3 unicorns emerge as S’pore tech start-ups raise $5.3b

The Straits Times

Tech start-ups in Singapore raised $5.3 billion in the first half of this year, up from $3.4 billion in the same period last year.

The Republic has also added three unicorns – software firm PatSnap, used car marketplace Carro and payments company Nium – to its ranks this year.

This demonstrates the resilience of the start-up ecosystem in Singapore despite the challenges of the Covid-19 pandemic, Enterprise Singapore (ESG) chairman Peter Ong said yesterday.

In a separate statement, Seeds Capital chairman and ESG deputy chief executive Ted Tan said: “Catalysing more VC investments in this current environment where investors tend to be more cautious is significant.

“Seeds Capital can now offer deep tech start-ups, which have innovative and scalable solutions, with the opportunity to be mentored by our new partners who bring with them extensive mar-ket connections and a wealth of sector-specific domain knowledge to increase their chances of success.”

Among the new co-investment partners are innovation platform Plug and Play, VC fund Quest Ventures and family office Schweizer World Group.

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