Motion Ventures, a venture capital fund focused on funding maritime technology start-ups, has welcomed ten new industry partners to participate in investment in new firms solving shipping challenges.
The companies include Lloyd’s Register, MarineTraffic, Meratus, Stolt-Nielsen, ShipsFocus, Jurni Capital, Taiship, Pangaea Logistics, Neptune Lines and Vineta Ventures.
“The tension to innovate, while accelerating profitability and product market fit in the current start-up economy, makes it even more challenging for the maritime industry to meaningfully scale the right solutions,” said Shaun Hon, Founder and General Partner of Motion Ventures.
“We’re operating in one of the most complex sectors for any founder to navigate – start-ups not only have to must win several siloes across the value chain even before being battle-tested by the market. It’s why we expanded our corporate consortium with capabilities that would support our portfolio companies to fuel the golden age of maritime supply chains.”
With these additions, Motion Ventures’ corporate consortium now has the backing of 15 maritime companies, with Wilhelmsen, HHLA Next, MOL PLUS, IMC Ventures and Signal Ventures as existing partners.
The consortium’s geographic reach has also been expanded with its new entrants, now spanning Singapore, Hong Kong, India, Indonesia, Japan, Greece, UK, Denmark, Germany, Norway, Netherlands and the US.
To date, Motion Ventures has invested in startups across the spectrum of the maritime value chain with technologies developed for voyage optimisation, crewing, procurement management, and supply chain workflow management, including companies like Freightify, Everimpact and Greywing.
The fund says it is evaluating startups to deploy further capital during 2023.
“Lloyd’s Register’s participation in Motion Ventures highlights our ongoing commitment to digital transformation in the maritime industry,” said Chakib Abi-Saab, Chief Technology and Innovation Officer, Lloyd’s Register.
“Joining the corporate consortium gives us yet another opportunity to support startups in a fresh way as they solve some of the biggest challenges, such as decarbonisation, increased safety, and improving the well-being of seafarers across the world.”