A new fund has launched, with backing from the Singaporean government, to support tech innovation for the maritime industry. Called Motion Ventures, it is targeting $30 million SGD (about $22.8 million USD) and has completed its first close, with Wilhelmsen, one of the world’s largest maritime networks, and logistics company HHLA as anchor investors.
Motion Ventures was launched by Rainmaking, the venture building and investment firm that runs accelerator program Startupbootcamp, and will jointly invest in startups with SEEDS Capital, the investment arm of government agency Enterprise Singapore.
SEEDS Capital announced in June 2020 that it plans to invest $50 million SGD in maritime startups, with the goal of creating more resilient supply chains and fixing issues underscored by the COVID-19 pandemic.
Shaun Hon, general partner at Motion Ventures and director at Rainmaking, told TechCrunch that the fund plans to invest in around 20 early-stage startups focused on AI, machine learning and automation, with check sizes ranging between $500,000 SGD to $2 million SGD.
“We’ve got our eyes on some of the maritime value chain’s biggest challenges including decarbonization, supply chain resilience and improving safety. In most cases, the technology to address the industry’s issues already exists, but the missing link is figuring out how to apply these solutions in the corporate context,” Hon said.
“That’s what Motion Ventures aims to address,” he added. “If we can bring a consortium of industry adopters together to connect with entrepreneurs early in the process, we’re setting everyone up with the best (Read more...)