Singapore-based venture capital firm, IMC Ventures, has announced their partnership with PIER71 with the aim to invest and nurture the maritime and supply chain ecosystem in Singapore.
Hoping to establish Singapore as a vibrant maritime ecosystem and to lead innovation in this industry, PIER71 was founded by the Maritime and Port Authority of Singapore (MPA) and the National University of Singapore‘s NUS Enterprise.
Stakeholders keen on digitalising Singapore’s maritime supply chain come together at PIER71 to innovate within the industry by providing access to markets, demand drivers, technology solution providers, investors and more.
Founded by the IMC Industrial Group (IMCIG) with the goal of creating a positive environmental and social impact through investments in both the maritime and logistics industry, IMC Ventures creates sustainable returns and operational synergies between startups and IMCIG’s business units. Through this partnership, PIER71 startups will be enabled to scale through access to IMCIG’s network. “IMCIG is a leading integrated industrial company providing logistics, shipping, shipyard management and engineering, procurement, construction (EPC) services to our customers while creating long-term value for our shareholders.”
“We are looking to catalyse the start- up scene in Singapore by not just providing capital to enable these new innovative ventures to scale, but also to value add through synergies with our operating businesses in the maritime and logistic space,” said Mr. James Ong, Investment Committee Member of IMC Ventures.
Through this partnership, startups under PIER71 will be able to leverage on IMC Ventures’ market experience, technical expertise in their field, and vast network to test and implement their ideas in the industry. IMC Ventures will also be exploring investments in PIER71’s network, to provide further initiative for collaboration. This will be beneficial for accelerating the development and adoption of maritime and logistics supply chain solutions.
Mr. Thomas Ting, Chief Technology Officer, of the Maritime and Port Authority of Singapore said: “We are heartened by the partnership of like-minded ecosystem players like IMC Ventures with PIER71 and MPA. As we grow Singapore to become a leading hub for marinetech (maritime technology) start- ups, investments from private sector will be key. In particular, venture capitalists with deep maritime expertise will be highly beneficial to the entire innovation ecosystem. I’m confident that IMC Ventures will bring their deep industry knowledge and networks to help marinetech start-ups commercialise and scale.”
IMCIG is part of the Singapore-based IMC Pan Asia Alliance Group, which actively invests in a diverse portfolio covering shipping, ports, resources, real estate, investment management and lifestyle industries across the globe. Founded in the early 1900s working in shipping and transportation activities, IMC Pan Asia Alliance Group has evolved and grown to its expansive team of more than 9,000 people in 15 countries with major presence in China, Indonesia, and Thailand.