London-based sustainability startup Signol has announced the successful closure of a £2.5 million seed extension funding round. The funding, led by New York-based VC firm TMV, aims to further the company’s efforts in reducing emissions in hard-to-abate industries through behavioural science and data-driven solutions. This financial boost is expected to help Signol expand its reach and enhance its solutions, particularly in the aviation and maritime sectors.
Signol’s previous advancements have shown remarkable results in both aviation and shipping, saving millions in fuel costs and significantly reducing CO2 emissions. The company’s approach, which harnesses the power of human behaviour change, has proved effective, achieving up to 1% fuel savings in aviation and 12% in shipping without any technological modifications. The current funding round will enable further development and application of these strategies in new sectors such as corporate travel.
Investors supporting Signol
Apart from TMV, the funding round saw participation from global ship operator Ultranav, MOL PLUS (the venture arm of Mitsui O.S.K. Lines, Ltd.), and London-based East Innovate. East Innovate had already invested in Signol’s previous funding round and decided to reinvest. This strong backing from industry leaders underscores the potential and credibility of Signol’s human-centric approach to sustainability.
“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,” stated Marina Hadjipateras, TMV’s co-founder and general partner.
Capital utilisation
Signol plans to utilise this fresh capital to refine its existing solutions and widen its footprint in the aviation and maritime industries. Additionally, the company aims to launch a proof-of-concept (POC) in the corporate travel sector to mitigate avoidable emissions from business travel through behavioural changes. CEO Michael Fanning highlighted that securing investment from industry leaders like Ultranav and MOL signifies the maritime industry’s endorsement of Signol’s strategy.
“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,” said Michael Fanning, CEO of Signol.
Signol’s behavioural science-driven service aims to engage human workers in hard-to-abate industries, encouraging them to adopt sustainable practices through everyday tasks. The company’s scalable communications platform uses advanced data analytics to motivate employees to make more sustainable decisions, thereby lowering emissions and fuel consumption without requiring technological or physical modifications.
The recent funding round reflects growing confidence in Signol’s human-centric approach to sustainability, a method that not only saves costs but also significantly reduces emissions. As Signol continues to expand into new verticals, such as corporate travel, its innovative use of behavioural science and data analytics promises to drive further advancements in emission reductions across various industries. This strategy of leveraging human potential could serve as a model for other sectors looking to achieve sustainable growth.
