Singapore dominates SEA in 2024 tech funding with $3b

The country saw a 50% increase in AI-related patents over the past five years.

Singapore led the Southeast Asia (SEA) region in tech funding landscape in 2024, $2.6b (US$1.9b) raised, representing 67% of the total funding across SEA, according to Tracxn.

Late-stage funding in Singapore followed the regional trend of steep declines, but the city-state's early-stage and seed funding activity showcased its enduring appeal to investors, Tracxn’s Geo Annual Report: SEA Tech 2024 said. 

Additionally, government initiatives such as the allocation of $440m (US$328.5m) to the Startup SG Equity scheme underscored Singapore's goal of fostering innovation and supporting the startup ecosystem through strategic investment, said the report.

The broader regional downturn saw Southeast Asia startups collectively raise $2.84b across 420 deals in 2024, a 59% drop from 2023. 

Singapore, however, maintained its lead over other key markets, with Jakarta and Bangkok startups raising $276m and $261m, respectively. 

Despite the regional funding slump, sectors such as FinTech, CleanTech, and Blockchain continued to attract interest, supported by regulatory frameworks and government-backed programs.

Singapore also saw faster progress in innovation, with a 50% increase in AI-related patents over the past five years, signalling its growing prominence in the global tech landscape. As Southeast Asia's funding landscape looks to recover, Singapore is poised to remain at the forefront, leveraging its strategic policies and innovation-driven ecosystem.