Singapore-based startup Oneteam has secured S$3.5 million (around US$2.6 million) in a seed funding round aimed at transforming succession planning for small and medium-sized enterprises (SMEs) through employee ownership.

Wavemaker Ventures, part of the Southeast Asian VC group Wavemaker Partners, led the round.

Oneteam plans to allocate approximately 70% of the new funding to acquiring small businesses.

The startup’s focus is on succession planning challenges within Singapore’s SME sector. Many SME owners are nearing retirement, facing challenges due to inadequate exit strategies and unclear succession plans.