Maritime technology startups are set to benefit from a SGD50m ($36m) fund via SEEDS Capital, the investment arm of Enterprise Singapore, and six co-investment partners.
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.
The six partners are Innoport (capital arm of Schulte Group), KSL Maritime Ventures (venture capital unit of Kuok Singapore), PSA unboXed, Rainmaking, ShipsFocus-Quest Ventures and TecPier.
More than 50 promising Singapore based startups are expected to benefit from the joint investments.
Ted Tan, chairman of SEEDS Capital and deputy ceo of Enterprise Singapore, said: “As a global hub for trade and connectivity, we have continually leveraged technology and innovation to develop and facilitate efficient, resilient and secured trade flows. 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.”
SEEDS Capital and the appointed partners will invest in early stage maritime technology startups to develop innovative and sustainable solutions that improve operational efficiency and safety across the different segments of the maritime sector. The partners will provide hands-on assistance in helping early-stage startups to fast-track commercialisation, with mentorship and connection to potential clients through their networks.
Tan Beng Tee, MPA’s Assistant Chief Executive (Development), said: “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.”
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