Wilhelmsen and HHLA work on maritime-focused startups
Motion Ventures, a consortium-driven investment fund powered by Rainmaking, was launched on 25 February 2021, attracting investment from Wilhelmsen, a Norwegian maritime industry group, and Hamburger Hafen und Logistik AG.
“Motion Ventures is an innovation opportunity that tackles maritime value chain hurdles through a fresh industry consortium. 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,” commented Shaun Hon, General Partner at Motion Ventures and Director at Rainmaking.
The fund has a target of S$30 million (approximately $22.7 million) and has completed its first closing with Wilhelmsen and HHLA as anchor investors to accelerate start-ups with strategic capital and support to solve maritime value chain obstacles.
Specifically, with scalable technologies such as artificial intelligence, continuous intelligence, and hyperautomation, Motion Ventures will target early-stage startups addressing challenges in the maritime value chain from the first principle.
The structure of the fund provides start-ups with access to key maritime companies through a consortium of corporate investors and opens up potential paths of traction throughout the value chain. The structure simultaneously offers a de-risking process for the anchors by providing insight and participation in the investment evaluations.
Motion Ventures will use Rainmaking's global networks to source appropriate start-ups in technology.
Via its Venture Studio and Open Innovation Platform, which enables business collaborations between startups and Fortune 500 firms, the fund will also give portfolio companies advantages to scale up.
The previously announced Ocean Ventures Alliance, a maritime innovation advisory network, will complement the fund's go-to-market initiatives.
Since its launch in November 2020, the partnership has brought together more than 40 representatives from the maritime value chain industry so that prospective portfolio companies can receive advice and mentorship from relevant domain experts.
Maritime Business World