Spot Ship reports that it has raised £1m in a funding round led by Lisbon-based venture capital fund Ventures.eu.
The deal marks the inaugural investment from Ventures.eu’s Fund I. The round was joined by Improbable CEO Herman Narula, alongside Tradeworks.vc, Marcel Kind and other industry specialist investors.
UK-based Spot Ship is the developer of a software platform for global ship chartering, using AI and machine learning to process unstructured chartering data and support brokers, charterers, shipowners and operators with more accurate decision-making.
Ventures.eu said Spot Ship stood out for its ability to address long-standing data and efficiency challenges in the chartering market. As part of its investment approach, the fund introduced Spot Ship to a number of shipping companies during the diligence process, a portion of which have been converted into customers.
“Our mission is to bring 21st-century speed to a centuries-old industry,” said James Kellett, Founder and CEO at Spot Ship.
“Ventures.eu shares that vision and has delivered value from day one. Their ability to bridge the gap between a startup and global shipping giants has already resulted in new customers and investors, and we’re thrilled to have them leading this round as we modernise ship chartering globally.”
