Singapore records 27 early-stage tech startups in 2024

The figures remain below 2021 with 33 and 2022 with 35.

Singapore saw 27 early-stage emerging tech startups incorporated in 2024, similar to the 25 formed in 2023, according to the SGInnovate Singapore Early-Stage Emerging Tech Startups 2024 landscape report.

The figures remain below 2021 with 33 and 2022 with 35.

“Nevertheless, as observed in previous years, we anticipate that the true number of startups incorporated in 2024 will grow as more of them increase their visibility, whether through fundraising, joining accelerator/ incubator programmes, or by scouting for commercial partners,” the report said.

Startup incorporations have slowed since 2022, in line with global conditions.

A lack of large exits, tighter funding, and U.S. interest rate hikes have limited capital and talent for new ventures. With signs of recovery in late 2024, SGInnovate expects stronger momentum in 2025.

Agrifood startups dropped 83% year-on-year, reflecting a maturing sector, investor caution, and high production costs.

Eat Just paused its Singapore cell-based chicken operations due to scaling challenges.

Still, opportunities remain for enabling technologies that lower costs.

Singapore is backing the sector with major initiatives: Nurasa opened its R&D facility, and the Singapore Food Agency awarded $40m to 12 projects under the Food Story R&D programme.

The number of Health and Biomedical Sciences startups more than doubled from 2023. Most focus on Platform Tech or Therapeutics, driven by global pharma M&A, patent expirations, and rising investor interest.

Singapore’s healthcare ecosystem also expanded with the launch of JLABS, 65Labs, and Co11ab in 2023, providing stronger infrastructure for startups.

About 10% of startups incorporated between 2020 and 2024 have been struck off, a rate consistent with previous years. Health and Biomedical Sciences saw the highest closures, followed by Advanced Manufacturing.

Challenges in health tech include weak funding, high clinical trial costs, and a shortage of senior talent.

To address this, A*STAR launched the $38m MedTech Catapult Initiative, whilst SGInnovate’s Helix Immersion Programme introduced a C-suite track to build leaders with both technical and commercial expertise.