Funds raised by S'pore's early-stage emerging tech start-ups up 59%

Seed-stage deals also rose 50%, a sign of stronger appetite for such investments

- Timothy Goh

Singapore's early-stage emerging technology start-ups raised US$402 million (S$548 million) in funding in 2023, up 59 percent from the US$253 million raised in 2022, said national investment arm SG Innovate.

The number of seed-stage deals also climbed 50 percent, from 20 in 2022 to 30 last year, across four sectors advanced manufacturing, agrifood and sustainability, as well as health and biomedical sciences. This indicates a stronger appetite for emerging tech investments as the ecosystem continues to mature, SG Innovate said on April 23 in its report on the sector's landscape in 2023.

SG Innovate said it looked at early-stage start-ups from among firms incorporated between Jan 1, 2019, and Dec 31, 2023.

It defined emerging technology start-ups as firms that are developing tangible products, such as devices, machinery, instrumentation, food, and pharmaceuticals based on physical sciences, life sciences, and/or engineering.