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The COPID-19 epidemic has had serious consequences for the economies of almost all South Asian countries. Singapore is no exception. Restrictions and social exclusion have stifled local consumption and global environmental problems have also affected this export-dependent island nation. But despite the weakening economy, Singapore’s nascent ecosystem has received more than $3 billion. The total value of the transaction was over $200,000.
Singapore’s start-up ecosystem in 2020
Singapore’s efficient judicial system, government support and commercial legislation, well-developed infrastructure, highly skilled labour and dynamic ecosystem have always been attractive factors for international entrepreneurs.
In that year the KOVID-19 epidemic destroyed many aspects of daily life and a large part of the economy built around it. But there are always opportunities coming out of the crisis. The Singapore Start-up Ecosystem has received substantial funding. The government announced 150 million dollars for the SG Founder Startup Program to support the high-tech start-up sector.
The pandemic has been a catalyst for many companies to look for new opportunities. Young companies in the retail, food and technology sectors are developing business models based on the changing circumstances caused by the pandemic.
Singapore Start-up Ecosystem – Major financing agreements in 2020.
AMTD Digital, headquartered in Singapore, is a subsidiary of the AMTD Group’s investment department in Hong Kong. In September 2020, the company successfully raised $285 million from its value partners and other investors. AMTD Digital offers integrated digital solutions, including digital banking, digital goods exchange, digital insurance, digital payments and payments throughout Southeast Asia.
PropertyGuru, a Singapore based real estate platform, recently raised $220 million from global private equity giants and investment companies. The company intends to use this financing to develop its strategic growth sectors. Another startup that managed to raise an enormous amount of money despite the pandemic was Lifespace, a home furnishing and renovation platform. The company received $90 million in financing, led by Swiss investment firm Kharis Capital and Venturi Partners, an investment platform in India and Southeast Asia.
As a start-up in the market, Carousel received $80 million in funding from a consortium of companies. The company offers a wide range of products in different categories, including lifestyle, cars, gadgets and fashion accessories. Since the start of the pandemic, the company has launched several regional initiatives, including providing $2 million worth of free designs to non-profit organizations and government agencies.
The Beacon Investment Fund announced the creation of the Beacon Investment Facility in September 2020 to invest in women entrepreneurs in the emerging markets of Southeast Asia. The company’s original goal was $50 million, and it has already reached 25% of its target.
The health and biomedical sciences sector in Singapore has also grown strongly. It continues to look for ways to alleviate the problems caused by this pandemic and to prepare for future health crises.
Growth of EdTech start-ups accelerated by the pandemic
The EdTech sector in Singapore’s nascent ecosystem also received a boost after the pandemic accelerated the creation of an online and distance learning platform. Singapore’s first EdTech accelerator, EduSpaze, immediately created a database of EdTech tools and resources useful in the fight against the pandemic.
Another online education platform, Tenpoy, has worked hard to reach parents and students during the closed period and has seen a 100% increase in student registration since March. In June 2020, the company signed a memorandum of understanding with the AMKFSC Community Services to provide free tutoring to low-income children for Grade 3 students. Tenpoy not only offers regular live online courses, but also free homework and recorded lessons.
Travel and tourism have experienced an unprecedented collapse
Singapore’s tourism industry contributes 4% to the country’s economy. However, this sector has been severely affected by the pandemic. With security and containment a top priority in a post-pandemic world, start-ups such as Travelstop and Vouch are betting heavily on their AI-based systems when Singapore implements new security measures.
As the economy starts to recover from the VIDOC-19 crisis, AI systems could prove very useful for industry. Fooyo, a Singapore-based startup, creates custom travel planners with real-time tracking of events and attractions.
The Singapore Tourism Board has launched many new initiatives to further support the tourism industry in these challenging times.
Singapore Start-up Ecosystem – On the way to recovery
The development of start-ups in the second half of the year continues to strengthen and validate the starting ecosystem in Singapore. Over time, innovation and technology will be the main drivers of growth to ensure that the country’s start-ups continue to flourish.
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