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Singapore cemented its position as the leading technology hub and investment destination in the ASEAN 6 region in the first nine months of 2023, according to a new report conducted by DealStreetAsia in partnership with Enterprise Singapore.
The report, Singapore Venture Funding Landscape 2023: A Nine-Month Study, captures and analyses data on private funding bagged by venture-backed companies in the city-state, along with Indonesia, Malaysia, Vietnam, the Philippines and Thailand.
Bogged down by macroeconomic uncertainties, geopolitical tensions and high interest rates, the total private funding raised by companies in the ASEAN 6 halved in the first nine months of the year, per the report. The deal volume, meanwhile, fell 30% year on year.
Singapore was not immune to this funding chill, but its position as a relatively mature and resilient tech hub cushioned the blow for the local startup ecosystem, which recorded lower deal volume and value corrections than the other markets in ASEAN 6.
The other highlights of the report include:
Interviews with local and regional venture capitalists indicate that the startup ecosystem has adapted to the pivot from chasing growth at all costs to prioritising long-term sustainable growth and profitability. Despite the ongoing uncertainties, investors remain bullish about businesses in Singapore and the rest of ASEAN 6 in the long term.
Besides its established position as a strong tech and innovation hub in the region, Singapore benefits from a strong commitment by the government to catalyse innovation and a dynamic and forward-looking entrepreneurial talent pool. Local companies look well-prepared to seize new opportunities when the global macroeconomic environment regains stability.
Read the ‘Singapore Venture Funding Landscape 2023: A Nine-Month Study’ report for more.