EnterpriseSG eyes wealthy families as local startup funding jumps 54% in H1

The agency also aims to boost financing, talent development and cross-border links

Claudia Chong

Published Wed, Oct 5, 2022 · 12:54 PM

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.