MOL PLUS, IMC Ventures and Signal Ventures have joined the Singaporean corporate consortium, Motion Ventures’ fund, joining anchor investors Wilhelmsen and Hamburg’s HHLA.
The new corporate investors include the corporate venture arm of Japanese shipping conglomerate Mitsui OSK Lines, the corporate venture arm of Signal Group, a diversified shipping services group from Greece and IMC Ventures, the corporate venture arm of IMC Industrial Group, an integrated maritime and industrial solutions provider from Singapore.
Motion Ventures, founded in February this year, invests in shipping-related start-ups with corporate investors able to access opportunities to shape new products and technologies.
“Introducing MOL PLUS, IMC Industrial Group and Signal Ventures into our corporate consortium brings us closer to our goal of accelerating the industry-wide adoption of new technologies. What most start-up founders underestimate is how difficult it can be to adapt their solution for multiple conglomerates. This problem is amplified further in the maritime and supply chain sectors because of their scale of operations, which is why it’s so important to bring in more players across the value chain,” said Shaun Hon, general partner of Motion Ventures.
Through Motion Ventures, four of the fund’s target companies now have a working or commercial collaboration with at least one of the companies in the consortium.
Motion Ventures’ co-founders Michael Pomerleau and Nicklas Viby Fursund will also be joining the fund as new general partners.