Singapore Tops Southeast Asia Tech Funding with $604 Million in 1Q24


Singapore continues to lead in technology funding within Southeast Asia, with a notable achievement of securing US$604 million in the initial quarter of 2024, as per Tracxn data. This surpasses other significant cities including Jakarta, Ho Chi Minh, Taguig, and Watthana.

In the realm of Southeast Asian cities, Jakarta trailed Singapore with a funding sum of US$85.7 million, whereas Ho Chi Minh obtained US$33.2 million, Taguig secured $32.1 million, and Watthana garnered US$11.0 million, respectively. What distinguishes Singapore is not only the total funding amassed but also the triumph of its native tech startups.

Four Singaporean tech startups clinched the top spots for funding rounds in 1Q24, with Capillary leading the pack. In its Series D round, Capillary raised an impressive US$95 million, showcasing investor confidence in the local tech ecosystem. The top five funding rounds were dominated by Singaporean startups, including DCS Card Centre, which secured US$75.2 million in Series D funding; Motorist, which secured US$60.0 million in Series A funding; and SINGAUTO, which secured US$45.0 million in Series A funding.

According to Tracxn data, institutional investors have been instrumental in fostering the expansion of tech startups in Singapore. Notably, HashKey Capital and Golden Gate Ventures, both based in Singapore, emerged as noteworthy investors in seed-stage tech startups during the first quarter of 2024, with two and one investment, respectively.

Prominent financial institutions such as UOB and Openspace Ventures have emerged as pivotal figures in financing early-stage tech startups. UOB took the lead as the foremost institutional investor in the first quarter of 2024, while Openspace Ventures secured the third position. This underscores the substantial backing provided by both local and international investors in Singapore's thriving tech landscape.

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