Sustainability startup Signol, which uses behavioural science to reduce emissions in shipping and aviation, has raised €2.9 million from leading industry-focused investors.
The investment round was led by New York-based venture capital firm TMV, which invests in legacy industries ripe for disruption, such as healthcare, the future of work, maritime, ports and mobility. The round included participation from leading industry stakeholders: Ultranav, a global diversified ship-operator, and MOL PLUS, the venture arm of Japanese shipping company Mitsui O.S.K. Lines, Ltd. (MOL). London-based venture capital firm East Innovate, which led Signol’s previous funding round, has reinvested.
Signol’s tech-enabled behaviour change service helps hard-to-abate industries fully engage their human workforce to make the most of the opportunities they already have to reduce emissions through their daily tasks.
New sector: corporate travel
Following the €2.9 million investment, Signol will focus on enhancing its solution and increasing commercial traction in the aviation and shipping industries. It will also implement a proof-of-concept (POC) in the corporate travel sector, using behaviour change to reduce avoidable emissions from business travel.
Michael Fanning, Signol’s CEO, said: “Securing investment from industry-leading companies like Ultranav and MOL is a significant endorsement from the maritime industry that our human-centric approach is seen as a critical lever in companies’ sustainability strategies.”
Signol believes in the untapped opportunity to use behavioural science to achieve sustainability targets. To date, the startup has saved shipping and aviation companies more than 100,000 metric tonnes of CO2 by optimising human decision-making, without any technological or physical changes to ships or aircraft. The CO2 savings stem from reductions in fuel consumption up to 1% in aviation and 12% in shipping.
Sustainable legacy industries
TMV’s co-founder and general partner Marina Hadjipateras, added: “It’s crucial that we invest in solutions which can have an immediate impact to improve the sustainability and efficiency of legacy industries like shipping. There’s always a human factor when it comes to transforming industries – especially in maritime, whose overall market size is valued at over $152 billion and which is responsible for 90% of the way in which goods are transported. Signol harnesses the real power of people to shift operational behaviour and culture towards more sustainable practices.“
“Ultranav is delighted to support Signol’s efforts to ensure the shipping industry doesn’t overlook the power of its human workforce as we tackle the urgent need to decarbonise,” said Ultranav’s Per Lange. “During my 40+ year maritime career, I’ve seen first-hand that it’s not always straightforward to appropriately engage crew members in efficiency initiatives without adding to their workload and mental stress.”
Read the orginal article: https://www.eu-startups.com/2024/09/london-based-signol-bags-e2-9-million-to-reduce-emissions-in-legacy-industries/
