MOL, IMC Group and Signal Group will become the latest big shipping names to back a Singapore maritime venture capital fund.
The three companies will support Motion Ventures’ $30m fund that aims to disrupt the shipping and port sectors.
According to Motion Ventures, the three latest companies will expand the fund’ss reach to Japan and Greece, as well as introduce fresh capital to the fund.
Motion Ventures is also supported by Singapore’s SEEDS Capital, the investment arm of Enterprise Singapore.
Commenting on the development, Nick Clarke, chief executive and co-founder of maritime start-up Greywing said that Motion Ventures’ consortium “brings much more than capital to the table.”
Furthermore, Takuya Sakamoto, representative, MOL PLUS, added that the consortium approach can reduce innovation risks alongside, with IMC Ventures’ James ONG, saying that the Motion Ventures’ team had “opened new doors to the latest technologies that our business units can use.”
