OceanScore Closes €5m Funding to Speed Up Expansion and Product Innovation
[By: OceanScore]
OceanScore, global provider of data and compliance management solutions for the maritime industry, has successfully closed an oversubscribed €5 million Series A financing round. The influx of new capital will enable the company to further develop its solutions portfolio and expand its global footprint.
The financing round included significant contributions from existing investor theDOCK and new investors such as Stolt Ventures, Motion Ventures, and Portline, along with various angel investors. All previous investors including MSC and Peter Döhle have retained their shares, underscoring their continued confidence in OceanScore's trajectory.
Why investors are drawn to OceanScore
OceanScore’s digital solutions and services – including the flagship ETS Manager and new FuelEU suite of solutions – are designed to support shipping in efficiently managing the processes and risks related to these new regulations, while at the same time providing decision support to navigate resulting commercial opportunities and cost exposure.
Since its 2023 seed funding round, OceanScore has become the global leader in EU ETS solutions and expanded its client base to include prominent shipping companies like V-Ships and Norbulk. Fueled by substantial investments in its solutions, the company saw Q2 2024 as its strongest quarter yet, marked by unprecedented order intake and expansion into new regionalities. This success has attracted high-profile investors and solidified the company's position in the market.
Nir Gartzman of theDOCK says: “OceanScore's impressive growth and exceptional team align perfectly with our mission to support startups that aim to make global trade more sustainable while introducing viable business models. Their success in building a market-leading ETS solution, used by shipping companies worldwide, gives us great confidence in OceanScore's ability to dominate also the FuelEU Maritime market.”
Focusing on product enhancement, team growth and global expansion
The influx of new capital will be used to enhance and refine both new and existing solutions, expand customer service and data teams to provide world-class support for a rapidly growing customer base, as well as to establish a global footprint to better support customers across various regions.
Albrecht Grell, Managing Director at OceanScore, expressed enthusiasm for the future: “We are thrilled by the support we are receiving from these pedigree investors and the opportunities this offers to us. Seeing the strong demand for our solutions around the globe and the positive response for our new FuelEU solutions, we are excited to double down on investing in our global footprint, product development and AI capabilities.”
AI capabilities also on the horizon
OceanScore’s other Managing Director, Ralf Garrn, emphasized the company’s dedication to data excellence and advanced technology: “We at OceanScore pride ourselves on superior data quality and customer service. The renewed support we are receiving from our investors allows us to step up our investment in these fields, amongst others integrating more data sources and advanced analytics capabilities.”
As OceanScore embarks on this exciting new chapter, the support from its investors will be instrumental in propelling the company towards even greater heights, ensuring its solutions remain at the forefront of the maritime sustainability revolution.