Singapore is one of the shining stars in the Asia, the city-state has one of the most advanced and fast-growing economies in the world. With this in mind, it is no surprise that the country routinely creates top startups. Singapore startups are in a particularly strong position to succeed with the overall strength of the ecosystem behind it. The ecosystem itself is valued at $89 Billion, which far exceeds the global average.
One of the biggest reasons for the success of startups in Singapore is the availability of VC funding in the country. More than 900 VC firms have become involved in the startup market in the country and this leaves Singapore startups spoiled for choice when seeking funding. The same is true for early-stage businesses, with hundreds of accelerators and incubators helping companies in the development stage.
The government in Singapore is also known for its policies that heavily favour and support the startup ecosystem in the country. For example, Startup SG Founder Ignite is a program that allows budding entrepreneurs to pitch their ideas for a chance to receive a S$50,000 startup grant to further fund their ideas.
1. Qritive
Year Founded: 2017
HQ: Singapore
Size: 1-10
Founders: Aneesh Sathe, Kaveh Taghipour
Qritive is a Singapore startup that was founded in 2017 and operates in the healthcare sector. The company aims to help patients to receive a quicker cancer diagnosis through AI-powered automation. This leads to improved patient care outcomes as survivability drastically increases the sooner the cancer is detected. This also leads to improved costs and efficiencies for medical professionals.
The business has gone through a number of funding rounds since being founded, with the most recent being a Series A Round where it raised $7.5 Million in January 2023. Overall, the business has raised a total of $9 Million from seven investors.
2. Nansen
Year Founded: 2020
HQ: Singapore
Size: 51-100
Founders: Alex Svanevik, Evgeny Medvedev, Lars Bakke Krogvig
Nansen is a Singapore startup that was founded in 2020 and earns its money in the blockchain market. The startup provides investors and crypto businesses with a blockchain analytics solution that allows them to discover new opportunities in the market, conduct due diligence on those opportunities and manage their portfolios with a dashboard and real-time alerts.
The business has been very active in pursuing startup funding, with a total of $88.2 Million being raised from forty-four investors. The company also completed the acquisition of fellow startup Ape Board in 2022, which will have been fueled by the funding it previously received from investors.
3. Blackpanda
Year Founded: 2015
HQ: Singapore
Size: 11-50
Founders: Gene Yu, Kevin McCaffrey, Matt Pecot
Blackpanda is a Singapore startup that was founded in 2015 and earns its income by operating in the cybersecurity industry. They provide a variety of services for clients ranging from threat responses, investigations of attacks and breaches, digital forensics and preparation for incident response.
The business has been through a single funding round since being founded, with the company raising $15 Million from five investors. This funding is going to be used to fuel further expansion throughout Asia.
4. Nextbillion.ai
Year Founded: 2020
HQ: Singapore
Size: 51-100
Founders: Ajay Bulusu, Gaurav Bubna, Shaolin Zheng
Nextbillion.ai is a Singapore startup that was founded in 2020 and operates within the artificial intelligence market. Their solutions assist with the hyperlocal mapping of areas, by using their AI technology to build the infrastructure required to create location-based experiences for more than one billion users.
The startup has been through a number of funding rounds since being founded, with $37.7 Million being raised from ten investors. Its most recent funding round was a Series B Round in September 2022 when it raised $3 Million from Mirae Asset.
5. AirCarbon Exchange
Year Founded: 2019
HQ: Singapore
Size: 11-50
Founders: Thomas McMahon, William Pazos
AirCarbon Exchange is a Singapore startup that was founded in 2019 and operates in the carbon market. The startup has developed a platform that allows corporations and financial traders to trade carbon credits. This platform is completely transparent and is set to continue revolutionizing the voluntary carbon market.
The business has been through a number of funding rounds since being founded, with the most recent being a round in December 2022 where it raised $15 Million from three investors. Overall, the startup has raised $18.6 Million from four investors.
6. Intellect
Year Founded: 2019
HQ: Singapore
Size: 51-100
Founders: Anruag Chutani, Theodoric Chew
Intellect is a Singapore startup that was founded in 2019 and operates in the healthcare and wellness sectors. They have created an online platform where people can easily get access to the support they need when they feel like they need support regarding their mental health. The company is currently serving more than three million members across Asia. Businesses are also able to take advantage of this for their employees.
The business has been through a number of funding rounds since being founded, with the most recent being a Series A where it raised 27.8 Million SGD from seven investors in July 2022. Overall, the business has raised $32.7 Million from twenty-seven investors.
7. Multiplier
Year Founded: 2020
HQ: Singapore
Size: 101-250
Founders: Amritpal Singh, Sagar Khatri, Vasmi Khrisna
Multiplier is a startup in Singapore that was founded in 2020 and operates in the employment and HR market. The company provides a SaaS solution to act as a full employment platform for businesses, that manages complexities such as contracts, employment law, taxes and more. This makes it easier for businesses to manage all of the admin of employment and cut down on necessary but wasteful tasks.
The business has gone through a number of funding rounds since being founded, with the company raising a total of $77.2 Million in funding from twelve investors. This highlights the fact that investors have a strong belief in the startup's business model.
8. Ion Mobility
Year Founded: 2019
HQ: Singapore
Size: 11-50
Founders: James Chan, Joel Chang
Ion Mobility is a Singapore startup that was founded in 2019 and operates in the electric vehicle market. The company develops electric motorbikes and energy storage solutions to create the infrastructure for these bikes. This helps to reduce emissions in a number of ways and helps to lead to cleaner cities overall.
Since being founded, the company has gone through a number of funding rounds. The most recent round was a Series A that took place in February 2023 when it raised $18.7 Million from ten investors. Overall, the company has raised $25.5 Million in funding from seventeen investors.
9. Optty
Year Founded: 2021
HQ: Singapore
Size: 101-250
Founders: Natasha Zurnamer
Optty is a Singapore startup that was founded in 2021 and earns its money through operating in the FinTech market. The company has created a solution that allows retailers and payment gateways to easily integrate BNPL solutions into their product and service offering. This leads to improved user experiences overall.
Despite the size of the company, it has not gone through many rounds of startup funding. Overall, the company has managed to raise $9 Million from an unknown number of investors.
10. Airalo
Year Founded: 2019
HQ: Singapore
Size: 51-100
Founders: Abraham Burak, Ahmet Ozdemir
Airalo is a Singapore startup that was founded in 2019 and operates in the telecommunications market. The company makes it easier for travellers to get access to sims for more than 190 regions across the world on demand at rates that are fair and affordable.
The business has been through a number of funding rounds since being founded, with $7.3 Million being raised from thirteen investors. It's unclear if the company will seek further funding for expansion in the near future.
11. RVAC Medicines
Year Founded: 2021
HQ: Singapore
Size: 101-250
Founders: Xi-Yong Fu
RVAC Medicines is a Singapore startup that was founded in 2021 and operates in the medical industry. The company is behind the development and creation of a wide variety of mRNA vaccines and therapeutics targeting a number of novel diseases. Their solutions help people to stay healthy and avoid the harmful impacts of illness.
The company has been heavily funded since being founded, with the company raising a total of $140 Million in its Series B Round in April 2022. It raised this funding from a total of four investors.
12. Lionsbot
Year Founded: 2018
HQ: Singapore
Size: 11-50
Founders: Agatha Michelle Seow, Dylan Ng Terntzer, Rajesh Elara Mohan
Lionsbot is a Singapore startup that was founded in 2018 and operates in the robotics market. The company develops and manufactures its own cleaning robots, along with the software that powers them. These robots help with the cleaning and maintenance of public spaces, commercial buildings and industrial facilities.
The business has been through a single round of startup funding, with its Series A Round netting the startup $17 Million from three investors.
13. TONIK
Year Founded: 2018
HQ: Singapore
Size: 101-250
Founders: Greg Krasnov
Tonik is a Singapore startup that was founded in 2018 and operates in the FinTech market. The company is a digital bank that provides the expected retail financial services such as bank accounts, savings deposits, loans, payment services and bank cards. Their digital platform is highly secure, ensuring that their customers' funds are safe.
The startup has gone through a number of funding rounds since being founded, with a total of $175 Million being raised from sixteen investors. The company has also completed an acquisition that was likely fueled using this investment.
14. Intella X
Year Founded: 2022
HQ: Singapore
Size: 1-10
Founders: Lara Abdulmalak
Intella X is a startup in Singapore that was founded in 2020 and operates in the blockchain market. The company has created a blockchain-powered web3 platform for gaming and operates its own in-house NFT marketplace, crypto trading platform and launchpad for users.
The business has been through a single funding round since being founded, with the company raising a figure of $12 Million from eleven investors. This funding will help the business to reach the next stage in its development.
15. Aspire
Year Founded: 2018
HQ: Singapore
Size: 101-250
Founders: Andrea Baronchelli, Giacomo Ficari, Giovanni Casonelli, Joel Leong, Stefano Pellegrino
Aspire is a Singapore startup that was founded in 2018, the company operates in the FinTech market. The company serves businesses in South East Asia and provides a full financial ecosystem for them to explore, with accounts for cross-border businesses, corporate cards and automated invoice processing.
The business has been through a number of funding rounds since being founded, with the most recent being completed in September 2021 when it raised $100 Million from a single investor. In total, the business has raised a figure of $199.5 Million from twenty-six investors.
16. Klub
Year Founded: 2019
HQ: Singapore
Size: 11-50
Founders: Anurakt Jain, Ishita Verma
Klub is a Singapore startup that was founded in 2019 and operates within the Fintech market. The company has built a platform that connects global, beloved brands with growth financing opportunities. Their platform uses built-in analytical capabilities to ensure that investors and businesses are getting a fair deal and can all earn profit.
The business has gone through a number of funding rounds since being founded, with a total of $34.8 Million being raised from eighteen investors. The business has also made seven investments of its own, with one exit.
17. Mineplex
Year Founded: 2020
HQ: Singapore
Size: 51-100
Founders: Alexander Mamasidikov
Mineplex is a Singapore startup that was founded in 2020 and currently operates in the crypto and FinTech markets. The company has created a mobile-based crypto bank that allows users to make more use of crypto, like using it to pay any bills, make transfers to others and earn additional income by holding their tokens.
The business has secured a huge amount of funding since being founded, with the most recent funding round being a Series C in October 2022 when it raised $100 Million. Overall, the company has raised $125.5 Million in funding.
18. Doctor Anywhere
Year Founded: 2016
HQ: Singapore
Size: 101-250
Founders: Lim Wai Mun
Doctor Anywhere is a Singapore startup that was founded in 2016 and operates in the healthcare sector. The company has created an online platform that connects patients with the medical professionals that they need. This makes the whole care process more convenient and streamlined for patients and also helps increase efficiencies for medical providers.
The startup has had huge success with generating startup funding, overall the company has raised a figure of $135.6 Million. The company has also completed the acquisition of a pair of companies to improve its overall offering.
19. Klikit
Year Founded: 2021
HQ: Singapore
Size: 11-50
Founders: Christopher Withers
Klikit is a Singapore startup that was founded in 2021 and operates in the delivery market for restaurants. The company helps businesses to improve the efficiency of their food delivery operations, which allows them to receive more profit. They are also able to collaborate with influencers to launch their own virtual food brands in an easier manner.
The business has been through a number of funding rounds since being founded, with the most recent taking place in February 2023 when the company raised $5.64 Million in a Seed Funding round. Overall, the company has raised $7.6 Million from twelve investors.
20. ByteTrade Lab
Year Founded: 2022
HQ: Singapore
Size: 51-100
Founders: Peng Peng
ByteTrade Lab is a Singapore startup that was founded in 2022 and operates in the blockchain market. The company helps blockchain projects with the development of web3 infrastructure and helps users to take control of their data ownership. The company will help the increased drive to the overall adoption of blockchain technology.
The business has been backed by a single investor across its whole journey so far and this investor has backed the company with a total of $50 Million over a number of different funding rounds.
21. AlterPacks
Year Founded: 2019
HQ: Singapore
Size: 1-10
Founders: Karen Cheah
AlterPacks is a startup in Singapore that was founded in 2019 and operates in the packaging industry. The company uses its advanced material technology to create better solutions for food waste and sustainability in packaging. The startup aims to make the world a better and more environmentally friendly place.
Since being founded, the business has gone through a single round of startup funding- with AlterPacks raising a total of $1 Million from four investors during its Seed Funding Round.
FAQs
How Many Startups Are There in Singapore?
Currently there are more than 4000 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.
What Startup Industries Are The Strongest in Singapore?
The best startup industries in Singapore are AI, Life Sciences and AgTech/New Food.
