SINGAPORE: The total startup investment in Singapore reached US$6.1 billion across 522 deals in 2023, making it the top startup investment destination in South-East Asia, reported Xinhua quoting the latest report issued by government agency Enterprise Singapore.
The share of early-stage funding accounted for 94 per cent of the deal volume and nearly half of the total deal value last year, up from 90 per cent and 44 per cent in 2022, respectively, according to the report issued on Wednesday (April 3).
Meanwhile, global early-stage funding for startups dropped 40 per cent year-on-year in 2023. The contrast indicated that startups in Singapore can better weather the funding winter compared to their counterparts, the report noted.
The funding results conveyed investors' confidence in Singapore as the destination for funding and startup development in the region, said Cindy Ngiam, director for the startup ecosystem of Enterprise Singapore. - Xinhua
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