S’pore startups take an average of almost 7 years to grow into unicorns


Singapore ranks fourth in the world in how fast its startups have turned into unicorns, according to the global price comparison website Money.co.uk.

Singapore currently has six unicorns, and on average it took them six years and 11 months to cross the $ 1 billion value.

It shares fourth place with the United States, which has 378 unicorn companies, and Australia with six unicorn companies.

China is at the top of the list, because 155 of its companies took on average only five years and 10 months to reach the status of a unicorn.

In second place is Hong Kong, where it took them an average of six years and a month, followed by Japan at six years and three months.

launching a unicorn
Image credit: Vulcan Post

According to cbinsights.com, there are currently only 750 unicorns in the world.

Money.co.uk also noted that the sector with the best results when it comes to the time it takes to reach the $ 1 billion value was the car and transportation, whose 31 unicorns took an average of four years and five months.

Meanwhile, fintech produced the most unicorns with 131 such launches, followed by e-commerce and firms directly with consumers with 82 unicorns.

Who are S’pore’s unicorns?

Singapore unicorns
Image credit: cbinsights.com

Although Money.co.uk stated that Singapore is home to six unicorns, listed by cbinsights.com seven unicorns in Singapore instead of that.

Of the unicorns in Singapore, Grab – the leading “super app” in Southeast Asia – has the highest value of $ 14.3 million.

It was founded by Harvard graduates Anthony Tan and Tan Hooi-Ling, and it’s not just a driving app. It now offers a variety of services under its umbrella, including food, grocery and package delivery, hotel and attraction reservations, as well as financial services such as credit, insurance and investment.

Singapore’s other unicorn is the Hyalroute. Founded by Xinglong Huang, it operates a universal multi-fiber connection point that provides the highest values ​​of international network coverage, redundancy and continuity.

Meanwhile, Trax’s marketing solution allows retailers to increase sales, manage costs and invent new experiences for their customers at all stages of the purchase.

The remaining four companies on the list have a total value of one billion dollars, and only this year they were minted as “unicorns”.

Fintech company NIUM is the latest addition after raising more than $ 200 million in a Serie D round led by Riverwood Capital of the United States.

Other significant supporters were Temasek, Visa, Vertex Ventures, Beacon Venture Capital and Rocket Capital. Singapore’s sovereign wealth fund GIC also joined the round.

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Highlight credit: Reuters / PatSnap / Carro / The Economic Times

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