SG’s startup ecosystem continues to roar 🦁 – The Executive Brief

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Hello reader,

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.

Today we look at:

• The rising startups of Singapore
• How a Pakistan-based logistics company raised seed money
• Other newsy highlights such as the funding round of a social media platform for the elderly and the upcoming SPAC listing of music streamer Anghami

Premium summary

Opportunities as far as the eye can see

Image credit: Timmy Loen

The sheer number of startups in Singapore that are cropping up and trying to disrupt various industries is staggering. A glance at our rising 50 list indicates that no single industry is taking center stage.

While fintech, crypto and edtech do get a lot of attention due to their relatively larger market size, Singapore’s ecosystem also provides funding opportunities for startups in less lucrative spaces such as professional networking, broadcasting, and digital media.

• On to something special: Out of the 50 startups that got fresh funds, only four have raised over US$100 million: mixed martial arts platform One Championship, edtech company LingoAce, and fintech firms Tyme and Spenmo.

• Standing out: Known as the “Bloomberg for digital assets,” Nansen caters to the growing need for analysis and research into cryptocurrencies as investors look to secure their digital assets in a highly volatile market. The startup helps investors make informed decisions around project discovery, due diligence, and trading.

That’s quite a haul