Tech startups ruled the roost when it came to Cambodia.

Of the 129 Tech Startups, Software-as-a-Service (SaaS) is the dominating sector with a 17.1 percent share, followed by e-commerce with the second largest share of 13.95 percent; together making up nearly one-third of the ecosystem.

It’s been a good year for startups in general. Data from the Ministry of Economy and Finance’s initiative Startup Cambodia shows that 2023 saw the growth of as many as 177 startups in 2023, nearly double the number (98 startups) functional in 2022. Of the total startups, 177, 129 were tech startups and 21 were tech-enabled startups.

Total funding raised by the startup ecosystem in 2023 was around 22.6 billion riels ($5.49 million riels).

After SaaS and e-commerce, the other sectors startups are coming up are online media, Cleantech, EdTech, Fintech, influencer economy, transport and delivery, healthtech, Podcasts, Online Travel, AgriTech and Blockchain.

To promote innovation, Startup Cambodia said the country has seen as many as 11 accelerators, six incubation centres and six hackathons conducted.

When it came to total funding of 22.6 billion riels ($5.49 million riels), the Startup Cambodia Insight Report said most of the funding is in seed, pre-seed and series-A funding levels.

For full article, please read here here 

Reporter: Rachel David

Publication date: 10 July 2024

News: Khmer Times