Singapore (VNA) – Despite a slump in funding, Singapore’s venture capital market remained active in the first nine months, Singaporean daily English-language newspaper The Straits Times has reported.
According to a report by Enterprise Singapore and research firm Pitchbook issued in November, firms headquartered in the country raised 4.05 billion USD across 369 deals in the nine months ending September, down slightly from 4.3 billion USD and 410 deals in the same period in 2023.
On the other hand, the nation captured the lion’s share of venture capital among the ASEAN countries, accounting for 58% of total deal volume and 68% of deal value.
Venture activity was uneven within Singapore’s start-up ecosystem, with some sectors seeing dips in deal volume and value compared with 2023, according to data from the government-backed Research, Innovation and Enterprise (RIE) 2025 plan.
Local general tech firms secured 3.2 billion USD across 273 deals, slightly down from 3.3 billion USD and 292 deals a year ago. Deep tech firms raised 800 million USD across 96 deals, compared with 1 billion USD and 118 deals in the same period in 2023.
Against this backdrop, the Singaporean Government announced in October that it will invest 440 million USD to attract more venture capital firms to invest in local deep tech start-ups./.
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