Singapore leads Southeast Asia in tech startup funding in 2024

SINGAPORE: Singapore has emerged as the leading hub for tech startup funding in Southeast Asia (SEA) for the first nine months of 2024. According to recent data from Tracxn, the country contributed a staggering 62% of the total funding amounting to $2.3 billion. This positions Singapore far ahead of its regional competitors in the tech sector.

Following Singapore’s significant contribution, Jakarta ranked second, securing 14% of the total funding. Bangkok came in third, accounting for 12%, while Taguig contributed 3%. The remaining 9% of the funding was attributed to other cities across the SEA region.

The funding landscape in Singapore has been bolstered by several prominent companies during this period, with ANEXT Bank, Superbank, and Ascend Money emerging as key players in the tech startup scene.

This latest data points to Singapore’s long-standing position as a powerhouse in tech funding, a trend that has persisted since 2017. In particular, the year 2021 marked a high point for the region, with Singapore alone comprising 50% of the total funding, which amounted to $14.5 billion at the time.