Venture funding has taken a hit since 2022, as investors pull back on capital amid economic headwinds.
According to a report from research firm Tracxn, total funding into Southeast Asian startups fell by 71% to $2.3 billion in the first half of 2023 — compared to the same period one year ago.
Singapore startups attracted at least half of the funding and was the most-funded Southeast Asian city in the region, said the report.
LinkedIn added that the startups that made the list “have trailblazed their way through recent economic and workplace challenges — and managed to stand out to investors and top talent along the way.”
Much like 2022, fintech start-ups made up more than half of the companies on the “LinkedIn Top Start-ups 2023″ list for Singapore.
“This reflects the current needs of Singaporean consumers, who are keen to manage their finances and manage their wealth,” Adrian Tay, the senior editor in Asia for LinkedIn News told CNBC last year.
In compiling the list, LinkedIn drew on in-house data, measuring start-ups based on four aspects — employment growth, jobseeker interest, engagement, and ability to attract talent from LinkedIn’s top companies.
To be eligible, companies had to be headquartered in Singapore, have 50 or more employees. LinkedIn said it also lowered its age criteria from seven years or younger, to five years and below to “feature more companies in their earlier, venture stages of growth.”
Here’s the full list of Singapore’s Top Start-ups 2022.
10. Thunes — Financial services
9. Syfe — Financial services
8. ADDX — Financial services
7. Endowus — Financial services
6. Sleek — Accounting
Industry: Software development
Full-time headcount: >1400
Founded in 2016, Advance Intelligence Group is an AI tech startup with a portfolio of products, including buy-now-pay-later platform Atome, e-commerce intelligence platform Ginee, and risk-management platform ADVANCE.AI. According to the company, it has more than 30 million users across its products.
Industry: Software development
Full-time headcount: 167
New to the list is GetGo Carsharing, a car-sharing service that operates on a pay-per-use model. The company aims to alleviate expenses associated with car ownership, and claims to have accumulated more than 1.8 million bookings thus far.
Industry: Health care
Full-time headcount: >580
Most common skills: Digital literacy, business management, leadership
Doctor Anywhere is a telehealth provider that aims to make health care more accessible. Its mobile app allows patients to consult a doctor quickly from wherever they are. Doctor Anywhere’s services are currently available in 6 countries across Southeast Asia.
Industry: Financial services
Full-time headcount: 140
YouTrip, another debutant this year, is a fintech startup that aims to reduce foreign transaction and cross-border fees with its multi-currency mobile wallet. Its platform offers users over 150 currencies, enabling convenient currency exchange while on the move.
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