The consortium-driven investment fund powered by Rainmaking completed its first close of funding with Wilhelmsen and HHLA as anchor investors. The fund is also backed the Singapore government’s SEEDS Capital.
Shaun Hon, general partner at Motion Ventures and Director at Rainmaking, said: “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.
“It’s an approach that will shake up the start-up and corporate relationship and we’re excited to work with bold founders who are ready to make a meaningful impact in maritime value chains.
Motion Ventures will target early-stage start-ups tackling challenges in the maritime sphere with technologies such as AI, continuous intelligence and hyperautomation. The fund is encouraging ambitious start-up founders to reach out.
“With the unique combination of capital, competence and corporate capability, I have no doubt that Motion Ventures will also resonate with other forward-leaning industry stakeholders and ambitious start-ups wanting to make a meaningful impact,” said Nakul Malhotra, VP Open Innovation, Wilhelmsen.
“Being the first anchor of this inclusive collaboration approach to seek scalable future solutions is an inherently exciting proposition and indeed in line with Wilhelmsen’s vision of shaping the maritime industry.”