Fintech, Telehealth, And E-Commerce Dominate Linkedln’s Top Startups List In Singapore
Growth in these sectors highlights bright spots ln the changing future of work.
LinkedIn, the world’s largest professional network, today unveiled the LinkedIn Top Startups list in Singapore, to recognise emerging startups that are successfully navigating the effects of the pandemic and recording strong growth and demand. These startups continue to embrace innovation and the future of work and have been identified as places with opportunities. In the current state of the economy, many startups are riding the wave of digital transformation in order to seize new growth opportunities and relooking the way they operate and diversify their business to meet changing consumer and business needs.
The LinkedIn Top Startups list is curated by the LinkedIn News team using proprietary LinkedIn data - ranging from employment growth to company engagement, to job interest and attraction of top talent. The list aims to help professionals discover the top emerging startups across a wide range of industries, and arms them with the information they need to know before applying for their next job.
Chris C. Anderson, Managing Editor (Asia), LinkedIn News said: “This year, as the economic recovery begins to take place across the globe, we know many individuals are looking to what the future holds -- especially in the area of jobs and skills. Startups have always been a natural indication of forward-thinking and innovation, and today, they give us a glimpse into the future of how we live and work. The LinkedIn Top Startups list spotlights startups in Singapore which are leading the way across industries such as fintech, healthcare, e-commerce, automotive and real estate. We hope the list will serve as a signpost for professionals to identify emerging startups to work for and the roles that will be in demand, so they can equip themselves with the necessary skills."
Fintech startups continue to emerge and remain resilient
In Singapore, startups in the fintech space are recording strong growth, with Advance Intelligence Group (#1), Endowus (#2) and Aspire (#5) making it to the top five startups on the list. In the first half of 2021, the local fintech industry reached a three-year high* in deals transacted owing to digital transformation. The pandemic also created a window of opportunity for many to embark on their investment journey in a bid to take advantage of the volatility of the stock market. Correspondingly, there has been an increase in demand for cybersecurity solutions to combat risks that fintech services have to safeguard against, as witnessed from the Advance Intelligence Group*s growth. Other fintech startups that made it to the top 15 list include StashAway (#6), Nium (#10) and Validus (#11).
The rise in online services, particularly telehealth and e-commerce platforms
Singapore’s drive towards smarter healthcare has increased the popularity of startups in this space. As part of its pool to become a smart nation, Singapore has been encouraging the adoption of telehealth and smart healthcare services. We see Homage (#3), a personal care solution that taps on smart technology to provide home and community-based caregiving, as well as Doctor Anywhere (#7), a telehealth startup that provides video consultation services, starting to build momentum in the market.
E-commerce platforms continue to provide unparalleled convenience, where consumers can purchase and receive goods and services in the comfort of their homes. Cashback reward programme ShopBack (#8) and e-commerce logistics company Ninja Van (#15) experienced a surge in growth as consumers turn to online sites for their daily needs, especially with work from home becoming a mainstay for many workers.
The top US startups in Singapore are:
- Advance Intelligence Group
- Doctor Anywhere
- Ninia Van
LinkedIn Top Startups Methodology
LinkedIn measures startups based on four pillars: employment growth, engagement, job interest and attraction of top talent. Employment growth is measured as percentage headcount increase over the methodology time frame, which must be a minimum of 15%. Engagement looks at non-employee views and follows of the company’s LinkedIn page, as well as how many non-employees are viewing employees at that startup. Job interest count rate at which people are viewing and applying to jobs at the company, including both paid and unpaid postings. The attraction of top talent measures how many employees the startup has recruited away from any global LinkedIn Top Company, as a percentage of the startup’s total workforce. Data is normalized across all eligible startups. The methodology time frame is July 1 2020 through June 60, 2021.
To be eligible, companies must be fully independent, privately held, have 50 or more full-time employees, be 7 years old or younger and be headquartered in the country on whose list they appear. We exclude all staffing firms, think tanks, venture capital firms, law firms, management and IT consulting firms, nonprofits and philanthropy, accelerators and Government-owned entities. Startups who have laid off 20% or more of their workforce within the methodology time frame are also ineligible. Minority venture investments that LinkedIn or Microsoft, LinkedIn’s parent company, make in other companies have no impact on a company’s eligibility.