SEEDS Capital, the investment arm of Enterprise Singapore (ESG), has appointed six co-investment partners to provide the maritime ecosystem a strong leg-up by catalysing a combined S$50 million of investments into maritime technology startups. The six partners are Innoport, KSL Maritime Ventures, PSA unboXed, Rainmaking, ShipsFocus-Quest Ventures and TecPier. More than 50 promising Singapore based startups are expected to benefit from the joint investments (Refer to Annex 1 for details and quotes from the partners).
Supported by ESG and the Maritime and Port Authority of Singapore (MPA), this latest initiative by SEEDS Capital aims to drive the growth of the maritime sector through technology and innovation. Strengthening the capability of the sector will in turn enhance the resilience of key economic pillars such as the logistics, manufacturing, and wholesale trade sectors which are reliant on smooth and efficient global supply chain routes. The appointment of the six partners is announced at Deal Friday today, a platform which connects companies with venture capitals (VCs) and corporates. Since the start of 2020, four virtual sessions have been held profiling Singapore based startups to 240 investors and corporates in Southeast Asia, China and Europe, facilitating over 120 unique connections.
SEEDS Capital and the appointed partners will invest in early stage maritime technology startups to develop innovative and sustainable solutions that improve operational efficiency and safety across the different segments of the maritime sector. The partners will provide hands-on assistance in helping early-stage startups to fast-track commercialisation, with mentorship and connection to potential clients through their networks.
To nurture startups and spur innovation in maritime technology:
i) Innoport will team up with startups to speed up development of solutions that will push the sector to relook processes, increase efficiency and accelerate digitalisation. This includes conducting pilot test within Schulte Group’s business units, facilitating connections with experts across fields and more;
ii) KSL Maritime Ventures will pursue sustainable shipping solutions with a focus on renewables, fintech and vessel technologies, taking a long-term view towards creating new global maritime platforms;
iii) PSA unboXed will work with startups in the maritime, ports and logistics supply chain spaces and potentially deploy their solutions in PSA International’s operations if proven successful;
iv) Rainmaking will work with its corporate partners in the next two to three years to drive the growth of more than 100 startups with solutions focusing on decarbonisation, supply chain resilience, artificial intelligence (AI) and deep tech. By working with corporate partners and private equity firms through its platform, Rainmaking aims to accelerate the adoption rate of technology at scale;
v) ShipsFocus-Quest Ventures will work with startups to scale development of technology that meets the needs and addresses challenges in the maritime sector. It will focus on solutions broadly in digitalisation, sustainability and deeptech for maritime commerce;
vi) TecPier will partner with startups developing smart, data-driven solutions to transform global shipping. This includes improving efficiency and transparency in areas such as ship operations and maintenance, port management, and supply chains.
Mr Ted Tan, Chairman of SEEDS Capital and Deputy Chief Executive Officer of Enterprise Singapore 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.”
Ms. Tan Beng Tee, MPA’s Assistant Chief Executive (Development) said, “The COVID-19 pandemic has disrupted many business operations and global supply chains. Maritime technology startups 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.”
Innoport Pte. Ltd
Innoport is the corporate venture capital arm of the Schulte Group, investing in innovative and high-potential early-stage startups. A member of the Schulte Group, Innoport can provide startups with expertise, market access and pilot opportunities in addition to funding. The Schulte Group is a world-leading family-owned ship owner and ship manager with over 135 years of expertise in the maritime industry. Overall, the Group employs 18,000 seafarers and 1,800 people on shore, owns 90 vessels and manages over 600 vessels globally.
KSL Maritime Ventures Limited (“KMV”)
KMV is the wholly owned venture capital unit of Kuok (Singapore) Limited dedicated to the incubation and commercial success of maritime technology startups.
Kuok (Singapore) Limited
Kuok (Singapore) Limited (“KSL”) is an investment holding company with interests in maritime activities, agri-solutions, property and equity investments in various listed companies. KSL was founded in 1948 and has since grown into a Group with a multi-billion asset base. KSL shares common heritage with two other holding companies, namely Kerry Holdings Limited in Hong Kong and Kuok Brothers in Malaysia, in that they were all founded by the Kuok family.
Through its core maritime companies: PACC Offshore Services Holdings (“POSH”), Pacific Carriers Limited (“PCL”), and PaxOcean Group; KSL serves the maritime value chain from offshore support and accommodation vessels, installation and maintenance of subsea assets, shipping and transportation solutions, construction of newbuilding, repairs and conversion of marine assets.
Commonly referred to as “Kuok Group” in Southeast Asia and “Kerry Group” in Northeast Asia, the “Kuok Group” is one of Asia’s most diversified and dynamic multi-national conglomerate with investments in commodities, hospitality, logistics, real estate and shipping & shipping related businesses, amongst others.
PSA unboXed Pte. Ltd. is the external innovation and venture capital arm of PSA International (“PSA”), a leading global port operator with over 50 coastal, rail and inland terminals in 19 countries. As the partner of choice in the global supply chain, PSA is “The World's Port of Call”. Established in 2016, PSA unboXed seeks to nurture technology and innovation from startups globally with a focus on logistics, ports and maritime. Drawing on the deep expertise and experience from a diverse global team, PSA unboXed collaborates with start-ups actively through product trials, incubation, deployment and investment activities.
Rainmaking
Rainmaking is one of the world’s leading corporate innovation and venture development firms with 12 offices around the world. We create, accelerate, and scale new business, solving problems with the world’s leading corporations. In the last 13 years, Rainmaking launched 29 ventures worth over $2bn in value, including one of the world’s most active global investors and accelerators, Startupbootcamp. Since 2006, Startupbootcamp has invested in over 800 startups that went on to raise more than $1bn.
Rainmaking has partnered with Fortune500 companies including IKEA, VISA, Airbus, Engie, HSBC and Jaguar. We are also a proud member of the UN Global Compact, driving major initiatives on a broad spectrum of social and environmental impact issues.
ShipsFocus
ShipsFocus is a digital solution & startup factory dedicated for maritime commerce, helping the industry transit onto the digital operating system with its developed & proven frameworks for innovation & adoption.
Quest Ventures
Quest Ventures is a leading venture fund for companies that have scalability and replicability in large internet communities. Since 2011, Quest Ventures has focused on an overarching ‘digital economy’ strategy across Asia.
TecPier
TecPier is a venture capital investor in early-stage maritime and supply chain technology startups. It actively supports its portfolio companies with market access, fundraising and mentoring. TecPier has a clear focus on digital business models that have the potential to transform the shipping and supply chain industries.