IMC Ventures and PIER71 to invest in Singapore’s maritime and supply chain ecosystem | (via ACN Newswire) – Singapore, June 18, 2021 – IMC Ventures (“IMC Ventures”), a Singapore-based venture capital firm focused on maritime and supply chain investments, is happy to announce that it has joined PIER71 as a venture capital partner with the goal of investing in and nurturing Singapore’s maritime and supply chain ecosystem.
The founding partners of PIER71 are the Maritime and Port Authority of Singapore (“MPA”) and NUS Enterprise, the entrepreneurial arm of the National University of Singapore, with a vision to create Singapore as a thriving maritime environment pioneering world-class innovation (“NUS”).
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, bringing together a community of stakeholders who are eager to digitalize and create the next wave of maritime innovation.
IMC Ventures was founded by IMC Industrial Group (“IMCIG”) with the goal of making a positive environmental and social impact through investments in the maritime and logistics industries. IMC Ventures focuses on creating sustainable returns and operational synergies between start-ups and IMCIG’s business units by enabling these start-ups to scale through access to IMCIG’s network of customers, infrastructure, and resources.
IMC Industrial Group (IMCIG) is a leading integrated industrial firm that offers logistics, shipping, shipyard management, and engineering, procurement, and construction (EPC) services to customers while also creating long-term value for its shareholders.
“PIER71’s ethos is remarkably similar to that of IMC Ventures. We want to catalyze Singapore’s startup environment by not just giving funding to help these new innovative firms grow, but also by adding value through synergies with our existing marine and logistics industries “IMC Ventures’ Investment Committee Member, Mr. James Ong, stated.
With this agreement, start-ups under PIER71 will be able to take advantage of IMC Ventures’ extensive market knowledge, specialized technical expertise, and extensive industry networks to test-bed and implement their ideas and breakthroughs within the global marine and supply chain ecosystem.
IMC Ventures will also look into making investments inside PIER71’s network, as well as launching further cooperation and partnership activities to speed up the development and acceptance of market-disrupting solutions. This will serve as a catalyst for further changes and advancements in the maritime and supply chain ecosystem as a whole, resulting in a positive impact on the environment and communities.
Mr. Thomas Ting, Chief Technology Officer of the Singapore Maritime and Port Authority, stated: “The collaboration of similar-minded ecosystem actors like IMC Ventures with PIER71 and MPA gives us hope. Private sector investments will be critical as Singapore develops into a major location for marinetech (maritime technology) start-ups.
Venture capitalists with extensive marine experience, in particular, will be extremely valuable to the overall innovation ecosystem. I’m convinced that IMC Ventures will use their extensive industry knowledge and connections to assist marinetech start-ups in commercializing and scaling their businesses.”
Mr. Ryan Chan, IMC Industrial Group’s Group Managing Director, added: “IMC Ventures adds value to IMCIG by allowing ownership in ventures that add value to our business and opening up opportunities to collaborate in the direction of innovative ideas in start-ups for various new technologies we are investigating. To the suitable candidates, we will offer our capabilities and access to our shipping platform as partners.
We are building on the close cooperation between IMC and MPA by teaming with MPA and PIER71 to reaffirm our commitment to the future growth and development of Singapore’s maritime hub.”
IMC Ventures is a company based in New York.
IMC Ventures was founded by IMC Industrial Group (“IMCIG”) with the goal of making a positive environmental and social impact through investments in the maritime and logistics industries. IMC Ventures focuses on creating sustainable returns and operational synergies between startups and IMCIG’s business units by allowing these startups to scale through access to IMCIG’s network of customers, infrastructure, and resources.
IMCIG is a subsidiary of the Singapore-based IMC Pan Asia Alliance Group, which has a diversified portfolio of assets across the globe in the shipping, ports, resources, real estate, investment management, and lifestyle industries. With a history in shipping and transportation extending back to the early 1900s, the IMC Pan Asia Alliance Group has grown over the years to employ more than 9,000 people in 15 countries, with a strong presence in China, Indonesia, and Thailand.