Seeds Capital, a venture capital arm of government agency Enterprise Singapore, has agreed to partner with institutions including three corporate venturing units to co-invest S$50m ($36m).
The initiative is backed by the Maritime and Port Authority of Singapore will involve Seeds Capital and the consortium investing the money in some 50 maritime technology startups in order to improve efficiency and safety in the industry.
Innoport, the investment vehicle for ship operator Schulte Group, is one of the six partners, as are KSL Maritime Ventures, a subsidiary of conglomerate Kuok Group, and PSA Unboxed, which represents port manager PSA International.
The partners also include incubator operator Rainmaking, marine technology venture builder TecPier and ShipsFocus-Quest Ventures, which was formed by shipping intelligence provider ShipsFocus and VC firm Quest Ventures.
In addition to investing, Schulte will allow startups to pilot digitalisation-focused products across its businesses, and PSA International is also interested in technology for use in the maritime, ports and logistics supply chain.
KSL Martime Ventures is concentrating on vessel, renewable energy and financial technology while ShipsFocus-Quest Ventures is seeking digitalisation and sustainability innovations as well as deep tech that can inform maritime commerce practices.
Seeds Capital chairman Ted Tan 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.”
