From Hype to Hard Truths: Vertex’s CEO on Southeast Asia’s startup reality check
60/40 Podcast15 Sep 2025

From Hype to Hard Truths: Vertex’s CEO on Southeast Asia’s startup reality check

This isn’t Kee Lock Chua’s first rodeo. Widely regarded as the OG of Singapore’s VC scene, Kee Lock — CEO of Vertex Holdings — joins 60/40 to break down the state of Southeast Asia’s startup ecosystem. From LP demands to inexperienced VCs to the curse of excess capital, he offers candid lessons from decades in the industry.

We cover:

  • Why Southeast Asia’s venture market is in “recalibration mode”
  • How LPs themselves fueled irresponsible investing
  • What VCs should really look for in founders (ability, motivation, and attitude)
  • The fallout from scandals like eFishery on regional fundraising
  • Where AI can realistically deliver wins in Southeast Asia


Timestamps

00:00 The Curse of Excessive Capital

02:25 Current State of Southeast Asia's Startup Ecosystem

06:09 Challenges in Fundraising for VCs

10:14 The Role of LPs in Venture Capital

13:09 Assessing Founders: Beyond Ability

18:09 Learning from Failure: Backing Founders Again

22:20 The Learning Curve of Entrepreneurship

26:14 Navigating the VC Ecosystem's Challenges

29:07 Impact of Scandals on LP Perception

32:09 The Entrepreneurial Mindset: Faking It Till You Make It

37:07 Understanding the LP Mindset and Market Concerns

40:58 AI in Southeast Asia: Opportunities and Challenges

55:12 The Future of the Startup Ecosystem in Southeast Asia

01:00:45 Navigating Global Relationships and Economic Bifurcation


Give us feedback or nominate topics & speakers at 6040podcast@techinasia.com.


60/40 is a bi-weekly podcast co-hosted by Prashanth Ranganathan, Peter Bithos, and Maria Li. Special thanks to our guest, Kee Lock Chua, CEO of Vertex Holdings.


A podcast by Tech in Asia, a member of The Business Times.

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