Startups in the technology sector are taking centre stage in Cambodia

A report from the Startup Cambodia initiative - a programme launched by the Ministry of Economy and Finance - shows that 177 startups were created in 2023, almost double the number of startups (98) created in 2022.

Of the total 177 startups, 129 are in the technology sector and 21 in computer applications

Of the 129 technology startups, Software as a Service (SaaS) is the dominant sector with a share of 17.1%, followed by e-commerce with the second largest share of 13.95%; together they represent almost a third of the ecosystem.

The total funding raised by the startup ecosystem in 2023 was around $5.49 million.

After SaaS and e-commerce, the other sectors in which startups are launching are online media, cleantech, edtech, fintech, influencer economy, transport and delivery, healthtech, podcasts, online travel, agritech and blockchain.

To foster innovation, Startup Cambodia has organised no less than 11 accelerators, six incubation centres and six hackathons in the country.

To date, Cambodia's startup ecosystem has seen more than 75 programmes - some national (55), some international (20), 96 events, 65 advisors and nine partners participating in 2023

According to the Startup Cambodia Insight 2023 report, Cambodia has five co-working spaces, seven service providers and 30 partner companies to support these startups.

The Startup Cambodia initiative, co-led by Techo Startup Centre (TSC) and Khmer Enterprise (KE), was granted permission to operate in 2019 and is helping to achieve the policy goals of Cambodia's Digital Economy and Society Policy Framework 2021-2035.