Maritime start-up accelerator launched in Singapore

The program will support shipping technology start-ups globally and has confirmed its first cohort of nine companies, four of which are headquartered in Singapore. These include cruise loyalty program operator SeaMiles Rewards, logistical data analytics providers QuantShip and C-Log, and marine-use drone maker F-Drones.

Two other US-based members have ties to Singapore. Fleet performance specialist Nautilus Labs has now set up a permanent office in the country, while internet-of-things developer Volteo has recently spun off a Singaporean counterpart called Volteo Maritime. Eastern Pacific sees these moves as a strong endorsement of the city state's importance as a global shipping hub.

"The shipping industry is continually evolving, but change comes slowly and in incremental stages," Claus Nehmzow, chief innovation officer at Eastern Pacific, said in a statement. "However, issues such as sustainability, reducing emissions, and seafarer's mental and physical wellbeing can no longer take a wait-and-see approach. The goal is to address these issues today through the accelerator and to inspire the industry to take a technology-first approach to solving problems."

Start-ups will receive mentorship from industry experts, access to Eastern Pacific's operational data, as well as the opportunity to deploy technology in the company's fleet of more than 150 vessels. The program will also plug founders into Techstars' international network of technology-focused mentors, investors and partners. The first group of founders will pitch to investors and other ecosystem players in February 2020.

Maritime technology supply is a discrete category of venture investment that has seen noticeable traction in recent months. Earlier this year, Sequoia Capital India led a $7.6 million round for Indonesia's Kargo Technologies, while Sequoia Capital China and Coatue Management led a $70 million round for Chinese freight services platform Yunquna. Previous activity in Singapore includes port operator PSA International launching a shipping industry VC fund and incubator.

Techstars began operations in 2006 by setting up sector-agnostic, accelerators with tight geographic remits. Since teaming up with Microsoft in 2011, this strategy has given way to more vertically oriented, corporate-backed programs that have paired Techstars with the likes of Disney and Amazon. Techstars launched its first Asian accelerator in Singapore two years ago, working with Japanese e-commerce leader Rakuten.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Industrials
• Technology
• Early-stage
• Singapore
• shipping
• Logistics
• seed