[L-R] Oneteam co-founders Matthew Pay and Kevin Boo
Oneteam, a Singapore-based startup focused on transforming succession at small and medium-sized enterprises (SMEs) through employee ownership, has raised SGD 3.5 million (US$2.6 million) in seed funding.
Wavemaker Ventures, the early-stage fund of Wavemaker Partners, led the round.
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About 70 per cent of the funding will be used to acquire small businesses, while the remaining funds will be used to build a strong core team and infrastructure to provide shared services for its portfolio. Key business functions such as finance, human resources and talent recruitment, branding and marketing, IT, and legal, which can be expensive for small businesses, will be provided from the company’s headquarters in the island nation.
Oneteam addresses the lack of succession planning in Singapore’s SME sector, where businesses make up over 99 per cent of the country’s enterprises and employ more than 70 per cent of its workforce. As many business owners reach retirement age, they face uncertain futures because they lack an exit strategy and a clear succession plan.
Oneteam’s solution involves acquiring businesses from retiring owners and gradually transitioning them into employee-owned entities. This approach safeguards the businesses’ long-term value and fosters a strong sense of ownership, purpose, and productivity among employees.
Oneteam’s support extends beyond acquisitions. The company provides a holistic support system, including growth capital, leadership development, and access to a network of business partners and digital solutions, to help companies scale efficiently and adopt modern technologies.
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“We believe the future of SMEs lies in the hands of their employees,” said Kevin Boo, CEO and co-founder of Oneteam. “By offering a path to ownership for next generation, hardworking employees, we’re aligning incentives, preserving valuable services for our communities, and ensuring these businesses continue to thrive. In doing so, we’re also contributing to Singapore’s broader goal of elevating our SMEs, the backbone of our economy.”
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