Capital venture firm Quest Ventures has teamed up with ShipsFocus to launch a maritime fund to help finance start-ups.
The first close of the fund has raised just over SGD 10m ($7.4m) to go towards seed and Series A companies, the two Singapore partners confirmed to TradeWinds.
"The Maritime Fund will invest in start-ups and technologies spanning applications in shipping and operations, maritime services, and port operations and services," the companies said.
"These can include transiting shipping into a digital operating system, reducing shipping ESG [environmental, social and governance issues], greenhouse gas emissions and regulatory challenges, and deep-tech disruptions ranging from autonomous vehicles to increase in logistics visibility."
James Tan, managing partner at Quest Ventures, said Singapore's position in the maritime space would be "further strengthened with the launch of the Maritime Fund".
The companies said the early-stage maritime-tech market, already worth $100bn, is poised to triple by 2030.
Quest Ventures, in partnership with ShipsFocus, is one of the appointed co-investment partners in the maritime sector with SEEDS Capital, the investment arm of Enterprise Singapore, the government agency championing enterprise development.
"The maritime sector is a critical part of Singapore's economy," said Tan Kaixin, general manager of SEEDS Capital.
"The growth of relevant tech start-ups in this area will help strengthen the sector's capabilities and address the efficiency and sustainability issues as the industry transforms.
"SEEDS Capital is pleased to support ShipsFocus and Quest Ventures in their debut fund to catalyse investments into deep-tech start-ups that can provide innovative solutions in this sector."
Earlier this week, the Maritime Fund participated in a seed investing round by local start-up BeeX, which specialises in the design and manufacture of hovering autonomous underwater vehicles.
It was led by Cap Vista — the strategic investment arm of Singapore's Defence Science & Technology Agency — and is said to have involved a seven-figure US dollar sum.
Other investors include IMC Group's venture capital fund IMC Ventures, SEEDS Capital and the National University of Singapore.
Earlier this year, the senior minister for transport, Chee Hong Tat, said he wanted Singapore to become the "top maritime start-up hub in the world, the Silicon Valley for maritime technology".
He said Singapore also aims to increase the number of maritime tech start-ups supported by government funding from 30 to 100 by 2025.
