As the deadline for achieving net zero approaches, investors and entrepreneurs in Singapore are intensifying their focus on innovations addressing environmental challenges, as evidenced by the increase in green tech investments in 2023 — a trend expected to persist into 2024.
“The sustainability sector likely saw the most number of startups being created in 2023. It was also the sector that had fewer challenges fundraising as it was aligned with several major global trends,” Hsien-Hui Tong, executive director for investment at SGInnovate, told the Singapore Business Review.
“In the coming year, we expect to see continued interest in the sustainability space,” Tong added.
The heightened emphasis on sustainability is reflected in this year's Hottest Startups list, which prominently features a slew of enterprises dedicated to addressing ecological concerns. Leading the charge in the annual list are Muuse, Incy Tech, Infinity Cube, and Prefer, each contributing innovative solutions to environmental issues.
EnterpriseSG reported that green tech deals have “consequently more than doubled since 2022.” In September 2023, volumes of green tech investments rose to 20 and had a total value of $268.5m (US$201m).
“We see traction for green tech enterprises with hardware capabilities in renewable energy, waste management, and battery services attracting investments,” EnterpriseSG in its “Singapore Venture Funding Landscape 2023: A Nine-Month Study” report.
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