Singapore’s Startup Ecosystem Growing Fast, Here Are Startups To Watch In 2020
The startup scene in Singapore has been growing and last year it witnessed monumental success. There has been a rapid growth of Singapore’s startups such as Carousell and Grab and the growth is expected to continue in 2020. The success of the startup scene has led to the creation of new jobs and global startups are starting to move to the island nation and set up regional offices or headquarters.
In the past few years, several startups have emerged in Singapore with many completing notable funding rounds. The startup scene in Singapore has proven to be a talent and capital magnet over the last decade and although the country is relatively expensive to live in it nonetheless provides a favorable environment for business to thrive. One of the factors that have contributed to the conduciveness of Singapore for business to soar is the Startup Tax Exemption scheme that aims at bolstering the growth of startups. Here are startups to watch in 2020:
Grab which falls under the transportation and logistics category will be among the top startups in Singapore in 2020. Formed in 2012 then tech company provides ride-hailing services across Southeast Asia and has garnered huge investment through funding deals over the past year. In 2019 the startup managed to close five deals and going to 2020 it is among the top startups to watch in Singapore. to date, the company’s total funding is around $9.1 billion.
Trax Image Recognition
Trax Image Recognition is a tech company founded in 2010 and headquartered in Singapore. The company provides image recognition and analytics that support retail businesses. Its services include market research, in-store execution services, shelf storage, and store management among others. FMCG companies such as Coca-Cola are employing the Startup’s computer vision technology. To date, the company has total funding of $387 million has just raised $40 million in a Series C funding round last year.
Zilingo is a disruptive e-commerce startup established in 2015 that uses technology to bring fashion to consumers fairly. In the past few years since its establishment, the company’s activities and programs of empowering vendors have gained significant attention. The platform offers a range of fashion and lifestyle products and it is expanding rapidly globally. The startup’s total funding up to date is around $308 million and it presents a lot of opportunities in Singapore for 2020.
Carousell is a consumer-to-consumer market place that was founded in 2012. Since its establishment, Carousell has raised close to $182.8 million for its Android and iOS market place which is ranked as one of the best shopping apps in Singapore, Hong Kong, Australia, and Taiwan. The startup has backing from the OLX Group and Sequoia and the company is on its way to unicorn status following its merger with Telenor Group.
Impress is an AI-powered recruiting solution created in 2017 to automate the process of hiring, help businesses to easily find the right candidate and engage qualified people faster. The candidate evaluations of the platform depend on competency frameworks developed by industrial-organization psychologists. Recently the company raised $1.4 million in a funding round and it one of the startups to watch in 2020.
AirTrunk Pte. Ltd
AirTrunk is another startup in the internet category worth watching in 2020. The startup designs and develops software solutions and large scale data centers and also offers big data applications in Singapore. In 2017 the company received funding of around $307 million. The company received funding from Goldman Sachs and TPG to help build data centers in Singapore, Hong Kong, and Australia. AirTrunk is among the most successful start-ups in Singapore and it expects more growth in 2020.
Singlife is a digital insurance platform established in 2014 and it’s among the top startups in Singapore. the startup offers services such as helping clients in growing and managing their money besides protecting it. The company has total funding of $173 million since its inception.
According to Bloomberg Sea Ltd is one of the most valuable startups in Southeast Asia. Previously the startup was known as Garena and SEA branched from the gaming business to e-commerce with AirPay and Shopee. In May last year, the company raised $757 million and took its total funding to $1.4 billion. The money raised will be vital in the expansion of Shopee in Indonesia to take of Indonesia’s e-commerce giant Tokopedia that China’s JD.com is eyeing. More investors outside Singapore are betting on Sea and it will be a worth watch in 2020.
KaHa was established in 2015 and it is the company behind Cove. It is an end-to-end smart IoT wearables platform that enables brands to launch various types of smart products. Since its inception, the company has raised $10.7 million. So far the startup has designed different types of wearable devices that include products for athletes, products for disabled people as well as products that can monitor body vitals such as blood sugar, temperature, and UV protection. Equally the company has designed wearables for personal safety and digital payments.
ipaymy is a payment platform that allows you to make bank transfer payments using your credit card.
The Singapore based fintech company with operations in Singapore, Hong Kong, and Malaysia aims to help SMEs free up their working capital by enabling credit card payments for their most critical, and costly monthly expenses. Instead of using cash, ipaymy allows SME business owners to use their credit cards to pay for expenses where credit cards are typically not accepted, like rent, supplier invoices, and staff salaries.
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