Singapore healthtech faces funding shortfall despite deal surge

The deal value of healthtech deals in 2023 was US$409m.

The healthtech vertical amassed less funding in 2023 despite more deals.

Data from the Singapore Venture Funding Landscape 2023 report showed there were 51 healthtech deals last year, more than the 21 recorded in 2022.

The  2023 deal value, however, was only US$409m, lower than the US$628m record last year.

The opposite happened to the healthcare vertical, which saw more funding despite fewer deals.

In 2023, there were five deals (vs six in 2022) with a total value of US$166m (vs US$11.5m)

The report noted that following the pandemic, there has been a heightened focus on health awareness, contributing to improved life expectancy and significant advances in research. 

The report added that startups today are stepping up to solve problems related to healthcare affordability and availability.

"Investors are keeping a close watch on key sub-sectors such as precision medicine, digital therapeutics, and telemedicine," the report stated

Holmusk led the health tech startup landscape in 2023, securing US$75m in funding from investors, including Health Catalyst Capital, Heritas Capital, Novartis, and Veradigm.

Meanwhile, Foundation Healthcare topped the healthcare vertical with US$111m funds raised in a growth equity funding round backed by SeaTown Holdings as its sole investor.