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.

The government allocated an additional S$300 million in the 2020 budget to support the growth of tech startups in key emerging sectors including Advanced Manufacturing, Life Sciences, and Agtech. Cleantech is also quickly growing here, with startups including VFlow Tech, Terrenus Energy, and Red Dot Analytics bringing attention to the region. To support sustainable growth, the Singapore Government announced in its 2021 budget that it will issue green bonds on select public infrastructure projects, with up to S$19 billion in public sector green projects identified. In 2022, it was announced that $35 billion in green bonds will be issued by 2030 to fund green public sector projects.