A brand-new fund has released, with backing from the Singaporean government, to support tech development for the maritime market. Called Motion Ventures, it is targeting $30 million SGD (about $22.8 million USD) and has finished its first close, with Wilhelmsen, among the world’s biggest maritime networks, and logistics company HHLA as anchor financiers.
Movement Ventures was launched by Rainmaking, the venture structure and financial investment company that runs accelerator program Startupbootcamp, and will jointly invest in start-ups with SEEDS Capital, the financial investment arm of federal government agency Enterprise Singapore.
SEEDS Capital revealed in June 2020 that it prepares to invest $50 million SGD in maritime start-ups, with the goal of creating more resistant supply chains and fixing concerns underscored by the COVID-19 pandemic.
Shaun Hon, basic partner at Motion Ventures and director at Rainmaking, informed TechCrunch that the fund prepares to buy around 20 early-stage startups concentrated on AI, machine learning and automation, with check sizes ranging in between $500,000 SGD to $2 million SGD.
“We have actually got our eyes on a few of the maritime value chain’s most significant obstacles including decarbonization, supply chain resilience and improving safety. For the most part, the innovation to deal with the market’s concerns currently exists, however the missing out on link is determining how to use these options in the business context,” Hon said.
“That’s what Movement Ventures intends to attend to,” he added. “If we can bring a consortium of industry adopters together to get in touch with business owners early in the process, we’re setting everybody up with the very best possibility to prosper.”
In addition to capital, Movement Ventures plans to partner startups with reputable maritime companies like Wilhelmsen to help them commercialize and incorporate their technology into supply chains. For mentorship, Movement Ventures’ startups will likewise have access to Ocean Ventures Alliance, which was introduced by Rainmaking in November 2020, and now includes more than 40 maritime worth chain industry leaders.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.