SEEDS Capital, the investment arm of Enterprise Singapore (ESG) launched an initiative to provide shipping a strong leg-up by catalysing a combined $36 million of investments into maritime technology startups.
Behind the $36m investment is SEEDS Capital along with six co-investment partners, Innoport, KSL Maritime Ventures, PSA unboXed, Rainmaking, ShipsFocus-Quest Ventures and TecPier.
Supported by ESG and the Maritime and Port Authority of Singapore (MPA), this latest initiative by SEEDS Capital aims to drive the growth of the maritime sector through technology and innovation. Strengthening the capability of the sector will in turn enhance the resilience of key economic pillars such as the logistics, manufacturing, and wholesale trade sectors which are reliant on smooth and efficient global supply chain routes.
….as ESG and MPA noted in a joint release.
Through their investment, SEEDS Capital and its partners will enhance maritime technology startups so as to develop innovative and sustainable solutions, improving operational efficiency and safety across different fields of the shipping industry.
The COVID-19 pandemic has underscored the need to accelerate the transformation of our industries. We look forward to working closely with our six co-investment partners to harness their expertise and networks to further strengthen Singapore’s innovation and startup ecosystem.
… Mr Ted Tan, Chairman of SEEDS Capital and Deputy Chief Executive Officer of Enterprise Singapore said.
For the project’s establishment, each partner will offer its expertise and experience while provide hands-on assistance in helping early-stage startups to fast-track commercialisation, with mentorship and connection to potential clients through their networks.
The COVID-19 pandemic has disrupted many business operations and global supply chains. Maritime technology startups will play an important role in accelerating digitalisation and innovation efforts to prepare the maritime industry for a new normal. The combined resources of the six co-investment partners will help catalyse these efforts.
… Ms Tan Beng Tee, MPA’s Assistant Chief Executive (Development) concluded.