Cambodia’s entrepreneurial movement started slowly around 2010, with only a handful of small ventures struggling to survive due to limited funding, weak infrastructure, and a shortage of skilled talent. For nearly a decade, progress was sluggish. However, in 2019, the landscape began to shift when the government launched the Entrepreneurship Promotion Centre and Khmer Enterprise (KE), two major initiatives designed to nurture innovation and entrepreneurship across the country. Supported by the Techo Startup Center under the Ministry of Economy and Finance, these efforts brought financial grants, mentorship programs, and tax incentives that gradually sparked the country’s innovation scene. Today, the Kingdom proudly hosts over 200 startups, including 119 technology-driven ventures across e-commerce, fintech, SaaS, edutech, and healthtech, marking a new era for Cambodia’s digital economy.
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Why did Nham24’s acquisition by Grab create such a buzz?
In early 2025, the Cambodian startup scene made headlines when Grab, Southeast Asia’s biggest tech company, acquired Nham24, a homegrown platform offering food delivery, ride-hailing, courier, and grocery services. This deal wasn’t just about business, it symbolized a turning point for Cambodia’s innovation ecosystem. The acquisition signaled growing investor confidence, gave early backers an exit opportunity, and showcased that Cambodian startups can scale beyond national borders. Merging Nham24’s local knowledge with Grab’s global resources is expected to further accelerate Cambodia’s transition into a regional tech hub.
Where does Cambodia stand globally in the startup world?
According to the Global Startup Ecosystem Index 2025 by StartupBlink, Cambodia climbed seven spots to rank 105th globally and maintained 7th place in Southeast Asia, just behind the Philippines. Phnom Penh also earned a place on the map as the country’s central innovation hub. The growth reflects steady improvements in funding, government backing, and digital adoption, especially with the introduction of Startup Cambodia, a national program under the Cambodia Digital Economy and Society Policy Framework. This initiative continues to connect entrepreneurs, mentors, and investors, building a collaborative ecosystem for sustainable growth.
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Who are the standout startups driving this change?
Several local ventures are now making a name for themselves: FirstFinance MFI and Pi Pay in fintech; ATEC Biodigesters in clean energy; vKirirom, DirexPlay, and Beebush in social tech and tourism; and BookMeBus, Somleng, and Clik in digital services. Industry expert Zia Bharwani, CEO of Red Team Partners and mentor at the American University of Phnom Penh’s Startup Accelerator, emphasized the importance of emerging technologies. “These are the best industries with the highest growth rate across the world. Innovation and advanced technologies are crucial for startups to survive and thrive in today’s competitive and fast-paced market,” he said, urging entrepreneurs to focus on AI, blockchain, and cybersecurity.
How is the government helping startups grow?
The Cambodian government has established a supportive framework through Khmer Enterprise (KE), which runs over 100 programs annually to help startups across all 25 provinces. KE offers grants, mentorship, and networking opportunities, helping young entrepreneurs build scalable and sustainable businesses. As Chhieng Vanmunin, CEO of KE, shared, “We are offering support to startups across all 25 provinces in the country. The project and fund distribution system is much effective to help investors to venture into a project in any part of the country.” Moreover, the Techo Startup Center, the Commerce Ministry’s Single Portal, and accelerator programs like ARC Start-up Accelerator simplify business registration, improve investor access, and connect startups with global partners.
What challenges still hold Cambodian startups back?
Despite impressive progress, many startups face difficulties expanding into new markets. Some entrepreneurs argue that existing support programs haven’t yet provided enough tools for international scaling. Expat founders also face barriers in accessing certain incentives and government-backed initiatives, limiting foreign participation in Cambodia’s innovation ecosystem. Funding is another challenge. Though promising startups like vKirirom, ATEC Biodigesters, and Beebush have raised between $1 million and $2.9 million, venture capital inflow remains limited. Local VCs like OOCTANE ($55 million fund) and OBOR Capital ($30 million fund) are leading the way, but regional investment still lags compared to neighbors like Vietnam and Thailand.
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What do experts say about the road ahead?
According to Victor La, Director at the Canadian Chamber of Commerce in Cambodia, local entrepreneurs must focus on homegrown innovation that solves real problems. “We must understand that commercialisation is driving the modernisation of incubated technologies,” he said. This means building Cambodian-made tools that address local needs before expanding globally. Meanwhile, Renjith Thomas, an Indian entrepreneur eyeing Cambodia’s market, believes that fostering a strong venture capital ecosystem will be critical. He argues that “novelty and innovation remain the key to success,” and warns that copying existing business models like Foodpanda or Grab could stunt long-term progress.
So, what’s next for Cambodia’s startup ecosystem?
Experts agree that the next phase will depend on innovation, inclusivity, and global integration. With continued government backing, growing investor interest, and an increasingly tech-savvy population, Cambodia has the potential to transform from a small startup market into a dynamic regional innovation hub. As Renjith Thomas aptly put it, “Greatness cannot be planned; it emerges by solving unique, real-world problems that people or businesses face in their everyday lives and by embracing those challenges with creativity and persistence.”