S'pore tech start-ups raise $11.2b in first 9 months

Tech start-ups based in Singapore raised $11.2 billion in the first nine months of this year - more than double the $5.5 billion booked for the whole of last year.

This healthy sign of recovery in the start-up ecosystem comes as the Republic remained the top investment destination in South-east Asia and generated more than half the total deal quantum across the region in the first three quarters of the year.

These figures were shared by Enterprise Singapore (ESG) chairman Peter Ong at the finals of Slingshot, the government agency's start-up pitching competition, yesterday.

The event is part of the Singapore Week of Innovation and Technology, which is held in conjunction with the Singapore Fintech Festival until tomorrow.

Mr Ong also said 10 of the 21 unicorns that have emerged in Asean in 2021 are based in Singapore - almost the same number of such billion-dollar-valued start-ups produced in Singapore over the past seven years. "Collectively, these unicorns have also created thousands of good jobs and are enmeshed in Singapore's innovation and start-up ecosystem."

Start-up ecosystems globally have been gathering momentum this year, added Mr Ong, who also highlighted how Singapore has built a vibrant start-up ecosystem conducive for firms to grow.

Singapore must continue to strengthen its four key pillars - talent, financing, demand-led innovation and networks - to help start-ups capture new opportunities in Asia and the world, Mr Ong said.

"While we have covered some distance despite the pandemic, we cannot rest on our laurels. The global winds of change are blowing fast and we must keep improving to stay ahead of trends."

The first big opportunity Singapore must seize is to strengthen its networks with partners and links abroad, he noted, adding that the country will press on with its Global Innovation Alliance network and co-innovation programme efforts.

These would allow start-ups to capitalise on overseas opportunities and build links to international innovation hubs, he said.

"Our Singapore-based start-ups must seize this chance to look overseas, make important networks to find your success," said Mr Ong.

"Likewise, I invite global start-ups to consider the opportunities here, and use Singapore as a base to springboard to new opportunities within Asia."

The winner of the fifth edition of Slingshot was crowned yesterday, with United States-headquartered biotech firm QuantumCyte beating 11 other start-ups to earn a $250,000 Startup SG grant and 18 months of rent-free work space at JTC's Launchpad. The other finalists were each awarded a $50,000 grant.

QuantumCyte, which has developed an artificial intelligence-integrated tissue dissection solution that provides more accurate test results for cancer patients, is in discussions with government agencies and institutes of higher learning here on possible partnerships.