Singapore-based venture capital firms IMC Ventures and Signal Ventures, together with corporate arm of Japanese shipping heavyweight Mitsui O.S.K. Lines, Ltd. (MOL), MOL PLUS have decided to invest in the Motion Ventures Fund established by a Singapore shipping start-up company.
Motion Ventures focuses on oceanshipping/logistics-related domains and invests in startup companies with innovative technologies that can contribute to decarbonization and digital transformation in ocean shipping/logistics. Motion Ventures’ consortium now includes five maritime conglomerates, with Wilhelmsen and HHLA as anchor investors.
The fund has a S$30 million (about $22.7 million) target which will be used to accelerate startups solving maritime value chain hurdles with strategic capital and support.
MOL PLUS plans to use its investment in Motion Ventures to create synergy between startup companies’ innovative ideas and technologies and the MOL Group’s extensive resources.
The Motion Ventures’ fund, launched on 25 February 2021, is powered by Rainmaking, a UK-based company that develops accelerator programs and venture capital businesses for startup companies in 13 offices around the world. It has made venture investments totaling more than ¥550 billion (around $4.8 billion).
Motion Ventures will jointly invest into startups with SEEDS Capital, the investment arm of Enterprise Singapore. This follows SEEDS Capital’s S$50M commitment in June 2020 to co-invest into maritime technology startups.