Athens-based Harbor Lab, a maritime software company modernising outdated accounting practices, has secured $16M (approximately €14.78M) in a Series A round of funding led by European VC Atomico.
The round also saw participation from existing investors including Notion Capital, Venture Friends, SpeedInvest and The Dock, and new investors Endeavor Catalyst and maritime VC TMV.
This round follows the company’s seed round of €6.1M bringing Harbor Lab’s total raised capital to $22.5M. Ben Blume from Atomico will join the company’s board.
Optimising maritime’s last mile
Harbor Lab mentions in a statement that the shipping industry faces a big problem with outdated accounting methods, leading to high costs and disputes. Port calls, a major expense for ships, can reach $2.2M per vessel per year.
This outdated system causes inefficiency, inflated operational costs, and lots of disputes and late payments. New laws about the environment and growing global problems are making things even more complicated and risky, raising the costs of transporting cargo.
Every year, there are over 4 million cargo port visits worldwide, spread across about 4,000 ports. These visits involve paying fees to port authorities and local agents for essential services like spare parts and visas.
Varying costs at different ports worldwide make it challenging for shipping companies to predict expenses accurately. Factors like local policies, economics, and currency fluctuations contribute to this unpredictability.
This is where Harbor Lab looks to make a difference. Founded in 2020 by Antonis Malaxianakis, it helps shipping companies manage port-related costs more efficiently.
Through Harbor Lab’s platform, one person can oversee disbursements for up to 50 vessels, a “significant” improvement on the previous ratio of 1 to 6 vessels.
The platform also reduces invoicing errors and overpayments by checking expenses against official port tariffs in real-time, lowering the margin of error from 20 per cent to just 3 per cent per port call.
Additionally, the company offers services like Know-Your-Customer (KYC) verification, making interactions with local agents safer and more compliant.
Founder Malaxianakis says, “By demystifying disbursement accounting, we’re not just streamlining operations; we’re fostering a culture of trust and innovation across the maritime ecosystem.”
Capital utilisation
Harbor Lab collaborates with other maritime innovators like Veson Nautical and 90POE to offer customers a complete solution. The funding will help the company to expand its team in Athens, which currently has 70 members.
The capital will also help Harbor Lab invest in new technologies, such as artificial intelligence, to improve its services even further.
Atomico partner, Ben Blume, says, “Harbor Lab’s platform gives peace of mind to shipping companies by enabling them to run critical parts of their operations in a more seamless, transparent and efficient way.”
“It is already helping businesses around the world – including shipping giants Great Eastern Shipping and Oldendorff – and has a significant opportunity to expand globally.”
Brief about Atomico
Atomico is an investment firm that backs “ambitious” tech founders, supporting them from early stages like Seed to Series A and beyond. The firm focuses mainly on Europe, using its operational experience to fuel startup growth.
Since 2006, Atomico has partnered with over 100 teams, including companies like Klarna, Supercell, and Twitter. Its team, comprised of founders, investors, and operational leaders, has played key roles in the growth of various global companies.
Currently, Atomico manages assets worth $4.5B.
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