Singapore Remains Top Start-up Investment Destination in Southeast Asia

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Despite a downturn in funding, Singapore accounted for 63.7% of all equity deals in Southeast Asia in 2023, making it the top start-up investment destination in the region. The report also highlighted the growth of Singapore's deep-tech start-up ecosystem, with a 31.4% increase in deals compared to the previous year.

SINGAPORE – Singapore was the top start-up investment destination in South-east Asia in 2023 despite a downturn in funding, noted a new report.

This marked a recovery from a 38.9 per cent drop in 2022, although deal value fell 18.4 per cent to US$1.53 billion in 2023. The report also noted that deep-tech start-ups here are integrating artificial intelligence and machine learning, which marks a shift in how these firms approach research and development and cost management.

Mr Aditya Mathur, managing director of venture capital firm Elev8.vc, highlighted at a panel discussion on April 3 that Singapore’s deep-tech ecosystem has expanded rapidly since 2019.

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