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Singapore has rapidly emerged as a major hub for startups in Southeast Asia, with a thriving ecosystem of entrepreneurs, investors, and support organizations.
As the country continues to attract attention from the global startup community, it's important to take a closer look at some of the most successful and innovative startups that are driving growth and innovation in the region.
In this article, we will explore some of the top startups in Singapore, their industries, and their funding history.
Closer Look to Singapore’s Top Startups to Watch
Singapore startups are in a particularly strong position to succeed because of the support of a thriving ecosystem. The ecosystem itself is worth a whopping $89 Billion, which is higher than the global average.
One of the biggest factors contributing to the success of startups in Singapore is the availability of VC funding. With over 900 VC firms in the country, Singapore startups have a plethora of funding options to choose from.
Early-stage companies also benefit from the hundreds of accelerators and incubators available to help them in their developmental stage.
In addition to VC funding, the Singapore government has policies that heavily support the startup ecosystem in the country.
One example is Startup SG Founder Ignite, a program that allows aspiring entrepreneurs to pitch their ideas for a chance to receive a S$50,000 startup grant to further fund their ideas.
With all of this support, Singapore startups have a bright future ahead of them.
Now, let’s take a look at the top 10 Singapore startups to watch in 2023.
1. Qritive
Year Founded: 2017
Funded Value: $9 million
Size: 1-10
Founders: Aneesh Sathe, Kaveh Taghipour
Qritive, was established in 2017 and focuses on the healthcare industry. The company's mission is to aid patients in obtaining quicker cancer diagnoses with the help of AI-powered automation.
This approach leads to better patient outcomes since the earlier cancer is detected, the higher the chances of survival. It also increases cost-efficiency and improves the workflow for medical professionals.
Since its establishment, the business has undergone multiple funding rounds. In its latest Series A round, Qritive raised $7.5 Million in January 2023. So far, the company has successfully raised a total of $9 Million from seven investors.
2. Nansen
Year Founded: 2020
Funded Value: $88.2 million
Size: 51-100
Founders: Alex Svanevik, Evgeny Medvedev, Lars Bakke Krogvig
Nansen is a Singaporean startup established in 2020 that operates in the blockchain market. The company generates revenue by providing blockchain analytics solutions to investors and crypto businesses. Its platform enables users to identify new market opportunities, perform due diligence on them, and manage their portfolios through a dashboard and real-time alerts.
The company has been actively seeking startup funding and has raised a total of $88.2 million from forty-four investors. In 2022, Nansen acquired Ape Board, another startup, which was likely made possible by the funding it received from investors.
3. Blackpanda
Year Founded: 2015
Funded Value: $15 million
Size: 11-50
Founders: Gene Yu, Kevin McCaffrey, Matt Pecot
Blackpanda is a cybersecurity Singaporean startup founded in 2015. The company generates revenue by offering various services to its clients, such as threat response, investigations of attacks and breaches, digital forensics, and preparation for incident response.
The company has undergone one funding round since its inception, raising $15 million from five investors. This funding will be utilized to facilitate further expansion across Asia.
4. Nextbillion.ai
Year Founded: 2020
Funded Value: $37.7 million
Size: 51-100
Founders: Ajay Bulusu, Gaurav Bubna, Shaolin Zheng
Nextbillion.ai is a Singaporean startup that was established in 2020 and specializes in the artificial intelligence field. Their solutions facilitate the hyperlocal mapping of areas by utilizing their AI technology to create the necessary infrastructure for producing location-based experiences for over a billion users.
The startup has undergone several funding rounds, accumulating a total of $37.7 million from ten investors. Its most recent funding round was a Series B round in September 2022, where it secured $3 million from Mirae Asset.
5. AirCarbon Exchange
Year Founded: 2019
Funded Value: $18.6 million
Size: 11-50
Founders: Thomas McMahon, William Pazos
AirCarbon Exchange is a Singaporean startup that was established in 2019 and focuses on the carbon market. The company has created a platform that enables corporations and financial traders to trade carbon credits with full transparency. This platform is expected to continue transforming the voluntary carbon market.
The startup has undergone several funding rounds since its inception, with the most recent being in December 2022, where it raised $15 million from three investors. In total, the startup has raised $18.6 million from four investors.
6. Intellect
Year Founded: 2019
Funded Value: $32.7 million
Size: 51-100
Founders: Anruag Chutani, Theodoric Chew
Intellect is a Singaporean startup founded in 2019, providing services in the healthcare and wellness sectors. It has developed an online platform to offer easy access to mental health support for individuals and businesses across Asia, with over three million members currently served.
The company has gone through several funding rounds since its inception, the most recent being a Series A round in July 2022, where it secured 27.8 million SGD from seven investors. In total, Intellect has raised $32.7 million from twenty-seven investors.
7. Aspire
Year Founded: 2018
Funded Value: $158 million
Size: 200-500
Founders: Andrea Baronchelli, Joel Leong
Aspire offers an all-in-one finance operating system designed for businesses. The system goes beyond the capabilities of banks, bookkeepers, or rewards programs by helping companies manage their payments, finances, and rewards in a smarter way. Aspire's mission is to provide the necessary financial tools to the next generation of entrepreneurs, enabling them to reach their full potential. They firmly believe that if they can empower business owners to succeed, these entrepreneurs can make a significant impact on their respective communities.
Aspire has raised $158 million in a Series B funding round aimed at developing a comprehensive "financial operating system" for businesses in Southeast Asia.
8. Ion Mobility
Year Founded: 2019
Funded Value: $25.5 million
Size: 11-50
Founders: James Chan, Joel Chang
Ion Mobility is a startup based in Singapore that was established in 2019 and operates in the electric vehicle industry. The startup specializes in developing electric motorbikes and energy storage solutions to create the necessary infrastructure for these bikes. This helps in reducing emissions and creating cleaner cities.
Ion Mobility has undergone several funding rounds since its inception. In the most recent round, a Series A held in February 2023, the startup raised $18.7 million from ten investors. In total, Ion Mobility has raised $25.5 million in funding from seventeen investors.
9. Optty
Year Founded: 2021
Funded Value: $19 million
Size: 101-250
Founders: Natasha Zurnamer
Optty is a Singapore-based startup operating in the FinTech market since its foundation in 2021. Its revenue is generated through a solution that enables retailers and payment gateways to integrate BNPL solutions seamlessly, leading to enhanced user experiences.
Although Optty is a relatively new company, it has not gone through many rounds of startup funding. It has managed to raise a total of [$9 Million]($9 Million) from an undisclosed number of investors.
10. Airalo
Year Founded: 2019
Funded Value: $7.3 million
Size: 51-100
Founders: Abraham Burak, Ahmet Ozdemir
Airalo, a Singaporean startup founded in 2019, has made a name for itself in the telecommunications market. The company provides travelers with on-demand, affordable SIM cards for over 190 regions worldwide. With $7.3 million raised from thirteen investors, the startup's future expansion plans remain unknown.
Frequently Asked Questions:
How many startups are there in Singapore?
There are currently more than 4,000 startups in Singapore.
What is the average investment in Singapore startups?
The average Seed Round in Singapore is worth $850,000 and the average Series A is worth $6 million.
Which startup industries are strongest in Singapore?
The strongest startup industries in Singapore are AI, Life Sciences, and AgTech/New Food.
Conclusion
In conclusion, Singapore has become a hub for startups, with more than 4000 startups currently operating in various industries. The average investment in startups in Singapore is impressive, with an average seed round worth $850,000 and an average Series A worth $6 Million. With such a supportive environment, it is no surprise that Singapore continues to attract talented entrepreneurs and investors from around the world.
Additionally, with the rise of remote work and digital communication, startups can also tap into a global pool of talent for their teams. Talentport helps businesses hire top-notch remote talent so they can focus on running the business. Get Free Consultation now to find talent that matches your right fit.
