Startup funding drops 73% to $115m in May

Startups raised $115m in May, down from $429m in April.

Singapore's startup funding took a sharp dive in May 2025, plunging 73.19% compared to April, according to the latest Monthly Funding Tracker by Tracxn.

Startups raised $115m in May, down from $429m in April, and marking a 12.88% YoY decline from the same month in 2024.

Despite the slowdown, late-stage deals continued to dominate the funding landscape, accounting for 92.2% of total funding in May.

Early-stage funding represented only 7.8%, whilst seed-stage funding was almost non-existent for the month.

Amongst the month’s largest deals, Nuevocor led the pack with a $45 million raise, followed by VFlow Tech ($20.5m), CloudSEK ($19m), CrediLinq.AI ($8.5m), and HistoIndex ($6.9m).

Investor activity remained concentrated among a few key players. SEEDS Capital emerged as the most active venture capital fund, participating in three deals, whilst UntroD and EDBI each closed two deals. On the incubator side, 500 Global and Entrepreneur First each backed two companies, whilst Menyala supported one deal.

Exit activity was modest, with two IPOs and two acquisitions recorded in May. No new unicorns emerged during the period, underscoring a cautious exit environment amid broader market uncertainty.

The broader 12-month funding trend shows a highly volatile year for Singapore’s tech ecosystem. Funding peaked sharply in December 2024 at $1.437b, but has since seen a series of fluctuations, including weaker months like January 2025 ($761.9m) and March 2025 ($83.9m).