Food tech, industrial products lead manufacturing innovation based on deal volume – study

Private capital injected in food tech and industrial products in 2023 shows investors’ focus on the future.

Equity capital is still being channelled to industries that impact the future, a report by DealStreetAsia in partnership with Enterprise Singapore revealed.

According to “Singapore Venture Funding Landscape 2023: A Full-Year Study,” the verticals under Manufacturing, Trade, and Connectivity that received the most private capital were food tech and industrial products. 

“The resolute focus on the future has continued to sustain interest in sectors such as industrial products, food tech, mobility tech, and agritech,” the report read.

“Commitments to the future of food sustainability remain strong, with alternative food products and agricultural solutions accounting for most of the deal activity in the food tech and agritech sectors,” it added.

The total value for food tech was $31.05m (US$23m) in 2023, lower than $145.8m (US$108m) in 2022, whilst industrial products surged to $250.1m (US$186m) from $5.4m (US$4m) in the same period. 

Silicon Box made the highest equity deal under industrial products. This was valued at $187.65m (US$139m), with investors from BlueRun Ventures, Maverick Capital, TDK Ventures, and UMC Capital. 

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The funding will be used to build a semiconductor packaging fab in Singapore.