Dear reader,
The decline in Singapore’s venture capital market underscores a global funding winter that has cooled deal-making from Silicon Valley to Singapore. With venture funding plummeting to US$4 billion in 2024’s first nine months, half of 2022’s levels, the numbers paint a stark picture. But these figures alone do not capture the full story.
Global economic headwinds—rising interest rates, inflation, and investor caution—are reshaping the VC landscape. Startups are grappling with elongated fundraising cycles and an intensified emphasis on profitability. For deep tech, characterised by capital-heavy, long-horizon innovation, the retreat in investment feels particularly acute. Yet, amid the gloom, there are reasons for guarded optimism.
Singapore’s dominance in ASEAN deal activity remains unchallenged, accounting for 68% of regional deal value. The government’s proactive approach is commendable: initiatives like the expanded Startup SG Equity scheme and the formation of SG Growth Capital reflect an unwavering commitment to nurturing innovation. Stage One, a one-stop platform for startups, signals a forward-thinking effort to bridge global connections.
Singapore’s strength lies in its adaptability. By doubling down on deep tech and leveraging robust public-private collaboration, it positions itself to weather the funding winter and emerge with renewed vigour. The country’s resilience reinforces its standing as a global startup powerhouse—one eye firmly on the challenges, the other on the future.
Sainul,
Editor.
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NEWS & VIEWS
Singapore’s VC market cools down in 2024, mirroring global trend
Despite a declining VC market, Singapore leads in ASEAN deal activity, accounting for 58% of deal volume and 68% of deal value in the first nine months of 2024.
Japanese crypto exchange DMM Bitcoin to shut down
This follows a security breach in May, which led to the theft of ~4,503 bitcoins, valued at US$306M at the time; By March 2025, the exchange will transfer its customer accounts and custodial assets to SBI VC Trade, the cryptocurrency division of SBI Group.
Maybank revises up GoTo revenue forecasts
Maybank has raised the firm’s target price to IDR 105 (US$0.0066) from IDR 95 (US$0.006); GoTo’s revenue beat its forecast due to the stronger-than-expected on-demand services (ODS) segment and expansion into the lending business.
Taiwan’s TMYTEK secures US$40M Series B to boost 5G, satellite tech
Amazing Microelectronic Corp. and EZconn Corporation led the round; TMYTEK offers innovative devices, beamforming development kits, and phased arrays with antenna-in-package tech, enabling faster industrial innovation and time-to-market.
UnaBiz secures strategic investment from Sunseap co-founder Frank Phuan
The customised IoT solutions provider claims to have achieved over 10x increase in recurring revenue and added over 5 million new devices to its global 0G Network.
Rakuten to raise US$500M via bond sale
The company intends to issue hybrid perpetual notes, which can be called after five years; Additional details about the bond sale are yet to be disclosed.
Malaysia’s Catcha Digital acquires 51% stake in Nexible Solutions for US$2.56M
This marks Catcha Digital’s expansion into the IT sector, specifically in SaaS and AI solutions; Nexible’s product Outperform is an AI-powered sales automation platform that enables businesses to effectively manage leads and customer relationships.
Employee is suing Apple over monitoring employee personal devices
The suit claims Apple’s policies allow it to monitor workers even when off duty; The employee claims Apple used its policies to harm his employment prospects.
Indian online ID verification firm Signzy confirms security incident
The Bengaluru-based startup, which serves over 600 financial institutions globally — including the four largest Indian banks — was hit by a cyberattack last week.
Elon Musk files for injunction to halt OpenAI’s transition to a for-profit
The motion is the latest salvo in Musk’s legal battle with OpenAI, which, at its core, accuses the company of abandoning its original nonprofit mission to make the fruits of its AI research available to all.
1337 Ventures Partners with GX Bank to lead TeXnovasi Accelerator
This six-month programme invites Malaysian seed-stage startups passionate about developing impactful solutions to address Malaysia’s critical financial challenges.
FEATURES & INTERVIEWS
From lab to fab: Inside Applied Ventures’s stage-agnostic deep tech investments
Applied Ventures’s Global Head Anand Kamannavar speaks about the key focus areas, investment criteria, trends, and expansion.
Super app remains primary driver of AI innovation in Asia’s fintech industry: Money20/20
Prevalent in China, Indonesia, and India, super apps thrive where users expect a single platform to handle multiple aspects of their lives.
Echelon PH 2024: Pavel Fedorov discusses Salmon’s entry into the Philippines
The Echelon Philippines fireside chat delved into Salmon’s approach to bridging the gap between digital solutions and traditional rural banking.
FROM THE ARCHIVES
Why we need to stop glamourising startups with fancy labels and focus on real metrics
If we look closely at these words and all the associated buzz around them, we’d see that something is clearly rotten in the startup world.
How big data in healthcare influences better patient outcomes
By organising and analysing health information, healthcare providers can find ways to significantly improve outcomes for patients and effectively save lives.
Fractional helps startups figure out marketing leadership with its fractional CMO service
Fractional curates the region’s top marketing leaders to work for companies on a fractional or part-time basis.
The art of AI integration: Growing your business with chatbots and human expertise
By learning how to balance AI integration and human touch, businesses will be able to handle complexities and be more customer-focused.
A new insights attitude for SMEs in the era of the ‘insights engine’
Adopting an all-hands-on-deck insights attitude, SMEs can reach new horizons with sails as effective as insights engines.
Will flexitime become the norm in Southeast Asia?
In light of Singapore’s new flexitime guidelines, it’s time to rethink the traditional nine-to-five work model and embrace agile hiring practices.
Conquer the B2B SaaS game: 10 content marketing strategies for startups
Content marketing is a powerful tool for B2B SaaS startups looking to generate leads and establish a strong market presence.
Beyond competition: Harnessing the power of partnerships in business
The philosophy of proactive partnership is integral to our agency and partners’ progress, serving as more than just a strategy but a core business practice.
Malaysia’s digital dilemma: Stuck in the past or embracing the future?
Malaysian businesses can emulate successful strategies from global rivals by integrating martech systems into their operations.
Coded in your DNA: How Singapore can help avert a global data storage crisis
Using DNA to store data could help to avert a looming data storage crisis – and Singapore could play a key role in making this method viable.
Bursting the big data bubble: Why we don’t need more data scientists
Deciding to become data-driven can be a long, difficult process that, once decided, can spur a rush to try to attract data specialists and make scientific inferences before knowing the real problem.
Become a millionaire investor while scaling sustainability impact in the world
Impact startups have increasingly contributed to addressing challenges such as climate change, poverty, gender inequality, and the pandemic.
9 things you never knew about DAOs
Now that DAOs have started creeping into wider company governance conversations, let’s look at what you may not know about DAOs.
The future of recruitment in Web3 era
Web3 can provide an ecosystem where a credential holder can share a zero-knowledge proof presentation without sharing the original credential.
THOUGHT LEADERSHIP
Remote hiring in 2024: The pros, cons, and everything in between
The impact of remote hiring in the post-pandemic era: discover why companies are reevaluating their strategies for 2024 and beyond.
Strategies for effectively integrating AI into your organisation
Integrating AI into your organisational strategy demands vision, planning, and adaptability to drive meaningful outcomes.
Bridging generational gaps: Leadership in the evolving tech workforce
Adapting to change and meeting diverse workforce expectations can drive significant short and long-term business benefits.
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