The Business Times
STARTUPS in Singapore continued to attract strong investments despite macroeconomic headwinds, with venture funding increasing 54 per cent to S$8.18 billion in the first half of 2022.
A total of 388 deals were closed during the period compared with 355 a year ago, according to figures from Enterprise Singapore (EnterpriseSG). The agency referenced internal data and information from DealStreetAsia, PitchBook, Preqin and Crunchbase.
Singapore, a hub for venture capital (VC) flows in South-east Asia, has seen a booming tech scene in recent years amid a rise in entrepreneurship and inflow of foreign investors. The city-state is now home to over 400 VC investors, according to Pitchbook.
James Tan, managing partner at Quest Ventures, noted that Singapore has been a recipient of capital inflows owning to US-China geopolitical tensions.
Technology and VC is emerging as a viable asset class for sophisticated institutional investors, and while largely untapped, presents a growing opportunity in South-east Asia. Few universities and institutes of higher education have endowments funds, and only some have VC allocations, he said.