Top Unicorns in Singapore

Singapore is considered a prime location for startups due to its central location, top-notch infrastructure, skilled and experienced workforce and highly favourable tax system.

Having become a global finance hub in recent years, Singapore offers entrepreneurs a plethora of opportunities, making it an excellent choice in terms of locations for starting a new business.

The smallest country and city-state in Southeast Asia, Singapore is also known for its high quality of life, and as it stands, it’s set to maintain its position at the forefront of innovation.

Why Is Singapore a Prime Location for Startups? 

There are plenty of reasons why Singapore is ideal for startups, some of which are coincidental and others that are the direct consequence of actions by the Singaporean government.

Here are the most important things that make Singapore great for business.

Strategic Location

Singapore is conveniently located at the very heart of Southeast Asia, allowing for great connectivity to major global markets.

Supportive Government

One of the best ways to encourage business ownership is by means of supportive government policy, and the Singaporean government has made a concerted effort to help startups by means of subsidies, grants and initiatives.

Large Talent Pool

Singapore is home to a highly educated and skilled workforce across plenty of different fields and industries. This is a result of the government’s intentional focus on education.

Great Infrastructure

The city-state boasts highly advanced infrastructure, from reliable utilities to advanced technology. These things create a strong foundation for tech startups especially.

Thriving Innovation

Singapore is home to plenty of accelerators, incubators and even co-working spaces, making it ideal for anyone trying to start a successful business.

High Quality of Life

With a safe and clean environment, along with good healthcare, education and housing options, Singapore offers a high quality of life. This means that there’s not only an incentive for people to move to Singapore for work, but the potential employee pool is also relatively high quality.

Financial Hub

In recent years, Singapore has become a leading financial hub, with plenty of banks, venture capital firms and financial institutions offering opportunities for budding startups.

Top Unicorns in Singapore 

As of the beginning of 2024, Singapore holds the position of 16th in the world in terms of the number of unicorns it’s home to.

Here are the top 6 unicorns in Singapore according to their most recent valuations.

1. HyalRoute: $3.5 Billion

Founded by Xinglong Huang in 2015, HyalRoute is the operator of a shared fibre network company. Specialising in planning, constructing, designing, operating and maintaining shared fibre channels by means of selling and leasing them out, HyalRoute helps people get access to fast and cost-effective networks.

Less than a decade after the company was launched, HyalRoute was valued at $3.5 billion as of 2023, making it one of the highest-valued unicorns in Singapore.

2. Moglix: $2.6 Billion

Moglix is an online marketplace that was launched in 2015 by Rahul Garg, and as it stands, the company has nearly 1,250 employees.

The platform provides users with exceptional convenience paired with supply-chain efficiencies in order to supply industrial products. This includes things like hand tools, power tools, fasteners and safety equipment, making it easier for manufacturers and their resellers to connect with business buyers and also offer industrial goods and products at prices that are affordable.

3. Coda Payments: $2.5 Billion

Founded in 2011, Coda Payments is valued at $2.5 billion, and having been through 12 funding rounds, the company now has about 500 employees.

Coda Payments has developed a secure, cross-border platform for monetisation and distribution, all intended for digital products and services. Facilitating efficient payment processes by means of a variety of different methods, Coda Payments allows for the use of bank transfers, in-store cash payments, physical vouchers, direct carrier billing and more.

4. Advance Intelligence Group: $2 Billion

Valued at $2 billion, Advance Intelligence Group (AIG) is an AI-led tech business. It was founded by Jefferson Chen in 2016, and as a result of six funding rounds, it has brought in $536 million.

Specialising in transforming both emerging and established industries by means of data-centric platforms, AIG has become one of Singapore’s most successful businesses and top five unicorns with immense potential for growth and development.

5. BoltTech: $1.5 Billion

BoltTech is the developer of artificial intelligence (AI) based point-of-sale (POS) insurance platform. The platform prioritises protection and insurance and it has a full suite of digital and data-driven capabilities that will allow for the protection of devices; insurance of property, travel, digital vehicles and life; and generally powering connections between various parties.

The primary aim of BoltTech’s platform is to make it easier for users to buy and sell insurance-related products. Since it was founded only four years ago in 2020, BoltTech is now valued at an impressive $1.5 billion.

6. Trax: $1.3 Billion

Trax is the developer of an image recognition platform, and it was launched in 2010. Now valued at $1.3 billion, Trax has nearly 1,000 employees, 40 different investors and it most recently brought in an investment of $50 million in 2023.

The company’s platform helps to transform retail shelf images into real-time, actionable insights. It makes it significantly easier for manufacturers and retailers worldwide to control gaps in performance, increase POS (point of sale) and identify category opportunities, making it better than its competitors.