Singapore tech funding drops 26% YoY to US$397m in Q3

The YoY decline was observed across funding stages.

Tech funding in Singapore fell 26% YoY but grew 9% QoQ to US$397m in Q3 2024, Tracxn reported.

The YoY decline was observed across funding stages, with late-stage, early-stage, and seed funding posting 22%, 29%, and 19% drops, respectively. 

On a quarter-on-quarter (QoQ) comparison, late-stage funding grew by 48% to US$80m, whilst seed funding grew by 56.5% to US$80.3m.

Early-stage funding of $237m was 8% lower QoQ.

Tracxn said Singapore did not see any US$100m+ funding rounds in Q3, with top funding rounds only raising US$80m (Supabase) and US$60m (Partior).

In the same quarter, the tech ecosystem saw a 7% YoY drop in acquisitions, dropping to 13.

The top performing sectors in Singapore for the quarter were FinTech, Enterprise Applications, and Retail, raising US$208m, US$157m, and US$97m, respectively.

Amongst the three, only FInTech reported a YoY drop in total funding.

Meanwhile, the least-performing sectors were Life Sciences (US$13m) and Edtech (US$125,000).

In Q3 2024, Wavemaker Partners, Antler, and Entrepreneur First emerged as the top investors. Antler, Orbit Startups, and East Ventures were the leading seed-stage investors, while Peak XV Partners, SEEDS Capital, and Temasek topped the early-stage investment charts.