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Singapore Southeast Asia’s leading start-up destination: report

Singapore was the top start-up investment destination in Southeast Asia in 2023 despite a downturn in funding, according to a new report by Enterprise Singapore and DealStreetAsia.
Singapore Southeast Asia’s leading start-up destination: report ảnh 1Illustrative image (Photo: straitstimes.com)
Singapore (VNA) - Singapore was the top start-up investmentdestination in Southeast Asia in 2023 despite a downturn in funding, accordingto a new report by Enterprise Singapore and DealStreetAsia.

The report found that start-ups based inthe island country accounted for 63.7% of all equity deals in the ASEAN-6 groupof nations – Indonesia, Malaysia, the Philippines, Singapore, Thailand andVietnam – last year, compared with 56.7% in 2022.

It also noted that Singapore’s deep-techstart-up ecosystem flourished, with a 31.4% year-on-year increase in deals.

This marked a recovery from a 38.9% drop in2022, although deal value fell 18.4% to 1.53 billion USD in 2023.

EnterpriseSG start-up ecosystem directorCindy Ngiam said on April 3 that Singapore’s results indicate continuedinvestor confidence in the country as the region’s go-to destination forfunding and start-up development./.
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