Southeast Asian technology startups raised less money this year as the coronavirus pandemic roiled markets, but the decline was less acute than some other parts of the world, according to a new report.

They raised US$5.6 billion ($7.67 billion) of investments in the first half of this year, down 13% from a year ago, research from Singapore-based venture capital firm Cento Ventures released on Friday showed. That compares with a 16% drop in India and 21% fall in the European Union. North America saw declines of 8% during the same period, according to the report, which covered almost 3,500 deals and is primarily based on public announcements and community disclosures from companies and investors.

“All things considered, Southeast Asia held up surprisingly well,” Dmitry Levit, a partner at Cento Ventures, said in an interview.

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