Venture investments in Singapore climbed 36% year-on-year to hit SG$13.4 billion during the first nine months of the year, during which startups inked 437 deals. Digital tech companies snagged the bulk of the funds at 93.2%, fuelled partly by the growing internet economy, closing 278 deals between January and September.
This was up from 145 last year or a 91.7% increase, according to the latest figures from Enterprise Singapore, a government agency dedicated to promoting local businesses in the global marketplace.
Investments in the early-stage, deep tech startups,also were starting to gain traction, the agency said, pointing to advanced manufacturing, urban solutions and sustainability, and healthcare and biomedical sciences, in particular, as sectors that drew investor interest. These three market segments clocked 76 deals totalling SG$416.4 million, up 25% from SG$333.8 million last year.