Pendanaan Startup Meningkat, Tapi Ekonomi dan Pasar Saham Membayangi 2025

Startups attracted Rp 1.53 juta ($91.5) billion in venture capital funding in Q1, marking an 18.5% increase from the previous quarter and the second-highest quarterly investment in the last decade. However, Kyle Stanford, lead U.S. venture capital analyst at PitchBook, remains pessimistic about the future of VC dealmaking. His concerns stem from shattered expectations for significant exits in 2025, stock market volatility, and fears of a recession triggered by President Trump's tariff policy. Several companies, including Klarna and Hinge, have postponed or are considering delaying their IPOs due to market turbulence. Despite the strong dealmaking totals in Q1, Stanford believes that the metric does not fully capture investor excitement for startups. Notably, 44% of the Rp 1.53 juta ($91.5) billion raised was invested in just one company: OpenAI’s Rp 668.00 ribu ($40) billion round, while nine other companies raising Rp 8.35 triliun ($500 m) illion or more accounted for an additional 27% of the total deal value. Stanford warns that many startups may need to come to terms with down rounds or being acquired for large discounts. Investors and analysts have been predicting widespread startup collapse since the end of the ZIRP era in 2022. While some startups have managed to cut costs and continue growing, they are hanging on by a thread, with 2025 forecasted to be another difficult year for startup shutdowns. A potential recession could further accelerate the end for many startups.