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

04/04/2024 15:53

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 1

Illustrative image (Photo: straitstimes.com)

Singapore (VNA) - 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.

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

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

This marked a recovery from a 38.9% drop in 2022, although deal value fell 18.4% to 1.53 billion USD in 2023.

EnterpriseSG start-up ecosystem director Cindy Ngiam said on April 3 that Singapore’s results indicate continued investor confidence in the country as the region’s go-to destination for funding and start-up development./.

VNA