London-based Spot Ship raises €1.1 million to modernise global ship chartering
London-based maritime tech startup Spot Ship has secured €1.15 million (£1 million) in a funding round, spearheaded by Lisbon-based venture capital fund Ventures.eu. This investment aims to modernize global ship chartering, a traditionally slow and complex process, by leveraging AI and machine learning. Ventures.eu's backing marks its inaugural investment from Fund I, signaling its commitment to supporting promising European tech ventures. Spot Ship, founded in 2019, offers a cloud-based SaaS platform designed to transform maritime logistics. Key features include a position directory, global vessel tracking, emissions calculator, and an updated database of over 7,500 global ports. The platform promises to drastically reduce vessel chartering times, potentially cutting the process from six days to just two hours. This investment will likely accelerate Spot Ship’s expansion and market penetration within the maritime industry. The startup's focus on streamlining operations for brokers, charterers, ship owners, and operators has the potential to significantly impact efficiency and cost-effectiveness. This approach aligns with broader European initiatives to foster innovation and digital transformation in traditional sectors. Ventures.eu's involvement extends beyond funding, offering strategic support and introductions to industry partners. This approach, along with its focus on deep tech and AI, positions the fund to play a significant role in supporting the growth of European startups in the digital economy.
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