Singapore

Singapore

#9

Global Startup Ecosystem
Members: Enterprise Singapore

Top 10

Global Ecosystem in Talent & Experience

Top 10

Global Ecosystem in Funding

Top 10

Asia Ecosystem in Performance
Singapore’s thriving ecosystem is an ideal launchpad for Climatetech breakthroughs. Alongside our partners Temasek and Enterprise Singapore, we’re accelerating innovation across Southeast Asia through the Breakthrough Energy Fellows – SEA hub.
Ashley Grosh
Ashley Grosh
Vice President, Breakthrough Energy

Highlights

Singapore is a premier innovation hub strategically positioned in Southeast Asia. Its Research, Innovation and Enterprise (RIE) plans, refreshed every five years, are a cornerstone in Singapore’s innovation-driven, knowledge-based economy. Key focuses include enriching Singapore’s scientific base, scaling up platforms to drive technology translation, and strengthening enterprises’ innovation capabilities.

Singapore committed $18.9B from 2021 - 2025, comprising 1% of its GDP, to R&D via the RIE plan. The plan received an injection of $2.27B last year to deepen capabilities in advanced manufacturing, sustainability, and digital economy. To further stimulate private investments in Deep Tech startups, the government allocated $330M to an     equity co-investment scheme, bringing the fund total to $757M+.  

Partnerships with global and local venture builders were forged to catalyse new Deep Tech ventures. For instance, Enterprise Singapore formed strategic partnerships with Founders Factory, Kreo Venture, and Xora Innovation.

The Global Innovation Alliance (GIA) is the national platform that bridges tech startups to and from key innovation markets globally. Through GIA’s dynamic network, this has empowered market access for more than 600 startups across 24 cities, and catalysed cross-border research with over 40 countries.

Collaboration between startups and corporates is also enabled through Singapore’s Open Innovation Network. They include the AI and Sustainability Open Innovation Challenges. 

To foster collaborations in innovation, Singapore hosts global conferences such as the Singapore Week for Innovation and Technology (SWITCH), Asia’s leading startup and innovation event, drawing a record of 20,000+ attendees, including corporates, investors, startups, and innovation partners in 2024. SLINGSHOT, a premier Deep Tech startup competition, attracted 5,500+ startups from 150+ countries in 2024, a hallmark of Singapore’s attractiveness as a startup hub. 

Ecosystem by the Numbers

ECOSYSTEM VALUE

A measure of economic impact, calculated as the value of exits and startup valuations from H2 2022–2024.
(H2 2022 - 2024)
$144 BN
GLOBAL AVG. $20.4 bn

NUMBER OF UNICORNS 

The number of startups that meet our definition and have been valued at more than $1 billion and have not exited.
(ACTIVE UNICORNS)
20
GLOBAL AVG. 4

SOFT. ENGINEER SALARY

Average software engineer salary informed by data from Glassdoor, Salary.com, and PayScale, as well as local sources when available.
(2024)
$66 K
GLOBAL AVG. $52 K

TIME TO EXIT

The average age at the time of exit in the ecosystem in 2020–2024.
(2020 - 2024)
8.3 YEARS
GLOBAL AVG. 11.2 years

TOTAL EARLY–STAGE FUNDING

The total seed and Series A funding in tech startups in H2 2022–2024.
(H2 2022 - 2024)
$4.4 BN
GLOBAL AVG. $514.8 m

MEDIAN SEED ROUND

The median of seed rounds in tech startups in the ecosystem in H2 2022–2024.
(H2 2022 - 2024)
$1.4 M
GLOBAL AVG. $889 k

EARLY-STAGE FUNDING
GROWTH

Early-stage funding growth is based on number of seed and Series A rounds raised between 2021-20222 vs. 2023-2024 and calculated on a scale of 1 (lowest) to 10 (highest).
(2021 - 22 VS. 2023 - 24)
4
Scale of 1 (lowest) to 10 (highest)

EXIT AMOUNT

The total value of exits from the ecosystem.
(2020 - 2024)
$13 BN
GLOBAL AVG. $8 bn

ECOSYSTEM VALUE GROWTH

Ecosystem Value growth (CAGR) is calculated based on companies founded in the ecosystem in H2 2020–H2 2022 vs. H2 2022–H2 2024.
(H2 2020 - H2 2022 VS H2 2022 - H2 2024)
7%
GLOBAL AVG. -14%

MEDIAN SERIES A ROUND 

The median of Series A rounds in tech startups in the ecosystem in H2 2022–2024.
(H2 2022 – 2024)
$6 M
GLOBAL AVG. $6.8 m

TOTAL VC FUNDING

The total VC funding (seed, Series A, Series B+) in tech startups in H2 2022–2024.
(2020 - 2024)
$32 BN
GLOBAL AVG. $5.2 bn

EXIT COUNT (#)

The number of exits from the ecosystem.
(2020 - 2024)
280
39
2020
36
2021
80
2022
61
2023
64
2024
GLOBAL AVG. 86

Sub-Sector Strengths

Life Sciences
Life Sciences

Singapore’s precision medicine diagnostics companies are expanding globally. In 2025, Lucence and KYAN Technologies announced strategic collaborations with Mayo Clinic Laboratories for U.S. expansion. New Singapore therapeutic Biotech startups are capturing investors’ attention. In March 2025, Callio Therapeutics, which develops antibody-drug conjugates to enhance cancer treatment, raised $187M led by Frazier Life Sciences together with EDBi, SEEDS Capital and ClavystBio. Geneo, a $785 million, 180,600 sqm Life Sciences hub at Singapore Science Park by CapitaLand featuring 80,000 sqm dedicated to biomedical R&D, is now operationally ready.

AI, Big Data & Analytics
AI, Big Data & Analytics

Singapore is emerging as a global driver of AI. The nation invested over $750M in AI talent and industry over five years, including securing advanced chips for AI development. Partnerships established with Google, Amazon Web Services, and NVIDIA, alongside the 26 AI Centers of Excellence (CoE) secured by Digital Industry Singapore, provide startups with acceleration platforms and room to research and build proprietary GenAI solutions. Singapore will work with 100 leading corporates to accelerate AI adoption across industries through these CoE, such as NVIDIA’s Centre for AI with SIT.

Cleantech
Cleantech

Singapore spearheads Climatetech innovation through key partnerships. Enterprise Singapore, Temasek, and Breakthrough Energy, the climate and energy organization by Bill Gates, established a multi-year effort to accelerate the development of climate-tech solutions in Southeast Asia. The launch of Sustainable Energy of Singapore DigiLeap, an AI-powered marketplace to drive knowledge sharing and business matching in renewable energy projects in ASEAN, demonstrates Singapore’s commitment to sustainability.  Notable successes include Aether Fuels, a sustainable fuel conversion startup that raised $40M+ from investors including AP Ventures, Chevron Technology Ventures, CDP Venture Capital, Doral Energy-Tech Ventures, and JetBlue Ventures.

Reasons to Move Your Startup to Singapore

Strong Market Access

Singapore is a key funding hub and gateway to Southeast Asia. It hosts over 510     VC firms, more than 220 incubators, and 4,500 tech startups. Singapore has strong connectivity to major hubs and a robust network of over 27 Free Trade Agreements. Startups in Singapore can leverage Enterprise Singapore’s Global Innovation Alliance network and Overseas Centres to expand into new markets and collaborate on R&D internationally.

Ease of Doing Business

Singapore's clear laws, easy setup, and pro-business policies attract businesses. Tax exemption schemes are available for qualifying new startup companies. Startups can access Stage One, a new platform connecting global and local startup communities, to foster collaboration between startups and innovation.

World-Class Talent

IMD World Talent Ranking ranks Singapore second as a top destination for global talent, with over 40% of the workforce holding a university degree. Top universities and institutes partner with leading firms like Micron Technology, OCBC Bank, and SIA Engineering to develop tech talent in emerging fields. Initiatives like ONEPass and EntrePass enable top talent, entrepreneurs, and investors to work and start businesses in Singapore.

Selected Startup Organizations

Startup Genome Members

MEMBER

Enterprise Singapore is the government agency championing enterprise development. The agency works with committed companies to build capabilities, innovate, and internationalize. It also supports the growth of Singapore as a hub for global trading and startups.

Key Ecosystem Players

National Research Foundation, Singapore (NRF)

NRF, under the Prime Minister’s Office, sets the national direction for R&D by developing policies, plans and strategies for research, innovation and enterprise. It also funds strategic initiatives and develops R&D capabilities by nurturing research talent.

Xora

Xora is an early-stage deep tech venture firm, providing investment capital and long-term support to exceptional entrepreneurs transforming essential industries. The firm targets three key sectors: Compute & Communications, Climate & Energy, and AI in Physical Industries.

Founders’ Factory

Founders Factory is a venture builder and early-stage investor. Their core areas of focus include Deep Tech, Climate, Healthcare & Fintech. Its venture studio partners with entrepreneurs to build, fund and launch new ventures from inception. It also operates sector-focused accelerator programs and venture funds, investing in talented and diverse founding teams across five continents.

Monk’s Hill Venture (MHV)

Established in 2014, MHV is a venture capital firm investing in early-stage tech companies in Southeast Asia. Backed by institutional investors and founded by experienced operators, MHV works with entrepreneurs to use technology to improve millions of lives in the region.

Work with us

If you are interested in working with us to drive global attention to your ecosystem, please get in touch with Marina Krizman, Director of Business Development.

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