The Maritime Fund will invest in startups and technologies spanning applications in shipping and operations, maritime services, and port operations and services, Quest Ventures said in a statement.
These can include transiting shipping into a digital operating system, as well as addressing shipping Environmental, Social, and Governance (ESG), greenhouse gas (GHG) emission and regulatory challenges, and deep-tech disruptions ranging from autonomous vehicles to increase in logistics visibility, it added.
The Maritime Fund makes investments at the early Series Seed and Series A stages, according to the statement.
Meanwhile, Quest Ventures Managing Partner James Tan said, Singapore’s position in the maritime space is further strengthened with the launch of the Maritime Fund.
“Our Quest Ventures ecosystem approach is to tackle challenges, address systemic opportunities, and enable significant differentiation from generic venture funds,” he said.
Quest Ventures, in partnership with ShipsFocus, is one of SEEDS Capital’s appointed co-investment partners in the maritime sector. SEEDS Capital is the investment arm of Enterprise Singapore, the government agency championing enterprise development.
“The maritime sector is a critical part of Singapore’s economy. The growth of relevant tech startups in this area will help strengthen the sector’s capabilities and address the efficiency and sustainability issues as the industry transforms. SEEDS Capital is pleased to support ShipsFocus and Quest Ventures in their debut fund to catalyze investments into deep tech startups that can provide innovative solutions in this sector,” said Tan Kaixin, General Manager of SEEDS Capital.