Singapore has rapidly become a thriving hub for tech startups, drawing in entrepreneurs from all over the world. With its business-friendly environment, world-class infrastructure, and supportive government policies, the city-state has seen the emergence of numerous tech companies that have gone on to achieve impressive success. Below, we explore the stories of some of the most notable tech startups that have recently made their mark in Singapore.
1. Grab: From Ride-Hailing App to Super App
One of the most famous tech startups to come out of Singapore is Grab, originally launched as a ride-hailing app in 2012 by Anthony Tan and Tan Hooi Ling. While the company began its journey in Malaysia, Singapore became its primary base of operations and the heart of its regional expansion.
Grab’s meteoric rise has been nothing short of remarkable. The company pivoted from being a ride-hailing service to becoming a super app, offering everything from food delivery and digital payments to financial services and insurance. In 2021, Grab became Southeast Asia’s first publicly traded decacorn (a company valued at over $10 billion) after it listed on the Nasdaq via a special purpose acquisition company (SPAC) merger.
Today, Grab is an essential part of daily life for millions across Southeast Asia, and its success underscores Singapore’s role as a launchpad for tech companies with regional aspirations.
2. Carro: Revolutionizing the Automotive Industry
Founded in 2015, Carro is a Singapore-based online platform that aims to simplify the buying and selling of cars. The platform uses AI-driven tools to offer customers an end-to-end experience, from financing and insurance to vehicle maintenance and repairs. Carro also operates a subscription-based car service that allows users to lease cars with no long-term commitment, a flexible option in a rapidly changing world.
In 2021, Carro achieved unicorn status after raising $360 million in a funding round led by SoftBank Vision Fund 2. The company’s expansion across Southeast Asia and its innovative approach to transforming the automotive industry have made it one of the most successful startups in Singapore’s tech scene.
3. PatSnap: Powering Innovation with Intellectual Property Insights
PatSnap, founded in 2007 by Jeffrey Tiong, is a tech startup that provides intellectual property (IP) analytics and insights. The platform uses AI and machine learning to help companies make informed decisions about their IP strategy, which is crucial in today’s competitive and innovation-driven landscape.
PatSnap’s data platform is used by over 10,000 customers worldwide, including industry giants like Dyson, Spotify, and Tesla. In 2021, the company raised $300 million in a funding round co-led by SoftBank Vision Fund 2 and Tencent, propelling it to unicorn status. PatSnap’s success highlights how Singapore’s tech ecosystem nurtures companies that provide cutting-edge solutions to global challenges.
4. Nium: Transforming Global Payments
Nium, founded in 2014 by Prajit Nanu and Michael Bermingham, is a Singapore-based fintech company that provides cross-border payment solutions to businesses. The company’s platform offers fast, secure, and transparent international money transfers, enabling global companies to streamline their payments processes.
What started as a remittance business has grown into a global payment infrastructure platform, offering banking-as-a-service, card issuance, and digital payments to businesses across 40 markets. In 2021, Nium joined the unicorn club after securing $200 million in a funding round led by Riverwood Capital. Its success illustrates the potential for fintech startups to scale rapidly in Singapore’s innovation-friendly ecosystem.
5. Endowus: Pioneering Digital Wealth Management
Endowus is Singapore’s leading digital wealth management platform, founded in 2017 by Samuel Rhee, Gregory Van, and others. The platform provides individuals with the tools to invest in a diversified portfolio of global equities, bonds, and funds, including the option to invest Central Provident Fund (CPF) savings.
Endowus differentiates itself by focusing on long-term, low-cost investing and offering financial advice through a user-friendly platform. It has raised significant funding to expand its operations, including a $35 million round in 2023 led by SoftBank Ventures Asia. As the first and only digital advisor to provide access to CPF investing, Endowus has quickly gained a strong foothold in the wealth management space, showcasing Singapore’s potential to foster fintech innovations.
6. ShopBack: Shaping the E-Commerce Landscape
Founded in 2014 by Henry Chan and Joel Leong, ShopBack is a rewards and discovery platform that gives consumers cashback on their online purchases. What started as a small cashback website has since expanded across Asia-Pacific, with over 30 million users and partnerships with major e-commerce players like Amazon, Lazada, and Shopee.
ShopBack has raised more than $200 million in funding to date and continues to grow its footprint across the region. The company’s success is a testament to Singapore’s ability to support tech startups that cater to the fast-growing e-commerce sector, offering unique value propositions for consumers.
7. Advance Intelligence Group: AI-Driven Solutions for Businesses
Founded in 2016, Advance Intelligence Group is a Singapore-based AI company that provides businesses with solutions in areas such as e-commerce, digital lending, and fraud prevention. Its flagship products, ADVANCE.AI and Atome, serve a wide range of clients across various industries, offering cutting-edge machine learning algorithms and AI solutions to optimize business operations.
The company raised $400 million in a Series D funding round in 2021, which pushed it into unicorn status. By leveraging AI to solve complex business challenges, Advance Intelligence Group exemplifies the type of tech innovation that is thriving in Singapore.
8. Doctor Anywhere: Innovating Telemedicine
Healthcare innovation is booming in Singapore, and Doctor Anywhere is leading the charge in the telemedicine space. Founded by Lim Wai Mun in 2017, the platform offers online consultations with licensed healthcare professionals, medication delivery, and access to wellness services, all through a single app.
Doctor Anywhere’s user base grew significantly during the COVID-19 pandemic, as telemedicine became an essential service for many people. The startup has raised over $100 million to date and continues to expand its offerings across Southeast Asia. Its success story showcases Singapore’s role as a hub for digital health innovations.
Conclusion
Singapore’s tech startup ecosystem is booming, with numerous success stories emerging in various sectors, from fintech and AI to e-commerce and healthcare. The city-state’s supportive regulatory environment, access to talent and funding, and strong focus on innovation make it the perfect breeding ground for tech entrepreneurs. As these companies continue to grow and scale, they not only bolster Singapore’s reputation as a global tech hub but also inspire the next wave of innovators to build their dreams in the Lion City.