1. SEEDS Capital, the investment arm of Enterprise Singapore, is launching a Call-For-Partnership (CFP) with the Maritime and Port Authority of Singapore (MPA) to identify suitable investors to catalyse investments in the maritime tech sector. The CFP will onboard investors to co-invest with SEEDS Capital in early-stage maritime deep tech startups based in Singapore, with the aim to drive transformation in the maritime industry through private sector collaboration and technological innovation. This was announced by Dr Lam Pin Min, Senior Minister of State for Transport and Health at the Grand Final of Smart Port Challenge 2019.

2. The joint investments will be targeted at growing the startups and supporting them in developing innovative technology solutions that can improve the operational efficiency, safety and sustainability across the different clusters of maritime industry, and co-create new business models. These include shipping, port logistics, port operations, and maritime services.

3. As a key pillar of Singapore’s economy, it is important for the maritime industry ¹ to push ahead with transformation by tapping on innovation and technology for growth. The advancement of the industry will also strengthen Singapore’s position as a premier global hub port and international maritime center, and further boost the growth of complementary sectors such as logistics, manufacturing and wholesale trade.

4. Said Mr Ted Tan, Enterprise Singapore’s Deputy Chief Executive Officer and Chairman of SEEDS Capital, “Partnerships and co-innovation will be key in accelerating transformation in our industries and ensure the competitiveness of Singapore companies. The CFP is part of our continuous effort to partner tech startups with companies and investors to co-develop innovative solutions. We welcome players across the private sector to collaborate with us in this initiative. We look forward to catalyse about S$60 million in joint investments to grow new technology and services that will further strengthen Singapore’s leading position as a hub for maritime, trade and connectivity.” 

5. Said Ms. Tan Beng Tee, MPA’s Assistant Chief Executive (Development), “It is important for the maritime industry to reimagine the way in which it operates and navigate future challenges of disruption and environmental regulation. So this is a good opportunity for tech startups to work alongside with us to co-create solutions to shape the future of Maritime Singapore. The partnership with Enterprise Singapore will enhance our attractiveness as the hub for maritime innovation and this will be vital to taking the industry forward.”

Application opens on 8 November 2019

6. To catalyse private investments into deep tech startups that can accelerate transformation in the maritime industry and augment Singapore’s innovation ecosystem, SEEDS Capital is seeking partners who can:
a) Identify and co-invest in Singapore-based, deep tech and early-stage startups in the maritime tech space;
b) Provide hands-on assistance in helping early-stage startups to fast-track commercialisation, with mentorship and connection to potential clients through their networks.

7. SEEDS Capital will match up to 7:3 for the first S$500,000 of co-investment, and up to S$4 million per startup, under the Startup SG Equity scheme² .

8. Interested parties may submit their proposals from 8 November 2019 to 13 December 2019 (Singapore time) to cfp_ssge@enterprisesg.gov.sg.  Local and foreign parties with Singapore-based presence are welcome to apply (see Annex for details on eligibility and submission requirements).