Singapore tops SEA in women-led startup funding despite 72% decline

However, this figure represents a 72% decline from 2023.

Women-led tech startups in Singapore secured $114 million in funding in 2024, making it the highest-funded city in Southeast Asia, according to Tracxn.

However, this figure represents a 72% decline from 2023.

The report highlighted a significant drop in funding for women-led startups across Southeast Asia, with total investments falling 65% to $198m in 2024, accounting for just 6% of the $3.09b raised in the SEA tech ecosystem.

The decline was driven by a lack of late-stage funding and a shift in investor priorities toward profitability.

Singapore’s early-stage funding dropped 39% year-over-year, from $190m in 2023 to $115m in 2024.

In contrast, seed-stage investments saw a modest 20% increase, reaching $82.9m, but remained 30% below 2022 levels.

Notably, no late-stage funding was recorded for women-led startups in 2024, a stark contrast to $311m raised in 2023.

Sector-wise, blockchain startups led the way, attracting $133m in funding, a 391% increase from 2023. In contrast, FinTech startups raised only $91m, marking a 79% year-over-year decline, whilst Enterprise Applications saw an even steeper drop of 74% to $60.6m.

Despite the downturn, Singapore remained the most attractive market for female entrepreneurs in SEA. Key investors such as Antler, Wavemaker Impact, Vertex Ventures, and SEEDS Capital continued to support early-stage women-led startups.

Meanwhile, acquisitions of women-led startups in Singapore doubled to six in 2024, although no IPOs were recorded for the second consecutive year.