Investments in private tech companies in Asia have topped those in the US for the first time following a series of giant funding rounds backed by investors keen to cash in on the region’s surging digital markets.
At $19.3bn, the cash pouring into Asian tech start-ups in the second quarter of the year more than doubled the amount in the first three months, according to the latest analysis by CB Insights and PwC. By comparison the US, the traditional home of venture capital, saw $18.4bn in new investment in the same period, after a more modest 27 per cent increase. A series of large funding rounds this year underlines the race to build local digital champions. Didi Chuxing, the Chinese ride hailing company, raised $5.5bn, the biggest investment ever in a private company, topping the $3.5bn that Saudi Arabia poured into Uber last year.