By J. Angelo Racoma, Technode Global
19 Jun 2021
IMC Ventures, a newly-launched Singapore-based venture capital firm focused on investments in the maritime and supply chain industries, has announced that it has joined PIER71 as a venture capital partner with an objective to invest and nurture the maritime and supply chain ecosystem in Singapore.
IMC Ventures was established by IMC Industrial Group (IMCIG) to focus on creating sustainable returns and operational synergies between startups and IMCIG’s business units by enabling these startups to scale through access to its network of customers, infrastructure, and resources.
IMCIG is part of Singapore-headquartered IMC Pan Asia Alliance Group which is actively invested in a diverse portfolio of investments covering shipping, ports, resources, real estate, investment management, and lifestyle industries across the globe. With a business heritage dating back to the early-1900s involving shipping and transportation activities, IMC Pan Asia Alliance Group has evolved across the decades and it currently employs more than 9,000 people in 15 countries with a major presence in China, Indonesia, and Thailand.
It was earlier reported that IMC Ventures has initially allocated $15 million for funding in their pre-Series A to Series B stages.
With a vision to establish Singapore as a vibrant maritime ecosystem spearheading world-class innovation, the founding partners of PIER71 are Maritime and Port Authority of Singapore (MPA) and NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS).
Bringing together a community of stakeholders who are keen to digitalize and create the next wave of maritime innovation, PIER71 designs and delivers programs to uncover opportunities within the maritime industry by providing access to markets, demand drivers, technology solution providers, investors, and more.
“The ethos of PIER71 is very much aligned with IMC Ventures. We are looking to catalyze the startup 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 James Ong, Investment Committee Member of IMC Ventures.
With this partnership, there are significant opportunities for the start-ups under PIER71 to leverage IMC Ventures’ in-depth market experience, specialized technical knowledge, and vast industry networks to test-bed and deploy their ideas and innovations within the global maritime and supply chain ecosystem.
In addition, IMC Ventures will be exploring investments within PIER71’s network and initiate more cooperation and collaboration efforts to accelerate the development and adoption of market-disrupting solutions. This will be a boost for more improvements and enhancements within the maritime and supply chain ecosystem as a whole, thereby making a meaningful contribution to the environment and communities as a whole.
Thomas Ting, Chief Technology Officer, 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 startups, investments from the 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 startups commercialize and scale.”
Mr. Ryan Chan, Group Managing Director of IMC Industrial Group added: “IMC Ventures adds value to IMCIG as it allows ownership in ventures that brings value to our business and opens up possible opportunities to collaborate in setting the direction of innovative ideas in start-ups for various new technologies we are exploring. We will offer the capabilities and access to our shipping platform as partners to the right candidates.”
“With IMC Ventures partnering with MPA and PIER71, we are further building on the close partnership between IMC and MPA, to reaffirm our commitment to the future success and development of Singapore’s maritime hub,” he added.