The number of deals climbed 50 per cent.
SINGAPORE - Singapore’s early-stage emerging technology start-ups raised US$402 million in funding in 2023, up 59 per cent from the US$253 million raised in 2022, said national investment arm SGInnovate.
“The trends we are seeing are an indication of the maturity and growing dynamism of Singapore’s emerging tech landscape, with more specialist investors coming in to support specific verticals,” said SGInnovate executive director Tong Hsien-Hui. According to SGInnovate, the sustainability sector is the only domain to experience a year-on-year increase in both funding events and amounts since 2021. It was also the most active sector in terms of start-ups incorporated last year, while average seed funding round sizes in the sector grew nearly 300 per cent between 2022 and 2023.
SGInnovate also found that approximately 9 per cent of the start-ups incorporated between 2019 and 2023 have been struck off.
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