The golden age of SaaS in Singapore

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Software-as-a-service (SaaS) companies have become a part of our daily lives. Just take a look at your laptop. From Zoom and Slack to HREasily and Zoho, – we use a whole bunch of SaaS platforms in order to keep things chugging along effectively and efficiently.

And Singapore is shaping up to be an exciting space for SaaS companies, given the sizable exits that SaaS startups in the city-state have seen in the last few years.

Today we look at,

• Why the golden age of SaaS startups in Singapore may be in the offing
• What fresh funding will do for this Indonesian social commerce startup
• Other newsy highlights such as Razer’s profitable 2020 and Airwallex’s latest valuation

PREMIUM SUMMARY

All aboard the SaaS express

Singapore has long positioned itself as a startup hub, and it certainly looks like it could become the place to be for SaaS startups, given the number of successful exits that SaaS businesses in the city-state have seen recently.

• Show me the money: Singapore-based SaaS companies like Stamped, TradeGecko, and Zopim have seen notable exits in recent years, with WeCommerce’s acquisition of Stamped clocking in at up to US$110 million. Meanwhile, analytics firm PatSnap recently raised US$300 million in a series E round, catapulting it into unicorn status.
• Going to the right places: Many SaaS companies in Singapore target the US market because the country has a sizable, mature population of customers that speak the same language and are willing to adopt new cloud software. However, the key to success seems to be achieving product-market fit – no matter where that market may be.
• Roadblocks ahead: Still, it’s not a bed of roses. There’s a lack of support tailored to SaaS companies in Singapore, and Southeast Asia’s fragmented nature means that finding success closer to home isn’t easy. But despite the challenges, opportunities abound.

Read more: Singapore may be approaching a golden age for SaaS startups

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