I've been knee-deep in startup data for the past few days. Why? Well, as founder in the ecosystem there are some common questions and assumptions about the space, and I figured it was time to separate fact from fiction.

You've probably heard things like:

• "Everyone's just chasing AI these days."

• "You need a big team to succeed." or "You cannot succeed as a solo-founder."

• "B2C does not work in Singapore."

• "You can't raise money in Singapore"

Sound familiar? I thought so too. But after crunching the numbers on hundreds of startups, I've uncovered some surprising truths. Let's dive in and see what's really happening in Singapore's startup world.

The Questions I Set Out to Answer

Before we get into the nitty-gritty, here are the burning questions I wanted to tackle:

1. What kinds of startups are actually getting funded?

2. Who's writing the checks?

3. Is the "lone genius" founder a myth, or can solo entrepreneurs make it big?

4. Are we really in an AI bubble, or is something else stealing the spotlight?

Spoiler alert: The answers might surprise you. They certainly surprised me!

Part 1: The Million-Dollar Club

First, let's look at the companies that have already hit their stride – the ones bringing in over $1 million in revenue. I found 339 of these success stories, and they paint an interesting picture.

Who Are They?

Let's take a closer look at some of the standout players in this million-dollar club. These companies represent a diverse range of industries, from robotics and AI to fintech and health tech. What they all have in common is their ability to innovate and scale in the competitive Singapore market.

Here's a snapshot of some of the most intriguing players:

These companies are just a small sample of the thriving ecosystem, but they give us a glimpse into the types of businesses that are finding success in Singapore. From AI-powered logistics solutions to innovative oat milk products, it's clear that there's room for a wide variety of ideas to flourish.

Founder Facts: It Takes Two (Usually)

Remember when everyone said you needed a big co-founding team to succeed? Well, the data tells a different story:

• Two founders: 119 companies (35.1%)

• Solo founders: 99 companies (29.2%)

• Three founders: 48 companies (14.2%)

The rest had four or more founders, but they were in the minority.

What does this mean for you? If you're going solo or have just one co-founder, don't panic! You're in good company. In fact, nearly two-thirds of these successful startups have one or two founders. It's not about the size of your team; it's about the impact you make.

Who's Betted on These Startups?

I was curious about who's really backing these companies - and in turn which are the VCs that are capable of picking the winners.

What surprised me was the mix of global players and local powerhouses. It's not just about Silicon Valley money anymore – there's a lot of faith in the local ecosystem.

Here are the top investors by number of investments:

1. 500 Global: 26 investments

2. Wavemaker Partners: 22 investments

3. Seeds Capital: 15 investments

4. Entrepreneur First: 12 investments

5. Peak XV Partners: 11 investments

6. EDBI: 11 investments

7. East Ventures: 11 investments

8. SGInnovate: 9 investments

9. Antler: 8 investments

10. GGV Capital: 7 investments

11. AC Ventures: 7 investments

12. Insignia Ventures Partners: 6 investments

13. Singtel Innov8: 6 investments

14. Temasek Holdings: 6 investments

15. Y Combinator: 6 investments

16. Alpha JWC Ventures: 6 investments

17. Pavilion Capital: 6 investments

18. Quest Ventures: 6 investments

19. Polychain: 5 investments

20. Vulcan Capital: 5 investments

Take note that there are bias built into the data as several of these are late stage investors and have recently participated as an investors for these companies.

Part 2: The New Kids on the Block

Now, let's talk about the fresh faces – 286 seed-stage startups that got funded in the last year. This is where it gets really interesting.

Companies with Cash

These startups represent the next wave of innovation, having recently secured funding. They're tackling everything from sustainable energy to blockchain privacy, showing that Singapore's startup scene is as diverse as it is dynamic. Let's take a look at some of these promising newcomers:

From paper batteries to decentralized GPU networks, these startups are pushing the boundaries of what's possible. They represent the cutting edge of innovation in Singapore and give us a glimpse into the future of technology and business in the region.

The Funding Frenzy

You might think traditional VCs still rule the roost, but there are accelerators and VCs that are focused on the earliest stages of fundings and these were the top cheque writers in the last 12 months:

1. Antler: 39 investments

2. Tenity: 11 investments

3. OKX Ventures: 8 investments

4. Nazeergagi: 7 investments

5. Y Combinator: 6 investments

6. 500 Global: 6 investments

7. HashKey Capital: 5 investments

8. Waterdrip Capital: 5 investments

9. Animoca Brands: 5 investments

10. Entrepreneur First: 5 investments

11. Blockchain Founders Fund: 5 investments

12. SPACE-F: 5 investments

13. KuCoin Ventures: 5 investments

14. Iterative: 5 investments

15. Cogitent Ventures: 4 investments

16. Brinc: 4 investments

17. Wavemaker Partners: 4 investments

18. Sequoia Capital: 4 investments

19. NGC Ventures: 4 investments

20. Plug and Play: 4 investments

Antler, a global early-stage VC, is absolutely dominating the seed stage, writing almost 3x more cheques than the next in line.

The AI Myth Busted

Here's where I had to eat my own words. I was sure AI would be the runaway leader in funding. Boy, was I wrong. Let's break it down:

1. Blockchain: 55 companies, $189.47M total funding

2. Information Technology: 47 companies, $73.42M total funding

3. Artificial Intelligence: 65 companies, $65.70M total funding

4. FinTech: 26 companies, $63.74M total funding

5. BioTech: 9 companies, $13.13M total funding

6. E-Commerce: 11 companies, $10.28M total funding

7. Logistics: 8 companies, $5.07M total funding

AI has the most companies, but crypto startups are still swimming in cash. It seems like investors in Singapore are still betting big on the decentralized future.

Final Thoughts

This deep dive has been an eye-opener for me, and I hope it's given you some fresh perspectives too. The startup world is always evolving, and what's true today might not be true tomorrow. But one thing's for sure – Singapore's startup ecosystem is thriving, and it's full of surprises.

Got questions about the data? Want to dive deeper? Hit me up on social media or over email. Let's keep the conversation going!

Want the raw data to do your own analysis? Fill out this quick form, and I'll send it your way!

Powered by wisp