ZeroNorth, a Copenhagen-based company that wants to accelerate the transition to greener global trade, announced on Thursday that it has secured $50M (approximately €46.8M) in a Series B round of funding led by PSG Equity (“PSG”).
Existing investors A.P. Moller Holding and Cargill also participated in the round.
ZeroNorth says it will use the funds to accelerate growth and invest in product innovation, expand its customer-facing teams, and pursue M&A deals.
The fund will also enable the Danish company to accelerate the green transition of global trade by driving down CO2 emissions in shipping. The company claims it is on course to help cut CO2 emissions by over half a million metric tonnes in 2022, up from 218,000 tonnes in 2021.
Søren Meyer, CEO of ZeroNorth, says, “We are delighted to welcome PSG Equity as a new investor in ZeroNorth. We have ambitious goals and PSG Equity shares our vision of enabling wide scale change in how our industry operates.”
ZeroNorth: What you need to know
Founded by Søren Meyer in 2020, ZeroNorth, a spin-off of Maersk Tankers, aims to accelerate the digitalisation of the shipping industry to address CO2 emissions.
The company’s software solution enables vessel owners and managers to operate their vessels more efficiently to reduce CO2 emissions, supporting the industry’s drive towards more sustainable development and increasing earnings.
The multi-service platform interconnects data into insights and actions, optimising global trade for cargo owners, vessel owners, commercial operators, charterers, and bunker suppliers.
The company’s SaaS-based solution supports the value chain to increase earnings and reduce CO2 emissions. Besides technology, the company’s team consists of ship operators, routing experts, master mariners, and a team of meteorologists, who combine their experience to ensure the best possible outcome.
Based out of Boston, PSG Equity (“PSG”) is a growth equity firm that partners with software and technology-enabled services companies. To date, the VC has backed more than 100 companies and facilitated over 400 add-on acquisitions.
Edward Hughes, Managing Director at PSG Equity, says, “ZeroNorth has been able to achieve impressive growth in the short time they have been operating. Their clear vision and roadmap for growth as well as the expertise they have been able to attract make the company an appealing prospect to partner with. Their established track record of success, strong customer feedback, and unique blending of maritime and tech together, make us confident they are positioned to be a major player in leading the green transition of global trade.”
Edward adds, “PSG Equity will provide strategic expertise honed from working with similar technology companies across our portfolio. We are confident that, together, we will help enable the next phase of ZeroNorth’s exciting growth journey.”