Singapore is Asia’s fourth largest hub for unicorns

The consumer sector dominated the city-state’s unicorn valuations.

Singapore has emerged as the fourth-largest hub for unicorns in Asia, boasting 22 privately-held startups valued at over US$1b, according to the Asia Unicorn Forum.

In its report, the forum revealed that only five countries in Asia have more than 10 unicorns, led by China (454 unicorns), India (76), and Israel (39). Singapore’s 22 unicorns place it just ahead of South Korea (19) and account for approximately 3% of Asia’s total unicorn count.

The Asia Unicorn Forum highlighted Singapore’s strength in the consumer sector, which dominates the city-state’s unicorn valuations.

Singapore’s unicorns also punch above their weight in terms of value. The total valuation of its unicorns is estimated at US$97.8b, with an average valuation of approximately US$4.4b per company—notably higher than the regional average of US$3.7b.

Whilst Singapore trails the giants China and India in raw numbers, its capital efficiency and sector focus contribute to a strong valuation-to-count ratio.

China, for instance, hosts 70% of Asia’s unicorns and contributes US$1.73t in valuation, whilst India’s 76 unicorns account for US$281.8b.

The 2024 report recorded 646 unicorns across Asia, collectively valued at around US$2.4t. Despite macroeconomic headwinds, 73 new unicorns were added this year, with 10 achieving unicorn status within 12 months, eight of which are based in China.

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