Copenhagen-based ZeroNorth has announced a raise of over $50 million for its platform that is helping the shipping industry go green. The Series B investment was led by PSG Equity and joins further capital injections from ZeroNorth’s existing investors A.P. Moller Holding and Cargill, who also participated in the round.
Founded in 2020, the Danish startup is on a mission to bring about greener global trade through technology. ZeroNorth’s platform provides a range of software solutions that help the shipping industry cut emissions and reduce its impact on the climate whilst still maintaining commercial performance.
Alongside cutting edge technology, the ZeroNorth approach toward carbonisation rests on human expertise. The team of meteorologists, master mariners and ship operators and routing experts combine their experience with advanced algorithms to ensure the best possible outcome for both decarbonisation and business success.
The innovators have developed three offerings to bring about this transition in shipping – weather advisors, a voyage optimisation service, and, vessel optimisation. The funding will help to drive ZeroNorth’s growth over the coming years, enabling it o continue investing in product innovation, expanding the team and adding data, products and services to the platform.
The investment will also help to enable ZeroNorth to continue to accelerate the green transition of global trade by driving down CO2 emissions in shipping in the immediate term, by deepening the insights generated by its platform, connecting more players across the supply chain and turning data into actions that can underpin value-driven decision-making. As a demonstration of this impact, ZeroNorth is on course to help cut CO2 emissions by over half a million metric tonnes in 2022, up from 218,000 tonnes in 2021.
Søren Meyer, CEO of ZeroNorth, said: “We are delighted to welcome PSG Equity as a new investor in ZeroNorth. We have ambitious goals and PSG Equity shares our vision of enabling widescale change in how our industry operates.”
Edward Hughes, Managing Director at PSG Equity, added: “ZeroNorth has been able to achieve impressive growth in the short time they have been operating. Their clear vision and roadmap for growth as well as the expertise they have been able to attract makes the company an appealing prospect to partner with. Their established track record of success, strong customer feedback and unique blending of maritime and tech together, make us confident they are positioned to be a major player in leading the green transition of global trade.”