Sustainability and agrifood sectors fuel Singapore startup growth

The verticals closed 16 and 13 deals, respectively, in 2023.

Sustainability and agrifood sectors are leading Singapore's startup ecosystem, performing strongly in funding and incorporations.

In 2023, sustainability startups saw more funding events, closing 16 deals from 12 in 2022.

Sustainability was also the sole vertical to record a year-on-year (YoY) increase in funding events and amounts since 2021, according to SGInnovate.

Average Seed round sizes in the sector have grown by nearly 4x between 2022 and 2023.

The vertical also had the most number of startups incorporated last year.

Whilst agrifood startups saw a YoY dip in incorporations, longer-term data reveals that the industry "continues to produce a steady stream of new companies."

From 2019 to 2023, there were 80 incorporated agrifood startups, higher than the 57 recorded between 2017 and 2021.

"Amongst the industry’s crop of 80 startups incorporated over the past five years, the majority (39%) have been companies involved in alternative proteins or related enabling technologies, highlighting the vibrance of Singapore’s alternative foods space," SGInnovate reported.

Like the sustainability vertical, agrifood also secured more deals, with its funding events rising from eight in 2022 to 13 in 2023.

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