Rainmaking launches Motion Ventures to boost innovation in the maritime industry

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

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

A new fund has launched, with backing from the Singaporean government, to support tech innovation for the maritime industry. Called Motion Ventures, it is targeting $30 million SGD (about $22.8 million USD) and has completed its first close, with Wilhelmsen, one of the world’s largest maritime networks, and logistics company HHLA as anchor investors.

Motion Ventures was launched by Rainmaking, the venture building and investment firm that runs accelerator program Startupbootcamp, and will jointly invest in startups with SEEDS Capital, the investment arm of government agency Enterprise Singapore.

SEEDS Capital announced in June…

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