ENTERPRISE Singapore's investment arm SEEDS Capital has launched a call for co-investor partners to catalyse close to S$60 million worth of investment in early-stage maritime tech startups. The call for partnership was launched together with the Maritime and Port Authority of Singapore.
The joint investments are aimed at developing tech solutions that can spur new business models and improve the operational efficiency, safety and sustainability of the different clusters of maritime industry. The clusters include shipping, port logistics, port operations and maritime services.
For each startup, SEEDS Capital will match the co-investor's investment in a 7:3 (SEEDS:co-investor) ratio, up to the first S$500,000 from SEEDS. Thereafter, it will match the investment dollar for dollar up to a total investment of S$4 million from SEEDS.
Co-investors must have operations based in Singapore and be prepared to invest at least S$50,000 into each startup. They must help early-stage stage maritime tech startups to fast-track commercialisation, and provide mentorship and connections to potential clients.
SEEDS Capital had previously launched calls for co-investors in areas such as agrifoodtech, which culminated in seven co-investment partners appointed to pump more than S$90 million into startups.
"As a key pillar of Singapore’s economy, it is important for the maritime industry to push ahead with transformation by tapping on innovation and technology for growth," said Enterprise Singapore.
"The advancement of the industry will also strengthen Singapore’s position as a premier global hub port and international maritime center, and further boost the growth of complementary sectors such as logistics, manufacturing and wholesale trade."
Interested parties have from Nov 8 to Dec 13 to submit their proposals.