, TLS** | Destination SEA 2024 free text locks SEA **55** and SGP **31**; names MY sole unicorn (Carsome) → MYS **1**. No verified stock split for other AMS in free PDFs used here. |
| Paywalled PitchBook / CB Insights / AVCJ country tables | **All** | Out of scope unless figures appear in free public PDFs/press. Never scrape. |
| Startup density / VC per internet user / “innovation score” | **All** | **Out of scope** — dual story forbids blending deal-flow with digital adoption or GII. |
| PE/VC fundraising or AUM by AMS | **All country cells** | Bain SEA PE press gives regional PE deal value only (US$16B 2024). No free country PE/VC AUM panel locked. |

## Stale / methodology badges

| Indicator | Scope | Period | Note |
|-----------|-------|--------|------|
| Landscape 2024 (PitchBook) | ASEAN-6 | **2024** | Primary country panel: **US$7.2B / 789 deals**; SGP **US$4.8B / 464**. |
| FY2025 Landscape series | ASEAN-6 | **2022–2025** | Multi-source (PitchBook/Crunchbase/MergerMarket/EY-Parthenon). Calendar-2024 point is **US$9.7B / 1,086** — **not** the Landscape 2024 vintage. |
| FY2025 Singapore narrative | SGP | **2025** | **US$4.6B / 472 deals** (−34% / −35% YoY on that series). |
| Destination SEA unicorns | SEA / SGP / MYS | ~**July 2024** | Stock of unicorns founded and/or HQ in SEA — not annual mint. |
| Bain SEA PE | SEA regional | **2024** | PE deal value **US$16B** (+60%) — companion; PE ≠ VC. |

## Source consistency choices

1. **Primary comparable panel** — EnterpriseSG Landscape **2024** ASEAN-6 deal value + count (shares + SGP narrative absolutes; other AMS absolutes = share × ASEAN-6 total).
2. **Dual story** — Deal **value** ≠ deal **count**; neither equals digital adoption / GII / startup density.
3. **FY2025 companion** — Use for 2025 + multi-year trend; **never** overwrite Landscape 2024 cells or average the two 2024 vintages.
4. **Unicorns** — Optional callout (SEA 55 · SGP 31 · MYS 1); do not rank against annual deal-flow bars.
5. **CLMV+BRN+TLS** — Empty except Vietnam (in ASEAN-6).

## Reading rule

Empty `value` cells for BRN/KHM/LAO/MMR/TLS (and most unicorn cells) are intentional. Never zero-fill. Never invent country VC from blogs or paywalled teaser graphics.