Startup funding sinks 87% in August

Startups only raised $41m during the period.

Singapore's startup funding took a sharp dive in August, plunging 87.96% compared to July, according to a Tracxn report.

Startups only raised $41m during the period, down from $341m month-on-month. Despite the slowdown, early-stage funding dominated, accounting for 85.1%.

Seed-stage funding represented only 14.9%, whilst late-stage funding was non-existent for the month.

Amongst the month’s largest deals, Graas led the pack with a $9m raise, followed by Topview.ai ($8.5m), Nibertex ($7m), Zuzu ($5.9m), and Singrow ($4.5m).

Peak XV Partners emerged as the most active venture capital fund, participating in two deals, whilst Velocity Ventures and Integra Partners each closed one deal. On the incubator side, GROW, Space F and Google for Startups each backed one company.

Exit activity was modest, with one IPO and two acquisitions recorded. No new unicorns emerged during the period.