Seafair Raises $5.7M to Revolutionize Maritime Recruitment

Revolutionizing Maritime Crewing with Seafair

Individuals employed on cargo and passenger ships are essential for global commerce, yet they often encounter outdated and unclear employment procedures. A significant challenge is the lack of readily available information regarding crucial details such as compensation and the actual working environment aboard vessels, where crews may spend extended periods.

To address these issues, the Seafair maritime recruitment platform was developed. It functions by thoroughly evaluating both seafarers and shipping companies, utilizing sophisticated matching algorithms to connect qualified crew members with suitable ships.

Recent Funding and Growth

The company recently announced the successful completion of a $5.7 million funding round, spearheaded by General Catalyst, with contributions from FirstMinute Capital, Signal Ventures, TA Ventures, SV Angel, SpeedInvest, and returning investor FJ Labs. This investment elevates Seafair’s total funding to approximately $7 million.

Launched late last year, Seafair was founded by Agapitos Diakogiannis, who hails from Greece. The platform currently serves clients including a prominent company ranked among the world’s top 100 shipping organizations.

The Genesis of Seafair

“Greece holds a position of significant influence in the global shipping sector,” Diakogiannis explained. “During my time in consulting, I developed a strong appreciation for the industry.”

Following his consulting experience, Diakogiannis ventured into venture capital, where he observed the transformative impact of labor marketplaces across sectors like construction, manufacturing, and energy.

Recognizing a substantial market opportunity and leveraging his existing network, Diakogiannis initiated Seafair. Conversations with seafarers revealed a pervasive lack of transparency in the recruitment process. Despite high demand for their skills, many struggled to secure employment and lacked crucial information about working conditions and pay prior to accepting positions.

How Seafair Operates

Seafair employs a matching system that aligns workers with shipping companies based on their qualifications, expertise, and performance history. This is achieved through the use of advanced matching algorithms, streamlining the process of filling open positions.

Furthermore, the platform offers vessel operators comprehensive human resources software. This software consolidates data that is often fragmented across various ERP systems and spreadsheets.

Currently, Seafair focuses on senior officer roles, such as chief engineers and ship masters, due to the extensive certification and training requirements associated with these positions.

Addressing Industry Challenges

While shipping companies operate globally, a significant portion – roughly 50% – of seafarers originate from Eastern Europe and the Philippines. Consequently, these companies often depend on agencies to staff their vessels.

However, because agencies typically earn revenue through hiring commissions, they may not consistently prioritize the best possible candidate-job fit, according to Diakogiannis.

Seafair presents a digitized and more transparent alternative to traditional agencies, and is officially licensed to operate as an agency in both Ukraine and the Philippines, with plans for expansion into additional countries.

The Seafair Process

The process begins with seafarers submitting their resumes online. Seafair then conducts thorough background checks and online assessments.

Qualified candidates are scheduled for interviews through the platform. Upon successful hiring, Seafair manages the deployment process, including the generation of digital contracts.

Prior to allowing access to the platform, Seafair verifies both employers and the vessels under their management.

The startup’s HR software suite includes tools for managing payroll, insurance, schedules, and mandatory rest periods. Specialized features tailored to the maritime industry include alerts for expiring certifications and salary recommendations designed to improve crew retention.

Future Plans

The newly acquired funding will be allocated to further develop the technology used for seafarer vetting and to expand Seafair’s presence into key markets, including Germany, the Nordic countries, and the United States.

Industry Validation

Niko Bonatsos, managing director at General Catalyst, stated, “The maritime industry represents a largely unexplored opportunity. Success in this market demands profound industry knowledge, a forward-thinking vision, and a dedicated team – qualities we observed in abundance within Seafair.”