Singapore’s tech funding drops 56% to $2.1b in 2024: report

Despite the decline, Singapore remained the 11th highest-funded country globally, surpassing Japan and Australia.

Singapore’s tech startups raised $2.1b in 2024, marking a 56% decline from $4.8b in 2023 and a 74% drop from $8.1b in 2022, Tracxn reported.

Despite this, Singapore remained the 11th highest-funded country globally, surpassing Japan and Australia.

Tracxn also revealed investment trends showed a significant drop across all funding stages.

Late-stage funding experienced the steepest decline, falling 74.71% to $708m from $2.8b in 2023; whilst seed-stage investments dropped 50.6% to $310m. Early-stage funding also saw a 15.38% decrease, totalling $1.1b in 2024.

Sector-wise, FinTech remained the dominant industry, securing $1b, but still suffered a 15% decline from 2023 and a 71% drop from 2022.

High Tech was the only sector that grew, with funding increasing 4% to $884m, though it remained 67% lower than 2022 levels. Enterprise Applications struggled, with investments falling 29% from 2023, amounting to $597m in 2024.

Singapore’s tech funding landscape remained centered in the city-state itself, with 100% of the investments going to Singapore-based companies.

On a global scale, Singapore’s $2.1b in funding ranked it 11th worldwide, significantly trailing behind leading tech ecosystems such as the United States ($155.9b), United Kingdom ($14.0b), China ($11.8b), and India ($11.6b).

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