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Hello readers,
As one of the more mature markets in Southeast Asia, Singapore has cultivated a startup ecosystem worth US$22.5 billion and boasts tech behemoths such as Sea Group. But far from being done and dusted, the Lion City just keeps on producing promising fledgling businesses.
The city-state is now home to thousands of young tech companies, a growing population of venture capitalists, and several unicorns that were either founded locally or set up regional offices. Singapore has also become an international business hub that’s has drawn major multinational corporations and recognized for its workforce and efficient public sector.
In 2014, a VC told Grab co-founder Anthony Tan that his startup could one day surpass the market value of his father’s company: Tan Chong Motor, a household name in Malaysia. However, the VC said this was only possible if he moved Grab’s headquarters from Malaysia to Singapore. The shift was made and, well, the rest, as the idiom goes, is history.
The VC’s advice merely reflects Singapore’s accommodating mindset towards startups. It’s no surprise then that the country has consistently ranked fifth in Asia and 17th globally as a startup ecosystem, according to the Global Startup Ecosystem Report 2021. So which startups have recently reaped the benefits of being part of this thriving ecosystem? We listed them down for you – read on to find out.
— Shravanth
The Big Story
50 rising startups in Singapore
Which startups are on the path to becoming the next big thing? Read more.
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Also, the Indian government has allocated US$37.9 million for a scheme that will help startups with product trials, market entry, and commercialization.
4. 🇨🇳 social media firm for elderly nets $100m in fresh funds
Hongsong provides an online community for retired individuals where they can sing, paint, read, and practice calligraphy.
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