Singapore emerges as the leading startup investment hub in Southeast Asia, attracting a record US$6.1 billion in funding in 2023, as reported by Enterprise Singapore. Early-stage funding dominates the investment landscape, showcasing Singapore’s resilience amidst a global decline in startup funding.
5 April 2024 – Singapore solidified its position as the premier destination for startup investments in Southeast Asia, with a record-breaking influx of US$6.1 billion across 522 deals in 2023, according to a report released by Enterprise Singapore, a government agency. Early-stage funding accounted for 94 percent of the total deal volume and nearly half of the total deal value, marking a notable increase from the previous year, the report revealed on Wednesday (April 3).
In contrast, global early-stage funding for startups experienced a significant 40 percent year-on-year decline in 2023. This disparity highlights Singapore’s resilience in navigating the challenging funding landscape, signaling its ability to weather the funding downturn more effectively than its counterparts, as highlighted in the report.
Cindy Ngiam, Director for the startup ecosystem at Enterprise Singapore, emphasized that the robust funding results underscore investors’ unwavering confidence in Singapore’s status as the premier destination for startup development and investment within the region. -ref: Xinhua
