Singapore’s startup ecosystem garnered significant global attention in 2018. A number of startups in the island-city bagged hefty investments in the year from investors across the world. Though the investments were divided in multiple industries, the technological sector attracted a larger number of firms. Here is the list of top startups that received substantial investments and displayed immense future potential:
Grab, a transport and logistics company, tops the list with its star investor Tokyo Century, a Japan-based financial services company. The company recently made an undisclosed amount of investment in Grab as well as its car rental unit, Grab Rentals. This marked the collective investment of Tokyo Century in the transport startup at $175 million. With this, Grab could pose as a serious threat to the leading companies like Uber in South-East Asia as well as other regions.
A Singapore-based company, XRVision is a facial recognition and video analytics startup. Recently, it received an undisclosed sum of funding from Luxembourg-based fund, Boundary Holding. Based on artificial intelligence, the startup technology helps to identify person of interest and objects in random motion. Earlier, XRVision bagged funding from TNF Ventures and NUS.
- Tuple Technologies
Another Singapore-based startup, Tuple Tech deals in data analytics. It raised $1 million in a seed funding round from Johnsong Chng, Managing Director of Silk Road Financial Corporation. With clients from multiple industries like banking, manufacturing, cryptocurrency, etc, the company would invest this money in their talent acquisition sector.
- Fullerton Health
Founded in 2010, this company provides healthcare solutions to corporates with a workforce of more than 2,000 employees. Observing the future potential of the company, the International Finance Corporation (IFC) invested $40 million in Fullerton Health. Experts suggest that the funding will enhance the process of providing affordable healthcare to the people of Singapore.
In a series B funding round, Softbank Ventures Korea, Insignia Ventures Partners and B Capital Group funded Carro with $60 million. Based in Singapore, Carro offers a market for used cars with an objective of increasing transparency and streamlining the process for both parties involved in a deal. The company registered vehicle transactions approximately worth $200 million.
While there are many more startups present in Singapore’s ecosystem, the aforementioned startups are expected to shine in 2019. Simultaneously, it sets a tone for other global startups as well as investors to explore the market of Singapore in the upcoming year.