Today Singapore is emerging to be the new home to a technology-based startup ecosystem in Asia, with an ever-growing number of companies, and is on the verge of becoming the next Silicon Valley. With an immense growth of $21 billion value, Singapore has made deliberative efforts in recent years for the development of its startup ecosystem. However, it is the baseline for the startups, enterprises, and multi-national companies, for them to manage their operations in the region and beyond. In 2020, there was an increase of the top ecosystems by 30%, while it was 20% in 2012.
The primary reasons are that the companies are gratified with their business response, along with the pro-trading policies and effectual fiscal regime. Therefore, Singapore has been listed as the world's top ecosystem. Also, the Singapore government seems to play a greater role in developing a growth plan for young startups. With good ﬁnancial assistance, the government has administered startup expansion strategies with the introduction of new innovative schemes for businesses more often.
The big boost is that the Singapore government has extended the capital gains exemption for startups until they are more stable. The startup's ﬁrst $73,000 in income will be released by 75%. In 2018 they raised tax deductions for IP registration fees from 100% to 200% and qualifying costs acquired on R&D from 150% to 250%.
There is a program, called Enterprise Singapore's Startup SG, which provides professional mentoring to young startups, along with equity ﬁnancing, business loans as well as non-repayable funds as per protocols.
Perhaps it is a win-win situation for Singapore's ecosystem to emerge. However, The FinTech Festival was introduced to celebrate the biggest ﬁntech success story (for innovation and knowledge). It is this platform that facilitates strong team cohesion between government, corporations, and startups.
Although we have already discussed some of the top startups from different countries, and quite apparently we take a move ahead at the complete list of Singapore’s unicorn startups.
- Attune Technologies
- Ninja Van
- Funding Societies
- Doctor Anywhere
Year founded: 2008
Attune Technologies is the global leader in regards to the healthcare ecosystem and has pioneered cloud-based products. The platform offers next-generation Healthcare IT products to generate profits for its customers. And so far, they have reached more than 15 countries in the Indian Subcontinent, South East Asia, Middle East, and Africa.
With a raise of $16 million over 3 rounds and funded by 2 investors- Norwest Venture Partners and Qualcomm Ventures, Attune Technologies results in integrating hospitals, pharmacies, labs, radiology, blood banks, medical devices, accounting, and insurance companies, for growth in revenues and operational efficiency.
Recently, there have been two powerful apps launch, to minimize the existing communication gap and collaboration in the healthcare area.
Year founded: 2011
V-Key is Singapore’s most reliable software security service that helps in mobile identity and verification, user access, payment protection, and data protection. Recently they have come up with a more secured version of cryptographic software called V-OS which is internationally patented as well.
V-OS is basically designed for cloud-based payments for mobile banking, and is the ﬁrst virtual secure element of the world, and allows businesses to create delightful customer experiences. Major Banks, payment gateways, government agencies, and enterprises are the constant supporters.
The fund raised is $16M over 2 rounds and is funded by two investors: IPV Capital and Ant Group. They have also won a series of awards- the National Infocomm Awards as the 2nd Runner Up for Most Innovative Product/Solution in 2016, the Association of Information Security Professionals (AiSP) Cybersecurity Awards 2019– SME (Vendor) and GATES GOLD Special Award for Innovative Solutions for Vendor in 2019.
More importantly, their products have been esteemed by proficiency testing and inter-laboratory comparisons across the world. More than 9 security penetration test was augmented, but V-OS cybersecurity never failed to exploitable vulnerabilities and has never been disintegrated, and its strength is unquestionable— which marked its territory in the truest sense.
Year founded: 2012
Many marketers can easily automate their stories to target the right customers with Insider’s AI-powered recommendation engine. With these predictive visitor segments, marketers can easily optimize their personalized brand stories across the right ad channels and devices.
Well, the global spread of Insider offices is on a competitive edge and is not an easy feat. In 6 rounds, Insider has raised a total of $46.1 million in funding by 9 investors.
Hande Cilinger is the founder and CEO and is ranked as one of the top three women CEOs outside the US and clients like Singapore Airlines, Estee Lauder, and L’Oreal.
Year founded: 2014
Ninja Van is a tech-based logistics provider that is growing leaps and bounds across south-east Asia. With untroubled delivery services for businesses, Ninja Van is a blessing to its clients to deliver more than a million packages daily to customers in six countries - Singapore, Malaysia, Philippines, Indonesia, Thailand, and Vietnam. Alibaba's Lazada, Shopee, and Indonesia's Tokopedia are some of their e-commerce partners.
To date in over 5 rounds, Ninja Van has raised more than $400 million and is funded by 12 investors. By April 2020, their latest round gave them $279 million of funding. Probably the startup is on the verge of gaining unicorn status. They might also plan another round of funding before an IPO or sale.
As because coronavirus has knocked on, online shopping for contactless buying was the new normal which indirectly help these platforms to gain unicorn status. Ninja Van is one such platform.
Year founded: 2015
Funding Societies is a Small and Medium Enterprises (SME) digital financing platform that connects with investors, making reliable SMEs likely to make more and connects those with retail and institutional lenders to solve the financial inclusion issue.
They are the first peer-to-peer platform to engage an escrow agency to keep investor’s funds safe and independent. It received operating licenses from Singapore, Malaysia, and Indonesia.
They have won a series of awards like the Global Excellence Award from ITU telecom. Needless to say that ‘Funding Societies’ has reached unicorn status. In 5 years, Funding societies had financed over 3.3 million business loans with more than $1.8 billion in funding.
They raised a total of $112.5 million over 7rounds and were funded by 10 investors and in December 2020, they received investment capital from Samsung Venture Investment Corporation. However, the amount is not disclosed. With this investment, prospective partnerships and collaborations were introduced.
To expand its technology team across the region and develop its strategic and new business models in its next stage of evolution, pushing its vision of financial inclusion for SMEs in Southeast Asia, is the aim of Funding Societies.
Year founded: 2016
Doctor Anywhere is an online 24/7 healthcare platform that gives quick access to its users. With a strong network of skilled doctors, they reach out to any location for wellness and health solutions via video call and users can get medication delivered to their house within hours.
Based on personalized preferences, ‘Doctor Anywhere’ modifies the traditional medical system in all aspects, making healthcare more efficient and more convenient. Now as coronavirus started to spread, Doctor Anywhere gained more popularity with more than 1,300 general practitioners and health care specialists in Thailand, Vietnam, and Singapore registered on the platform.
Doctor Anywhere raised a total of $31.3 million in 2 rounds, and 5 investors have funded the business plan. And in the latest round in March 2020, they raised $27 million from a group of investors, including Malaysian hospital operator IHH Healthcare. Also, an online mental health video consultation service was launched in October 2020.
Year founded: 2016
AIDA that focuses on delivering Artificial Intelligence (AI) for the insurance and banking branch is perhaps the best-known marketing strategy, for it has stood the test of time. In the most general sense, it is a popular developer of machine learning solutions for risky compliance analytics. Driven by an eagerness for success and effective solutions, the award winner offers a set of smart AI solutions for companies across all organizational levels.
The awards won are the FinTech Innovation Award 2017, Global FinTech and Hackcelerator Award 2016, and AI & Machine Learning solutions Award.
In 2019 AIDA raised 1 round and is funded by 3 investors. However the investment will be put into market penetration and North Asia’s expansion, focusing on Hong Kong and Japan. AIDA therefore can be called the new wave tech startup with global potential and its counterparts.
Year founded: 2016
Horangi is a SaaS cybersecurity platform that provides solutions to industry leaders for a secure organization. Safer cyberspace and technology-designed software that solves challenging cybersecurity problems are what Horangi is all about.
Horangi raised US$23 million in Series B round and with the funding Horangi concentrates on the cloud security product to strengthen Cyber Security in Southeast Asia. Gojek, Ninja Van, Shopback, and Property Guru are the investors of Horangi. Other Investors include Monk’s Hill Ventures, Right Click Capital, and Genetic Alternative Ventures.
Year founded: 2019
Skuad is a digital platform that helps companies effortlessly build, pay, and manage globally virtual teams, without setting up local offices. With Skuad, there is no worry to hire talent from anywhere in the world as it has control over global payroll, taxation, and local compliance.
In December 2020, Skuad is estimated to have raised $4 million over 1 round, along with 4 investors. Hence the startup is becoming a mere necessity for remote employment infrastructure to scale its growing team in various geographies. And with this, they aim to become the next standardized economic hub for remote working.
Year founded: 2020
Powered by Blockchain Technology, VoloFin is Singapore’s next-generation ﬁntech platform oﬀering accounts receivable ﬁnancing for Small and Medium Enterprises (SMEs) in Singapore, India, and the USA. It is also the ﬁrst company to leverage digital ledger, however making a bridge for SME lending while delivering value to equity owners. As a result, SME's get immediate price indications and capital expansion.
VoloFin is user-friendly and it allows a quick and easy onboarding journey. The best part is that companies can profit their business without bothering about the risk involved, as the whole trade cycle is on the blockchain, however making it watertight and transparent for all stakeholders.
Along with AI capabilities, VoloFin also has a team of reliable professionals to support its clients. More than 200 customers are associated with this highly advanced technology, including Gojek, Shop Back, Ninja Van, Property Guru, and Marine Insurance Singapore. There are a total of 5 offices around the globe.
VoloFin is invested by 9 investors with a total raise of $23.1 million. And in March 2020, VoloFin had a good hit with a raise of $20 in the latest round.
How many startups are there in Switzerland?
According to a report by IFJ, a total of 33,617 new companies were founded in the first three quarters of 2020 in Switzerland.
Which country has the most startups?
The United States has the most number of Startups as of 2020.
Is Switzerland a good place to start a business?
Switzerland is a great starting point for businesses that want to enter the European market. As it has a strategic location.
Overall it may be said that Singapore is predominantly quick-witted for its economic dynamism. And so far, it is counted among the world’s top ecosystems with the 17th rank, and it’s still been trying to prove its resilience to the world. Even after the worst economic decline, caused by the pandemic, Singapore has made a progressive recovery.
In 2021, Singapore’s GDP grew by 4-6%, sticking to the records of November 2020. Hence it is rated as the second-best country with an international launch and is listed in ‘The World Bank's Ease of Doing Business Ranking’, because of its stable currency and unlimited trade and capital contributions-inflows and outflows.