Foreign investors starting to pour money into local tech start-ups, as Singapore moves to become Asian Silicon Valley
The local start-up scene is now attracting significant funds from global players who are keen to nurture or acquire applications and products being developed here, like Carousell (pictured above). And that financial muscle is resulting in more wannabe techpreneurs giving up the safety of a traditional career to turn their dreams into reality.
According to estimates by industry watchers, the local tech scene went through a rapid chain of acquisitions last year, with at least 30 start-ups being bought over. Many were acquired by American and Japanese companies, with the largest deal to date the reported S$200 million acquisition of Singapore-based video site Viki by Japanese e-commerce company Rakuten late last year.
More recently, storage solution start-up Gridblaze was acquired last month by a San Francisco-based company for a reportedly seven-figure sum.
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