AsiaFinance and InsuranceTech

IMC launches venture capital arm

Another well known Singapore shipowner is getting into the startups game.

The Tsao family’s IMC Group has launched a corporate venture capital arm, IMC Ventures, to invest in pre-Series A and Series B startups with a focus on environmental sustainability and social impact.

IMC has allocated $15m to the fund, half of which will be deployed to Singapore startups, 20% to startups in other parts of Southeast Asia, 15% to European firms and 15% to American companies.

“We’ve been seeing how technology has changed in the logistics sector, especially in the last three to four years. But we haven’t really seen that kind of exponential growth when it comes to the maritime side,” James Ong, director of M&A and business development at IMC Group, told Singapore’s Business Times newspaper.

Eastern Pacific Shipping, another famous name in Singapore shipping circles, has its own startup fund called Eastern Pacific Accelerator Powered by Techstars.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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