Singapore-based investment fund Motion Ventures is looking to raise as much as S$30 million ($22.7 million) for its debut fund, according to an announcement.
The fund will provide strategic capital and support to startups facing maritime value chain hurdles.
The fund has already made its first close but the amount has not been disclosed. It has roped in anchor investors namely Wilhelmsen, a global maritime industry group, and European logistics company Hamburger Hafen und Logisitk AG (HHLA). The fund is powered by Rainmaking, a corporate innovation and venture development firm.
“Motion Ventures is an innovation opportunity that tackles maritime value chain hurdles through a fresh industry consortium,” said Shaun Hon, general partner at Motion Ventures and director at Rainmaking.
Motion Ventures targets to support around 20 portfolio companies from its debut fund.
The investment firm will invest in startups together with SEEDS Capital, the investment arm of Enterprise Singapore. In June 2020, SEEDS Capital announced its S$50M commitment to co-invest into maritime technology startups with its newly appointed partners.
Rainmaking is one of SEEDS Capital’s partners. Meanwhile, the other partners of SEED Capitals are Innoport, KSL Maritime Ventures, PSA unboXed, ShipsFocus-Quest Ventures, and TecPier, according to a media report in June 2020.
Through this debut fund, Motion Ventures will target early-stage startups facing challenges in the maritime value chain with respect to scalable technologies such as artificial intelligence, continuous intelligence, and hyper-automation.
Currently, the board of directors of Motion Ventures include industry veterans, serial entrepreneurs, investors and Rainmaking’s partners and co-founders Michael Pomerleau and Nicklas Viby Fursund.