Marseilles-based start-up Searoutes has announced a EUR 1.3 million financing round to help shipping companies reduce their greenhouse gas (GHG) emissions.
The round was led by WSB Beteiligungs, the venture capital firm founded by Wolf Scheder. In August this year, the start-up was awarded a grant of EUR 1.1m from the European Maritime and Fisheries Fund (EMFF), financed by the European Commission, bringing Searoutes’ total funding to EUR 2.4m.
Created in 2019 by Dr. Pierre Garreau and Carsten Bullemer, Searoutes has designed its own, proprietary eco-calculator to compute the carbon footprint of a container along its journey. The start-up has been accelerated by ZEBOX, the international incubator and accelerator founded by the CMA CGM Group.
Searoutes’ API and software-as-a-service (SaaS) platform uses its own data and proprietary algorithms to help shippers find ways to reduce their emissions. Searoutes’ technology can process and transform extensive datasets of freight information (historical ship positions, satellite data, engine specifications, schedule information, weather data, etc.) into meaningful information.
The start-up helps shippers to not only report their carbon footprint but also identify opportunities to reduce and better manage their GHG emissions.
According to Searoutes, a ship operator can reduce its GHG emissions by 30 per cent when making purchasing decisions by choosing newer, larger and slower fleets, and by up to 60 per cent by choosing the right combination of ports and mode of transport when planning a door-to-door route.
Searoutes’ deal will fund the acceleration of the deployment of the solution to shippers and freight forwarders as well as other related technology platforms. Searoutes is also continuing to invest in research, in partnership with artificial intelligence (AI) laboratories, to optimise the door-to-door loading-unloading cycle.
“Shippers have to deal with purchasing and managing logistics throughout the entire supply chain, not just the ocean piece. We need to help them shape better procurement strategies. For instance by choosing greener modes of transport, or more appropriate port of loading or discharge. Searoutes’ vision is to give more visibility to green carriers, and enable shippers to select them more proactively, » explained Dr. Pierre Garreau, founder and managing director of Searoutes.
Wolf Scheder-Bieschin, leading the seed investment round through WSB Beteiligungs, added: “Searoutes is rapidly winning over international transport professionals with its innovative approach.
“Searoutes services bridge the gap between current market solutions and a need to tackle climate change issues facing the supply chain and maritime industries. I’m impressed by the technology and R&D in place at Searoutes for developing powerful complex algorithms to analyse and process data. This offers a significant advantage for everyone involved in the industry.”
OHB venture Capital , the venture capital arm of the OHB Group, Team ABC venture, CMA CGM, and a group of business angels, including Thomas Sørbø (Xeneta co-founder), with key expertise in logistics and freight transport are also participating in the financing round.