10 Exciting Startups that received funding in May 2023

Singapore's blockchain and Web3 ecosystem continues to thrive as innovative startups revolutionize industries and attract substantial investments. In May 2023, a wave of groundbreaking startups achieved remarkable funding milestones, solidifying Singapore's position as a global hub for technological innovation.

These startups, ranging from conversational AI and digital asset management to blockchain analytics and layer-2 solutions, have captured the attention of investors and industry experts alike. Let's explore the impressive achievements and funding rounds of some of Singapore's most promising startups, showcasing their potential to reshape the future of finance, technology, and beyond.

Degame

Degame is a NFT based gaming aggregator that provides analytics based on tokens, tracking, gaming strategy, research and IGO. They currently boast 50+ guilds and chains, boosting them to be an incredibly comprehensive platform for devs and enthusiasts. They aim to revolutionize the NFT gaming sector, that aim being backed up by their continuing expansion since their founding in 2021. In May 2023, Degame raised $6.5M in Series A funding from 16 investors, chief among them A&T Capital. This raises their total funding to $10.2M and total number of investors to 22.

ZUZU Hospitality

ZUZU Hospitality Solutions is a platform for managing the revenue of hotels and other hospitality services. The company is currently investing heavily in AI in an effort to optimize pricing, and make the overall management of hospitality services more streamlined and partner-friendly. In May 2023, ZUZU Hospitality received SGD12,000,000 in Series B funding from 5 investors, with the largest amount coming from Atinum Partners. This raises their total funds to $15.6M and total number of investors to 14.

BandLab

BandLab is a social platform for creating music online. The company aims to empower creators around the world by providing access to media creation tools via mobile devices, desktop applications, and web solutions. It has registered over 60 million users since its 2022 Series B funding round. In May 2023, BandLab received $25M in Series B1 funding. This raises their total funds to $90M and their investors to 6.

Janio

Janio is an international logistics services company that strives to simplify and streamline deliveries. Janio provides its services as a cross-border platform. Janio Asia raised $8,000,000 in Series B funding from two investors: Vertex Growth Fund and Vertex Ventures Southeast Asia & India. This raises their total funding to $30M and total investors to 5.

HPC-AI Technology

HPC-AI Technology is a cloud-based platform that provides AI-enhanced computations. They seek to achieve this goal through manipulating CPU and GPU processing speeds, using current hardware to achieve next-gen results. In May 2023, they received additional investors, bringing their total raised to $6M and their total number of investors to 3.

BoltTech

Bolttech is an insurance technology company that connects insurers with distributors and their customers. Bolttech operates throughout Asia, Europe and the US, providing businesses with the tools and conveniences they need to meet their customers' needs. Bolttech received $196M in May 2023, bringing their total valuation to $1.6B. Their funding comes from three companies: Tokio Marine, MetLife, and Khazanah Nasional.

Jenfi

Jenfi is a fintech firm current in a Pre-Series B funding round. Jenfi received $6.6M in May 2023. Jenfi touts seamless integration with accounting software, online marketplaces (such as Shoppee or Lazada), payment gateways like Stripe, and digital advertising platforms, including Google, Facebook, and Instagram ads. In total, they currently have 7 investors, notably among them being Monk's Hill Ventures, Headline Asia (formerly Infinity Ventures), and Korea Investment Partners.

Ora

Ora is a telehealth company said to have received the largest Series A funding in SEA to date. Ora has delivered over 250,000 consultations since launching in 2021. Under the umbrella of Ora, there are three distinct brands covering online dermatology, male health, and female health. Ora raised $10M in funding in May 2023. Ora has a total of 5 investors, including TNB AURA, Kairous Capital, Gobi Partners, GMA Network, and Antler.

Flash Coffee

Flash Coffee is a tech-enabled coffee chain that uses an app/website for ordering and organizing delivery. Currently, they are focusing on expanding into neighboring Indonesia; 100% of their current 92 locations are operating profitably. Flash Coffee received $12.1M in May 2023. They currently have a total of 8 investors with some of note being: White Star Capital, Delivery Hero Ventures, and Vulpes Ventures.

Locofy

Locofy is a platform that converts graphic designs into working code via AI and algorithms. It is a low-code development tool currently available to the public in beta status. Locofy was backed by Golden Gate Ventures in May 2023 to the tune of $4.25M in their pre-seed funding round. This pre-seed investment marks one of South East Asia's largest pre-seed rounds for a startup in AI.

Wrap-Up

As we reflect on the remarkable funding achievements and innovative strides made by these startups in May 2023, it becomes evident that Singapore's blockchain and Web3 ecosystem is a force to be reckoned with. The impressive funding rounds serve as a testament to the confidence investors have in the transformative potential of these startups and the overall ecosystem in Singapore.

With its supportive regulatory framework, favorable business environment, and vibrant community, Singapore continues to attract top talent and capital, solidifying its position as a global hub for blockchain and Web3 development. As these startups leverage their newfound resources, we can anticipate even greater advancements, collaborations, and disruptions across industries, propelling Singapore's technological landscape into new frontiers of innovation.