More than 50 maritime technology start-ups in Singapore are to have SGD$50 million (approx. US$36 million) in extra government funding made available to them following the launch of a new initiative backed by Enterprise Singapore (ESG) and the Maritime and Port Authority of Singapore (MPA).
SEEDS Capital, the investment arm of ESG, has appointed six co-investment start-up accelerator partners to manage the funding allocation process – Innoport, KSL Maritime Ventures, PSA unboXed, Rainmaking, ShipsFocus-Quest Ventures and TecPier.
The project aims to support growth in the country’s maritime sector through increased technological innovation, as a foundation for enhancing the resilience of key economic pillars such as the logistics, manufacturing, and wholesale trade sectors that are reliant on efficient global supply chain routes.
As part of the programme, SEEDS Capital and its appointed partners will invest in early stage maritime technology start-ups developing innovative and sustainable solutions that improve operational efficiency and safety across the different segments of the maritime sector.
Those partners will then provide hands-on assistance in helping their early-stage start-ups to fast-track commercialisation of their products, via mentorship and connection to potential clients through their networks.
“The COVID-19 pandemic has disrupted many business operations and global supply chains,” said Tan Beng Tee, MPA’s Assistant Chief Executive (Development).
“Maritime technology start-ups 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.”
Start-ups interested in taking part in the programme can visit this website for more information.