Startup funding tumbles 45.7% YoY in May

The monthly recovery was driven by late-stage capital.

Singapore startups raised $169m in May 2026, down 45.71% from $311m in the same month last year, according to data from market intelligence platform Tracxn.

On a month-on-month basis, funding rose 243.92% from $49m in April 2026.

Funding was led by Silicon Box, which raised $150m and accounted for the bulk of the monthly total. Other deals included Brano Therapeutics at $6.8m, ReN3 at $5m, Return at $4m, and Lingble at $1.9m.

Late-stage funding accounted for 89.9% of total capital raised in May 2026, up from 76.5% in April 2026 and 67.6% in May 2025, according to the data. Early-stage and seed-stage activity made up 8.7% and 2.4% respectively.

Exit activity was limited, with one IPO recorded and no acquisitions during the month, compared with two IPOs and three acquisitions in May 2025.

No unicorns were recorded in May 2026.

Over the past 12 months, funding remained volatile, ranging from a low of $49m in April 2026 to a $2.24b peak in January 2026.

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