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.