Nation’s startups a top draw in South-East Asia

New fields: A worker plants a seedling under LED lights at agritech startup VertiVegies in Singapore. Agritech is one of the sectors that drew funding in 2023. — AP

SINGAPORE: In a year marked by geopolitical tensions and macroeconomic headwinds, Singapore’s startup ecosystem had a mixed showing, capturing the lion’s share of investments in the region even as it suffered a decline in both deal volume and value.

The republic was the largest venture-capital market in South-East Asia in the first nine months of 2023, with local venture-backed firms accounting for 64% of the region’s total deal volume.