: Singapore is top startup investment destination in Southeast Asia; deep tech deals increased, accounting for a quarter of total value
MR No.: 015/24
Singapore is the top startup investment destination in Southeast Asia (SEA), ending 2023 with a total deal volume of US$6.1 billion (S$8.5 billion) across 522 deals[1]. Enterprise Singapore (EnterpriseSG) and its investment arm SEEDS Capital’s continued efforts to drive deep tech ecosystem growth in Singapore were demonstrated in the 31% year-on-year increase in deep tech deals (159), with 25% of total deal value invested in deep tech startups. This comes amid a global downturn in funding, as markets continued their course correction from the pandemic-fuelled boom. According to Crunchbase, 2023 saw Asia’s lowest venture funding value since 2015[2], and also marked a five-year global low. Comparatively, Singapore’s total deal value – while showing a year-on-year decline – has remained relatively resilient, remaining 33% above 2020 levels.
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