Maritime technology company ZeroNorth has raised over $50 million in new investment following the conclusion of a Series B investment round, with PSG Equity joining existing investors A.P. Moller Holding and Cargill in injecting fresh capital into the business.
The funding will be used to accelerate ZeroNorth’s growth over the coming years, enabling the firm to continue investing in product innovation, expanding its customer facing teams and pursuing M&A to add data, products and services to its platform.
“We are delighted to welcome PSG Equity as a new investor in ZeroNorth. We have ambitious goals and PSG Equity shares our vision of enabling widescale change in how our industry operates,” said Søren Meyer, CEO of ZeroNorth.
Originally a spin-out company from Maersk Tankers, ZeroNorth provides software to support data-driven decision making in optimising vessel operations, with a particular focus on reducing carbon emissions. The company says that it is on course to help its users cut CO2 emissions by over half a million metric tonnes in 2022, up from 218,000 tonnes in 2021.
“ZeroNorth has been able to achieve impressive growth in the short time they have been operating. Their clear vision and roadmap for growth as well as the expertise they have been able to attract makes the company an appealing prospect to partner with,” said Edward Hughes, Managing Director at PSG Equity.
“Their established track record of success, strong customer feedback and unique blending of maritime and tech together, make us confident they are positioned to be a major player in leading the green transition of global trade.”
“PSG Equity will provide strategic expertise honed from working with similar technology companies across our portfolio. We are confident that, together, we will help enable the next phase of ZeroNorth’s exciting growth journey.”