Singapore Third in Asia and Tenth in the World in the Number of Unicorn Startups
A new analysis of the global unicorn landscape reveals Singapore’s prominence as a producer of high-value unicorn start-ups. According to a recent study by FOREX.com and CB Insights, Singapore secures the 10th spot globally and 3rd in Asia. The country has an impressive count of 15 unicorn companies as of July 2023.
Most Unicorn Startups in Asia and Globally
Singapore not only stands out for its quantity but also for the remarkable average valuation of its unicorn companies, leading globally at $5.93 billion. This underscores the country’s prowess in fostering innovative ventures within its business-friendly environment.
In the broader Asian context, Singapore clinches the third position, trailing behind China and India. Despite this, the city-state holds a noteworthy 2% share of the total unicorn valuation worldwide, amounting to an impressive $88.9 billion.
The enterprise tech sector dominates the unicorn landscape, commanding 30% globally with a combined valuation exceeding $1 trillion. Notably, Singapore’s growth in this sector reflects its increasing significance in the global tech and innovation arenas.
Homegrown successes like Carro, Carousell, and Razer contribute significantly to Singapore’s unicorn landscape. Carousell, for instance, achieved unicorn status in September 2021, demonstrating the country’s potential to nurture and propel startups to substantial valuations.
An analysis by FULCRUM in September 2023 emphasises how Singapore’s unicorn proliferation creates an investment-friendly environment. These unicorns play a pivotal role in employment generation, fostering innovation, and contributing to cross-border trade.
As we delve into the dynamics of unicorn valuation, it’s clear that Singapore’s trajectory as a global tech powerhouse is on an upward curve. With a high average valuation and strategic sector dominance, the city-state is poised to play a pivotal role in shaping the future of the global tech landscape.