Hamburg-based OceanScore, a maritime compliance and data solutions provider, recently announced that it has secured €5M in an oversubscribed Series A funding round. This funding will enable the company to expand its global footprint, enhance product development, and improve customer support services. The investments come from a mix of existing backers and new investors, reflecting significant confidence in OceanScore’s capabilities and market potential.
The previous funding rounds for OceanScore primarily focused on developing their ETS Manager and other regulatory compliance tools. The new funding round underscores an increasing interest in the company’s new FuelEU solutions, which have shown strong demand. Additionally, past reports highlighted the company’s steady customer growth and technological advancements, which have now culminated in this substantial financial boost.
Investment to Drive Global Expansion
The Series A funding round saw contributions from existing investors theDOCK, alongside new participants such as Stolt Ventures, Motion Ventures, and Portline. All previous investors, including MSC and Peter Döhle, have maintained their investments, showcasing continued trust in OceanScore’s vision and strategy. The company plans to channel the funds into expanding its global operations, enhancing existing solutions, and accelerating product development.
“We are thrilled by the support we are receiving from these pedigree investors and the opportunities this offers to us. Seeing the strong demand for our solutions around the globe and the positive response for our new FuelEU solutions, we are excited to double down on investing in our global footprint, product development, and AI capabilities,” said Albrecht Grell, Managing Director at OceanScore.
Strong Market Presence and Future Plans
Founded in 2020, OceanScore focuses on providing compliance and data solutions to the maritime industry. The company’s flagship ETS Manager and the new FuelEU suite help shipping companies manage regulatory compliance effectively. These solutions also offer decision support for navigating commercial opportunities and cost exposures. Recent client acquisition includes notable shipping firms like V-Ships and Norbulk.
In Q2 2024, OceanScore experienced its strongest quarter with significant order intake and regional expansion. The company tracks sustainability, environmental, and reliability metrics for over 130,000 vessels globally. Such comprehensive data services make OceanScore a key player in the maritime ecosystem, enabling customers to meet regulatory requirements and improve operational efficiencies.
“We at OceanScore pride ourselves on superior data quality and customer service. The renewed support we are receiving from our investors allows us to step up our investment in these fields, amongst others integrating more data sources and advanced analytics capabilities,” stated Ralf Garrn, Managing Director of OceanScore.
theDOCK, one of the main investors, specializes in providing industry expertise and capital to startups in the Maritime, Supply Chain, and Offshore sectors. Their ongoing support for OceanScore stems from the company’s ability to develop market-leading solutions that align with global sustainability initiatives.
“OceanScore’s impressive growth and exceptional team align perfectly with our mission to support startups that aim to make global trade more sustainable while introducing viable business models. Their success in building a market-leading ETS solution, used by shipping companies worldwide, gives us great confidence in OceanScore’s ability to dominate also the FuelEU Maritime market,” said Nir Gartzman of theDOCK.
OceanScore’s recent funding round and subsequent plans indicate that the company is on a robust growth trajectory. The continuous support from long-standing investors alongside interest from new investors highlights the trust and potential seen in OceanScore’s solutions. By focusing on expanding their global presence and enhancing their product portfolio, OceanScore is well-positioned to address the evolving needs of the maritime industry. As the company strengthens its AI and data analytics capabilities, it aims to provide even more robust solutions for compliance and operational efficiency.
