Singapore tops SEA in tech funding with US$604M in 1Q24

Homegrown Capillary had the highest funding round during the period.

Singapore continues to lead Southeast Asian cities in tech funding, raising US$604 in 1Q24.

Behind Singapore are Jakarta (US$85.7m), Ho Chi Minh (US$33.2m), Taguig ($32.1m), and Watthana (US$11.0m).

Data from Tracxn also showed that four homegrown tech startups had the four highest funding rounds in 1Q24, led by Capillary (1st), which raised US$95m in a Series D round.

Other tech companies in the top five were DCS Card Centre (US$75.2m - Series D), Motorist (US$60.0m - Series A), and SINGAUTO (US$45.0m - Series A).

Singapore-based HashKey Capital and Golden Gate Ventures were amongst the institutional investors for seed-stage tech startups, with two and one investments in 1Q24, respectively. 

UOB (No.1) and Openspace Ventures (No.3) were also amongst the top institutional investors of 1Q24 for early-stage tech startups.