Gone are the days of easy money for startups as interest rates soar and economic uncertainty looms.
But according to a new LinkedIn study, these 15 startups have overcome these challenges in Singapore.
Fintech, education and telemedicine startups in particular dominated the list of “LinkedIn Top Startups 2022” for Singapore.
“Financial technology startups feature prominently in the Singapore list, which comprises more than half of companies in the top 15, followed by healthcare and edtech companies,” said Adrian Tay, senior editor in Asia for LinkedIn News.
“This reflects the current needs of Singaporean consumers who want to manage their finances and wealth, want more convenient healthcare services and need services to accommodate the aging population, and who are also investing in their children’s future with good educational tools and resources. “
While these are challenging times, some argue that innovative ideas are born in times of uncertainty, LinkedIn said.
“Operating under constrained resources and limited capital can push young companies to prioritize assets and values and adapt quickly,” the social media network said.
LinkedIn compiled the list based on internal data collected between July 1, 2021 and June 30, 2022 and evaluated startups based on four aspects — Job growth, engagement, work interest and attraction of top talent.
To be eligible, companies had to be headquartered in Singapore, have 50 or more employees and be seven years old or younger at the time of calculation.
The professional networking site said the rankings served as a resource for employees who are “excited about the opportunity to innovate” and expand their skillset.
“This year’s list features eight debutants that showcase Singapore’s strong innovation ecosystem,” added Tay.
Here is the full list of Singapore’s top startups of 2022.
15. Geniebook – e-learning services
14. Carro – automobile marketplace
13. Tsenyum – Retail
12. Syfe — Financial Services
11. Advance Intelligence Group – Financial Services
10. LingoAce – E-Learning Services
9. Spenmo – Financial Services
8. Cake DeFi – Financial Services
7. ADDX – Financial Services
6. Homage — Health care services for the elderly
5. Accelerate business
Industry: financial services
Full-time employees: 120
Most common skills: digital literacy, business leadership, digital marketing
New to the list is Pace Enterprise, a buy-now, pay-later payment platform that allows consumers to make purchases and pay at a later date or over three monthly payments. Pace has several hundred points of sale across the region and its brand partners include Apple, Japanese clothing retailer Uniqlo and travel booking site Trip.com.
Industry: financial services
Full-time employees: 140
Most common skills: development tools, web development, digital literacy
Digital wealth advisor Endowus aims to help Singaporeans achieve their retirement goals and become better financially informed. According to LinkedIn, the fintech company offers investment advice for private and institutional investors via its so-called “robo-adviser”. Customers can invest with cash or with money from their retirement plan, called the Central Provident Fund.
3. Instant coffee
Industry: Food and Beverage Service
Full-time employees: 130
Most common skills: digital literacy, business management, data science
Flash Coffee is another new addition to the list – it’s a tech-enabled chain of coffee shops offering a cup of coffee at affordable prices. His app allows customers to order and pay for coffee remotely, and then pick up their order at the outlets — or have it delivered.
2nd doctor everywhere
Full-time employees: 560
Most common skills: digital literacy, project management, data science
Doctor Anywhere is a telemedicine provider aiming to make healthcare more accessible. The mobile app allows patients to quickly see a doctor from anywhere. To date, it has served over 2.5 million users across Asia, according to LinkedIn.