Reefknot Investments, a Singapore-based joint venture between Temasek and transport and logistics firm Kuehne + Nagel, has made its first global strategic investment following the launch of its $50-million fund in September.
In a statement, Reefknot said it has invested in Prowler.io, a UK-based artificial intelligence company that helps businesses rebalance financial portfolios to managing supply chains and logistics.
Financial details of the investment were not disclosed. Prowler was valued at $100 million following its most recent round of investment led by Tencent Holdings in May.
Prowler earlier said it was receiving $24 million in new funding and that Tencent led the investment round with participation from Pearson and others including Amadeus Capital Partners, Atlantic Bridge, Cambridge Innovation Capital, Mandatum Life, Passion Capital, RB Capital, and Singapore Innovate.
Reefknot Investments, which looks to support the growth of Series A and Series B stage startups, is focused on high-growth technology businesses seeking to disrupt the supply chain and logistics industry.
The firm is looking at three areas: artificial intelligence and deep tech startups in planning optimisation, data management, supply chain visibility or predictive capabilities; on-demand models in digital logistics; and trade finance.
“We are excited about supporting the application of Prowler.io’s leadership in using its data-efficient AI techniques to feasibly tackle longstanding challenges in the supply chain and logistics industry,” said Marc Dragon, Managing Director of Reefknot Investments.
“We are very impressed by the Reefknot team’s deep knowledge of the logistics and supply chain industry, and their commitment to shaping its future. In addition, through Reefknot, we have access to their ecosystem of domain partners and have the opportunity to combine their sector expertise with our leading technology platform,” said Vishal Chatrath, co-founder and CEO of PROWLER.io.