Rainmaking Launches Motion Ventures

New Maritime Tech Fund, Motion Ventures, Secures Initial Investment

A recently established fund has been created, receiving support from the Singaporean government, to foster technological advancements within the maritime sector. Known as Motion Ventures, it is aiming to raise $30 million SGD (approximately $22.8 million USD) and has successfully completed its initial funding round.

Wilhelmsen, a leading global maritime network, and logistics provider HHLA are serving as the primary investors in this new venture.

Fund Launch and Partnership Details

Motion Ventures is the result of a collaboration between Rainmaking, a venture building and investment company known for its Startupbootcamp accelerator, and SEEDS Capital. SEEDS Capital is the investment division of Enterprise Singapore, a governmental agency.

The two entities will co-invest in promising startups.

Government Support for Maritime Innovation

In June 2020, SEEDS Capital announced plans to allocate $50 million SGD towards maritime startups. This initiative is designed to strengthen supply chain stability and resolve challenges highlighted by the COVID-19 pandemic.

Investment Strategy and Focus Areas

Shaun Hon, General Partner at Motion Ventures and Director at Rainmaking, explained to TechCrunch that the fund intends to invest in approximately 20 early-stage companies. These startups will concentrate on areas such as AI, machine learning, and automation.

Investment amounts will range from $500,000 SGD to $2 million SGD per startup.

Addressing Key Industry Challenges

“Our focus is on some of the most pressing issues facing the maritime value chain, including decarbonization, enhancing supply chain resilience, and improving overall safety,” Hon stated.

“Often, the necessary technology already exists, but the challenge lies in effectively implementing these solutions within established corporate structures,” he added.

Facilitating Collaboration and Commercialization

Motion Ventures aims to bridge this gap by connecting startups with a consortium of industry partners early in their development.

This collaborative approach is intended to maximize the potential for success for all involved.

Support Beyond Funding

In addition to financial investment, Motion Ventures will facilitate partnerships between startups and established maritime companies like Wilhelmsen. This will aid in the commercialization and integration of new technologies into existing supply chains.

Startups will also benefit from access to the Ocean Ventures Alliance, launched by Rainmaking in November 2020. This alliance currently comprises over 40 leaders from across the maritime industry, providing valuable mentorship opportunities.

From left to right: Rainmaking co-founder Michael Pomerleau, Rainmaking director Shaun Hon and Wilhelmsen vice president of open innovation Nakul Malhotra. Image Credits: Rainmaking