Enterprise Singapore (ESG) together with the Maritime and Port Authority of Singapore (MPA), announced last week the appointment of six co-investment partners by SEEDS Capital.
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 start ups 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.”
The 6 partners are Innoport, KSL Maritime Ventures, PSA unboXed, Rainmaking, ShipsFocus-Quest Ventures and TecPier.
The appointment of the six partners was announced at Deal Friday, 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.
“This appointment is timely in giving this sector a leg-up. Along with injecting more funding into the maritime tech start up ecosystem, SEEDS Capital also looks to catalyse ‘smart’ co-investments from these new partners. Together, we will help early-stage start ups to fast-track commercialisation, with mentorship and connection to potential clients through their networks. I look forward to seeing further growth of the maritime innovation ecosystem.” Said Mr Ted Tan, Deputy CEO for Entersprise Singapore at Deal Friday Maritime.
SEEDS Capital, the investment arm of Enterprise Singapore, 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 start ups. More than 50 promising Singapore based start ups are expected to benefit from the joint investments
Supported by ESG and the Maritime and Port Authority of Singapore, 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.
SEEDS Capital and the appointed partners will invest in early stage maritime technology start ups 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 start ups to fast-track commercialisation, with mentorship and connection to potential clients through their networks.
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.”