BFM 89.9

HIGHLIGHTS 
Podcast  >  Enterprise  >  Open For Business  >  Series A, B, Then Exit? Why SEA Has a $400M Exit Ceiling

Series A, B, Then Exit? Why SEA Has a $400M Exit Ceiling

Weisheng Neo, General Partner, Qualgro

11-Dec-25 10:00

Series A, B, Then Exit? Why SEA Has a $400M Exit Ceiling

While the rest of Southeast Asia was chasing the "super app" dream and burning cash on subsidies, Qualgro took a different path. For the last decade, this VC firm has quietly focused on the "boring back end of the internet", B2B software, data, and AI.

General Partner Weisheng Neo joins us to explain why this approach is paying off. 

He also discusses why the NASDAQ isn't always the best exit for regional startups (and why the Tokyo Stock Exchange might be), why he views the current funding climate as a "natural correction" rather than a crisis, and how to build companies for "quality growth" in an era of high interest rates.

We discuss:

  • Why Qualgro bet on B2B software over consumer tech.

  • The "mid-market ceiling": Why $200-400M exits are the sweet spot for SEA.

  • The Appier case study: Why they listed on the Tokyo Stock Exchange.

  • Identifying "AI-native" startups vs. ChatGPT wrappers.

  • Why "management by consensus" is a death knell for startups.

Image Credit: Shutterstock

Produced by: Roshan Kanesan

Presented by: Roshan Kanesan


This and more than 60,000 other podcasts in your hand. Download the all new BFM mobile app.

Categories:  economy,  technology,  entrepreneurs,  SME,  personal development

Tags:  venture capital,  Southeast Asia Tech,  B2B SaaS,  startup exits,  investment strategy, 


Latest Podcasts




Play / Pause

Listen now : BFM 89.9 -- The Business Station

Today’s Shows



11:00 AM

Best of Enterprise

(REPEAT) We sit down with Edmond Yap, co-founder of Tupai, to deconstruct ‘The Grade C Trap’, on the back of the recent Education Blueprint announcement made recently.

12:00 PM

Popcorn Culture

(REPEAT) 28 Years Later: The Bone Temple + Zombies on Screen

1:00 PM

Cruise Control

(REPEAT) The new, fully imported Subaru Forester is a solid car, but the high asking price is a little bit hard to swallow, according to Daniel Fernandez. Tune in to hear his full thoughts.

2:00 PM

Matt-Splained

(REPEAT) In the second part of their Tech in ‘26 series, Matt and Rich examine some of the headline treatments and advances we’re likely to see this year.

3:00 PM

Earth Matters

(REPEAT) RimbaWatch files Malaysia’s first climate greenwashing lawsuit. We unpack what the case means for climate claims, accountability, and regulation with RimbaWatch's Head of Legal Advocacy, Kuberan Hansrajh Kumaresan.

4:00 PM

Bar None

(REPEAT) Young Malaysian golfer who turned pro last year, Mirabel Ting joins us to share the eventful journey in her career so far.

5:00 PM

BBC World Service

How do video and board games get from idea to reality? Ella Al-Shamahi talks to two women who invent, tweak and perfect the games that so many of us love to play.