In public sources, Singapore's angel scene shows up as networks and founder-angels, and no source ranks them. In no particular order, the sourced names are the networks AngelCentral, BANSEA, Epic Angels and XA Network, plus founder-angels such as Krishnan Menon of BukuKas and Vidit Agrawal of GajiGesa. Each fact below links to its page.
Singapore hosts several of the region's angel networks, but individual angels rarely publish their deals. So this guide starts from the groups that do publish, adds the founder-investors named by The Ken, and finishes with a tax fact worth checking: the city's angel tax deduction has lapsed.
Which angel networks are active in Singapore?
Fintech News Singapore's January 2024 roundup, built from Tech in Asia data and company announcements, profiles four networks. All figures are as of that article:
AngelCentral. Incorporated in 2018, it says it has trained 500+ angel investors, featured 800+ startups and facilitated over S$30 million in member investments. It has led syndicates in Bizhare in Indonesia and PropertyScout in Thailand.
BANSEA. Established in 2001 and Singapore-based, it has 42 portfolio companies and invests S$100,000 to S$1 million per round. Its fintech investments include Xfers, Spiking and Otonomos.
Epic Angels. A female-only network with a portfolio of more than 20 startups, seven of them fintech, including CrediLinq and Boost Capital.
XA Network. Established in 2018, it reports more than 70 investments since then, 18 of them in fintech, including Bueno, iPiD, Bluejay Finance and Jenfi.
The article names no individual angels, so the networks are the traceable unit. They are also not like for like: one counts investments, another trained members, another portfolio companies.
Who are the founder-angels?
The Ken's December 2021 story, "Southeast Asia's investors are up against the very founders they invest in", is a detailed public account of this trend. Its standfirst says founders and operators in the region are not just running startups but investing in them. The visible part of the article, which is partly paywalled, names:
Taavet Hinrikus, co-founder of Wise, backing BukuKas.
Gokul Rajaram, Silicon Valley-based, investing in Nium.
Krishnan Menon, CEO and co-founder of BukuKas, who has participated in deals for more than 20 startups.
Vidit Agrawal, CEO and co-founder of Indonesia-based GajiGesa, who has made over two dozen investments worldwide with a focus on Southeast Asia.
The article puts founder-angel cheques in the range of US$10,000 to US$50,000 and quotes a source saying funding from founder and operator angels had "totally exploded" in the previous two years. Those are 2021 statements.
Another public clue is a DealStreetAsia panel from December 2021 on Southeast Asia's "super angel" investors, at the Asia PE-VC Summit. Its speakers were Darius Cheung, CEO of 99.co; Edward Tirtanata, CEO and co-founder of Kopi Kenangan; and Weihan Liew of GGV Capital, with Rajive Keshup of Cathay Innovation as moderator. The page lists them as panellists, not as ranked angels, and does not include what they said.
What do Southeast Asian angels look for and write?
The best numbers come from a survey by AngelCentral, reported by Vietcetera in August 2022. Among active angels in the region:
84.1% were men, most were about 31 to 50 years old and held senior positions, and most invested mainly within the region.
Their initial cheques were typically USD 20,000 to 50,000, and most held at least five companies across sectors.
The top reason to invest was to learn from and interact with founders, with financial returns second.
About 60% to 70% said they focus most on the founding team, the business opportunity and the vision.
Fewer than 15% were operationally active in their portfolio companies; most acted at board level, supported from the side or opened doors.
Huang Shao-Ning, AngelCentral's Chief Angel, is quoted by Vietcetera saying that one of an active angel's strongest contributions is having scaled and sold a tech business before. That fits the founder-angel picture above.
Is there still a tax break for Singapore angels?
No, according to the tax authority. IRAS says the Angel Investors Tax Deduction Scheme has lapsed and no new approvals or renewals will be granted for periods after 31 March 2020. It covered qualifying investments between 1 March 2010 and 31 March 2020. An investor had to put at least S$100,000 into a qualifying start-up within 12 months and hold the shares for two years, and the deduction was 50% of the cost, capped at S$500,000 of investment costs.
The picture is muddied by Enterprise Singapore's Startup SG page, which still lists an angel investors tax deduction for those who commit at least S$100,000. IRAS is the tax authority, so confirm with it before relying on any deduction.
How can a founder use these groups?
Pick a network whose portfolio resembles your company, and ask for the screening format before you apply. Fintech founders have four documented options above; others should read each network's portfolio for their sector. Founder-angels respond best to a specific question, such as an introduction to a customer, not a request for money in the first message.
For the market context, read how to build a startup in Singapore and how to build a startup in Southeast Asia. If you are an investor outside the region, the international angel investing guide covers structures and risks, and how to join an angel group or syndicate explains the mechanics. Best angel investor networks and groups compares more networks, and the angel investing section has the rest.
Frequently Asked Questions
Q:Who are the most active angel investors in Singapore?
None of the sources here ranks individuals. At network level, XA Network reported more than 70 investments since 2018, and BANSEA had 42 portfolio companies as of January 2024. The counts measure different things, so they are not directly comparable.
Q:How much do Southeast Asian angels invest?
AngelCentral's survey found initial cheques of USD 20,000 to 50,000. The Ken put founder-angel cheques at US$10,000 to US$50,000, and BANSEA states S$100,000 to S$1 million per round for its network deals.
Q:Is the angel tax deduction still available in Singapore?
IRAS says the scheme lapsed, with no new approvals or renewals for periods after 31 March 2020. Enterprise Singapore's page still mentions it, so check with IRAS directly before planning around it.
Q:Are most Southeast Asian angels founders?
The sources do not give a share. The Ken says founder and operator angels had grown quickly by 2021, while AngelCentral's survey found most active angels were 31 to 50 years old and held senior positions.