SINGAPORE – Firms in sectors ranging from real estate to robotics to healthcare came up tops in a list compiling the 100 fastest-growing companies in Singapore.
The common thread running through these seemingly disparate firms is that they all used innovative technology and software to run their business, in the ranking compiled by The Straits Times and global research firm Statista that was released on Jan 23.
Multinational energy company Rex International retained the top spot it clinched in the 2023 ranking. The Singapore-listed firm has interests in exploration and production licences in Oman, Norway and Benin, West Africa.
Liquid logistics specialist ISO Tank Management was next. Its global business revolves around the supply and transportation of ISO tanks – bulk liquid containers built to the standards of the International Organisation for Standardisation. The firm also does ocean freight forwarding and logistics management.
The top 10 also includes waste management and recycling firm SKRYA, education and services company KodeKloud, cleaning robots manufacturer LionsBot, speciality pharmaceutical company iX Biopharma and e-commerce firm Maneuver Marketing.
The Singapore’s Fastest Growing Companies list features 100 local businesses that achieved markedly high revenue growth between 2019 and 2022.
Part of the criteria to be considered is that they must be independent companies headquartered in Singapore with at least $150,000 of revenue generated in 2019 and $1.5 million in 2022.
Statista analyst Kim Seoyoung said: “The top 10 companies have indeed an interesting mixture of industries.
“Though they run their business in different sectors, the products strongly involve platforms and software tools, even in the sectors that were traditionally considered non-information technology (IT) such as real estate, healthcare and waste management.
“This trend is more pronounced in the younger firms within the top 10.”
Take LionsBot, which marries the cleaning industry with automation and technology. It develops and manufactures autonomous cleaning robots with the aim of enhancing the efficiency of professional cleaners.
The firm, which was fifth in the ranking, started in 2018 and now employs 206 staff.
The robots are designed to perform various cleaning tasks, often in commercial and industrial settings. They can be operated in different environments, including on hard surfaces and carpets.
Branding and marketing manager Sherilyn Quek said: “2023 has been a year marked by significant advancement and changes for us. In the midst of a landscape filled with challenges, we have embraced change and harnessed it as a driving force for innovation and growth.”
The firm has also expanded to establish new offices in the Netherlands and the United States, adding to its existing presence in Singapore and India.
Ms Kim observed that IT and software remains the fastest-growing sector, with a significant lead over other sectors.
Other firms that ranked high on the list include tech-enabled firms like omnichannel healthcare company Doctor Anywhere, which ranked third in 2023 but came in 11th in the 2024 list. Intelligent automation services provider SimplifyNext and digital transformation services provider Technopals also came in just outside the top 10.
The second fastest-growing sector was fintech and financial services, which has remained unchanged for the last two years, Ms Kim added. One such firm on the list is fintech operator Nium, which helps businesses simplify their expansion, streamline local payments and improve customer experiences.
A report in November 2023 showed that Singapore retained the top spot in the region for fintech funding, although such financing in Asean plunged 70 per cent.
Singapore secured US$747 million (S$1 billion) in fintech funding in the nine months to Sept 30, 2023, or 59 per cent of the Asean total, noted the report, which was compiled by UOB, PwC Singapore and the Singapore FinTech Association.
Ms Kim added that companies in the energy and utilities sector secured fewer places in the 2024 fastest-growing companies list, while those in retail have grown in number.
For instance, retailer Mighty Jaxx Group came in 33rd. It designs and produces digital and phygital collectibles in partnership with global brands such as Netflix, Hasbro, Nickelodeon, Warner Brothers and Adidas.
Phygital collectibles are physical products that can be displayed and collected digitally. The company ships such collectibles to over 80 countries.
Ms Kim also noted that the 2024 ranking features smaller and younger firms compared with 2023.
“The average size of the firms, based on staff numbers and the average operation year, based on the foundation year, have decreased this year, even when accounting for a year’s gap,” she said.
How the list was compiled
The Singapore’s Fastest-Growing Companies is a list of 100 firms here that achieved a high percentage growth in revenues between 2019 and 2022.
Firms could register with Statista or The Straits Times, while Statista itself identified more than 2,000 potential candidates through research in company databases and other public sources.
These companies were then invited to participate in the ranking. Submitted revenue figures had to be certified by the chief financial officer, chief executive or a member of the firm’s executive committee.
The companies also had to be independent, headquartered in Singapore and have at least $150,000 of revenue generated in 2019 and $1.5 million in 2022.
The calculation of company growth rates was based on revenue figures submitted by the companies in their respective national currencies. These figures were then converted into Singapore dollars for comparison.
The result is a list of companies ranked by compound annual growth rate – calculated by taking into account revenue growth over the three-year period.
The minimum average growth rate required to be included in the ranking in 2024 was 8.3 per cent.
Top 10 fastest-growing Singapore firms
1. Rex International Holding
The company has interests in exploration and production licences in Oman, Benin and Norway. It also has a proprietary liquid hydrocarbon indicator Rex Virtual Drilling technology, which can identify liquids in the sub-surface using seismic data.
Absolute growth rate: 126,017.78 per cent
2. ISO Tank Management
The company specialises in international ISO Tank supply, transportation, ocean freight forwarding and logistics management. ISO tanks are designed to carry bulk liquids, both hazardous and non-hazardous.
Absolute growth rate: 5,647.26 per cent
3. SKRYA
The company has created innovative sustainable solutions for recycling precious and base metals, incorporating artificial intelligence, 3D technologies and proprietary software solutions for practical adoption.
Absolute growth rate: 3,482.63 per cent
4. KodeKloud
KodeKloud offers effective, hands-on experience in DevOps education. It aims to make DevOps education practical and directly aligned with the real-world challenges of IT professionals. DevOps combines software development and operations.
Absolute growth rate: 2,936.32 per cent
5. LionsBot
LionsBot designs and develops cleaning robots. It supplies thousands of cleaning robots to 30 countries. The firm’s name also pays homage to its Singapore roots.
Absolute growth rate: 2,052.01 per cent
6. iX Biopharma
iX Biopharma is a Singapore public-listed pharmaceutical company with a focus on the development and commercialisation of therapies that improve the quality of life for those suffering pain and other health conditions.
Absolute growth rate: 2,044.56 per cent
7. Maneuver Marketing
The company builds, operates and scales hypergrowth health and wellness e-commerce brands. It aims to disrupt the traditional ways health and wellness brands are built. It eventually wants to offer advisory and consulting services in this space to help other brands grow.
Absolute growth rate: 1,924.61per cent
8. Rocketech
Rocketech is a custom software development company that helps entrepreneurs launch start-ups. It assesses their ideas, helps to build minimum viable products, raise capital, grow businesses and enter new markets.
Absolute growth rate: 1,463.25 per cent
9. MaNaDr
MaNaDr is a telehealth provider offering a one-stop, secured healthcare ecosystem that provides personalised healthcare to patients from cradle to grave. It enables a patient to connect with a doctor and the doctor’s network for each member of the patient’s family for life.
Absolute growth rate: 1,428.55 per cent
10. Propseller
Propseller is a tech-powered real estate agency that offers ways to sell, buy or rent a property. Its agents work with specialists such as professional photographers, copywriters, marketers and analysts.
Absolute growth rate: 1,051.57 per cent
Correction note: An earlier version of this article said Rex International Holding has interests in exploration in Malaysia. The company has clarified that it has relinquished its Malaysia contracts in September 2023 and went into Benin in December 2023.
