Singapore’s Startups Build on Established Global Success
Singapore
Singapore #18
MEMBERS:
Enterprise Singapore
"Singapore’s start-up ecosystem is home to regional unicorns, top talent, and sophisticated investors. It is the ideal base to address Southeast Asia’s trillion-dollar digital commerce and climate-tech opportunities."
Highlights
With its rising middle class, pro-business environment, and booming internet economy, Singapore is an attractive hub for startups. Department of Statistics and Enterprise Singapore data shows that there are close to 4,000 startups in Singapore, over 220 VCs, and over 200 accelerators. Singapore minted 11 new unicorns in 2021, and many global corporations have set up innovation centers here in recent years.
In 2021, 52% of equity funding generated in Southeast Asia was from Singapore, according to Enterprise Singapore. Investors are attracted to Singapore’s position as an entry to Southeast Asia and to Singapore’s high-quality startups. Enterprise Singapore provides support programs under Startup SG and Enterprise Singapore ’s investment arm, SEEDS Capital, has co-invested in 160 Singapore-based startups.
Ecosystem by the Numbers
TOTAL EARLY STAGE FUNDING
(2019H2-2021)
$3.2 bn
GLOBAL AVG.
$687 m
ECOSYSTEM VALUE
(2019H2-2021)
$89 bn
GLOBAL AVG.
$28.6 bn
Amount ($)
Count (#)
Exits
(2017-2021)Sub-Sector Strengths
AI, Big Data & Analytics
The Singapore government has been ramping up and encouraging investment in tech startups, including companies focused on AI, Big Data, and Analytics. Follow-on investments are expected through programs such as Startup SG Equity. Hosted by the National University of Singapore, AI Singapore is a national AI program to anchor Singapore’s AI capabilities. Innovation intelligence startup PatSnap raised $300 million in March 2021, bringing its valuation to more than $1 billion, and AI-driven tech company Advance Intelligence Group raised a $400 million Series D in September 2021, making both companies unicorns.
Life Sciences
Singapore's biomedical innovation ecosystem has grown nearly six times over the past decade, with over 360 biomedical startups and SMEs established in the region to date. Enterprise Singapore reported that a record $600 million was raised in related funding between January and September 2021. Doctor Anywhere raised a $65.7 million Series C round in August 2021, one of the largest private funding rounds ever raised by a healthtech company in Southeast Asia.
Agtech & New Food
The Singapore government has dedicated $45.2 million to its new Agri-food Cluster Transformation Fund, which is focused on supporting farmers through technology and boosting domestic food production. In February 2022, Nex Gen Foods raised $100 million in the largest Series A deal for a plant-based meat company globally to date. The startup was founded in the U.S. but is now headquartered in Singapore.
Reasons to Move Your Startup to Singapore
Government Support
Enterprise Singapore, a Singapore government agency under the Ministry of Trade and Industry, has a suite of startup-friendly policies, including grants for first-time entrepreneurs, talent placements, and co-investments. Together with other government agencies, it works closely with private sector ecosystem partners such as VCs and accelerators to support growth in Deep Tech sectors. Global support organizations and investors including 500 Startups, Plug and Play, Sequoia, and many more have a presence in Singapore, connecting the ecosystem to the global community.
Talent Development & Attraction
Singapore welcomes entrepreneurs and tech talent with initiatives including the Entrepass visa for foreign founders. In addition, [email protected] and TechPass provide visas for Singapore-based startups to attract global tech talent. Large corporations including Dyson and biotechnology company BioNTech have set up headquarters in Singapore to tap into the diverse and growing engineering and science talent. Semiconductor manufacturing company GlobalFoundries is building a new S$5.4 billion plant in Singapore.
Selected Startup Organizations
Startup Genome Members
"Ranking as the #18 Global Startup Ecosystem overall, Singapore is a leading example of a thriving startup community. It is thrilling to closely collaborate with Enterprise Singapore to take a data-centric approach to studying this success."
Key Ecosystem Players
Startup Genome
Partners
Action Community for Entrepreneurship (ACE)
500 Startups
FocusTech Ventures
Starburst Accelerator
500 Ecosystems Singapore PTE. LTD.
Startup X PTE. LTD.
Trendlines Medical Singapore
Featured Articles from
Local Ambassadors
Kristabel Quek
Kristabel specializes in innovation management and entrepreneurship. She believes in creating value, virtuous communities and ecosystems. With background in materials engineering, Kristabel ventured into technology transfer, focusing on using technopreneurship, entrepreneurship, and intrapreneurship to bring ideas to commercial market
Zi Xin Lee
Having finished a Bachelor's in the US, a Master's in China, and a stint at ZhenFund looking at Indian and Southeast Asian start-ups, Zi Xin is a cross-cultural, multilingual and curious young person who yearns to help Singapore become a Global Asia Node for innovation, technology and enterprise.
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