(L-R) Wilhelmsen’s VP (Open Innovation) Nakul Malhotra, Rainmaking’s Director Shaun Hon, and co-founder Michael Pomerleau
Rainmaking, a corporate innovation and venture development firm and the operator of Startupbootcamp, has launched a SGD30 million (US$22 million) which aims to accelerate startups solving maritime value chain hurdles.
Named ‘Motion Ventures’, the consortium-driven investment fund has also announced the first close, with shipping company Wilhelmsen and logistics enterprise HHLA as anchor investors.
Motion Ventures will target early-stage startups tackling challenges in the maritime value chain from first principle with scalable technologies, such as Artificial Intelligence, Continuous Intelligence and HyperAutomation.
The fund will offer its portfolio companies the advantage of growing their startups through its venture studio and open innovation platform, both of which facilitate commercial partnerships between startups and Fortune 500 companies.
Startups will also be able to receive access to key maritime firms via their network of corporate investors.
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According to Motion Ventures, this represents a unique fund structure in the maritime industry that ensures quality corporate participation and a startup scale path model.
“For the first time, first-mover corporations like Wilhelmsen will bring together centuries of industry legacy, capital, resources and insight to ensure startups have the best possible chance to commercialise and find a strategic market fit,” said Shaun Hon, General Partner at Motion Ventures and Director at Rainmaking.
Furthermore, Motion Ventures will jointly invest in startups with SEEDS Capital, the investment arm of Enterprise Singapore.
This follows SEEDS Capital’s US36 million (SGD50M) commitment in June 2020 to co-invest into maritime technology startups with newly appointed partners, such as Rainmaking.
“Rainmaking is a leading player for innovation with extensive global networks and the Motion Ventures’s consortium approach towards driving innovation within the maritime value chain is an exciting proposition. We are encouraged by the progress of the Motion Ventures fund and look forward to a strong partnership in growing the maritime tech ecosystem in Singapore,” said Geoffrey Yeo, General Manager of SEEDS Capital.
With 12 offices around the world, Rainmaking creates, accelerates, and scales new business, solving problems with the world’s leading corporations. In the last 13 years, it launched 30 ventures worth over US$2 billion in value, including Startupbootcamp.
Singapore, an island nation in Southeast Asia, is a strategic centre for maritime business. The country has been accelerating its efforts towards innovation in the maritime sector since the launch of the Maritime Singapore Green Pledge in 2011, after which a total of 90 companies have pledged their commitment towards promoting clean and green shipping in Singapore.
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Image Credit: Rainmaking
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