Why this SG-based VC firm bets on maritime startups

(From left) Shaun Hon (general partner, Motion Ventures), Nakul Malhotra (vice president of emerging opportunities portfolio, Wilhelmsen), James Ong (head of M&A and strategy, IMC Ventures), and Chakib Abi-Saab (group chief technology and innovation officer, Lloyd’s register) / Photo credit: Motion Ventures

Maritime startups need to be both alive and profitable. Shaun Hon, founder and general partner of Motion Ventures, emphasized this in a recent interview with Tech in Asia.

These two goals are more urgent for those in the maritime industry, as the sector has never had much venture capital to begin with, Hon said.

His VC firm, Motion Ventures, has invested in 15 maritime startups to date, with a target of 25 investments by the end of this year.

The company has recently closed its debut fund, which is backed by 15 maritime corporations across all the major shipping geographies. These include Wilhelmsen, HHLA Next, MOL Plus, Lloyd’s Register, IMC Ventures, MarineTraffic, and Signal Ventures.

While the amount raised was not disclosed, the fund’s target was to raise S$30 million (US$22.7 million). Motion Ventures’ corporate consortium will also collaborate in providing insight and advice for the startups the firm invests in.

One of the VC firm’s portfolio companies is Singapore-based Greywing, which offers a digital platform of predictive reporting tools that provide information on voyages, vessels, and routes. It also has digital freight forwarder Freightify as well as India-based ShipsKart in its portfolio.

The VC firm has invested in companies across the US, UK, Germany, France, Greece, India, and Singapore. According to Hon, Motion Ventures is exploring other Southeast Asian markets besides Singapore.

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