(Bloomberg) -- Singapore's effort to create an ecosystem to support startups is gaining ground, with the city-state now home to more than 150 venture capital funds.
L'Oreal SA, Microsoft Corp. and Oracle Corp. are among more than 100 entities running incubator and accelerator programs, according to Enterprise Singapore, the government agency spearheading enterprise development. Venture funding has increased to $10.5 billion in 2018 from $800 million in 2012, according to data from PitchBook.
The number of tech startups has grown to 4,000 in 2017, with 22,000 employees. There were 2,800 tech startups in 2003.
Singapore is positioning itself as a gateway for startups to develop, test-bed solutions and expand into the region to spur growth and create jobs. It recently lured Dyson Ltd. to manufacture the company's first electric car on the island, and is in talks with other makers of green vehicles to set up shop and do the same.
“We need to build on what we already have here,” Edwin Chow, assistant chief executive officer of Enterprise Singapore, said at a media briefing. “It's a good opportunity to bring the crowd in -- good companies and startups from all around the world.”
To contact the reporter on this story: Yoolim Lee in Singapore at yoolim@bloomberg.net
To contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Shamim Adam, John McCluskey
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