Thunes leads Singapore's fundraising with $192.8m Series D round

By deal volume, Singapore’s funding landscape skewed toward mid-range cheque sizes.

Newly minted unicorn Thunes led Singapore’s fundraising activity in the first half of 2025 with a $192.8m Series D in the fintech space, according to Kickstart Ventures’ H1 2025 report.

Other major fundraises included approximately $114.4m in a private equity round tied to general trade, a $77.1m Series C in data analytics, AI, and ML, and an unclassified venture round of about $74.5m.

Fintech and investment services remained strong performers, with several deals landing in the $64.3m range, alongside a $68.1m Series C.

Health tech and e-commerce also broke into the top ranks, with estimated raises of $57.8m and $37.0m, respectively—pointing to growing investor interest beyond core fintech plays.

By deal volume, Singapore’s funding landscape skewed toward mid-range cheque sizes. The most common brackets were $3.2m to 6.4m (24.5%), $12.9m to 32.1m (18.4%), and $1.3m to 3.2m (17.3%).

Smaller deals were less frequent, with $0.6m to 1.3 million accounting for 8.2%, $0.3m to $0.6m at 4.1%, $130,000 to 320,000 at 2%, and $64,000 to 129,000 representing just 1% of deal flow.

Larger cheques were also rare. Only 7.1% of deals fell in the $32.1m to 64.3m range, 4.1% landed between $64.3m and 128.5m, and just 1% exceeded $128.5m.

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