London-based Signol, a sustainability startup that uses behavioural science to decarbonise hard-to-abate industries, has secured £2.5M (approximately €2.96M) in a seed extension round funding led by TMV, a New York-based VC firm.
The UK-based company’s tech-driven service focuses on engaging the human workforce in hard-to-abate industries to maximise emission reduction opportunities through everyday tasks.
Investors supporting Signol
Besides TMV, the round also saw participation from global ship operator Ultranav, MOL PLUS (the venture arm of Mitsui O.S.K. Lines, Ltd.), and London-based East Innovate, which led Signol’s previous funding round and has reinvested.
TMV’s co-founder and general partner, Marina Hadjipateras says, “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.”
“There’s always a human factor when it comes to transforming industries – especially in maritime, whose overall market size is valued at over $152B and which is responsible for 90 per cent of the way in which goods are transported. Signol harnesses the real power of people to shift operational behaviour and culture towards more sustainable practices.”
Hadjipateras adds, “We believe this approach can extend to multiple verticals beyond aviation and shipping, making it an attractive investment case, particularly given Signol’s plans to explore how AI can further empower individuals to perform their jobs as efficiently and effectively as possible.
“This use of AI will maximise the potential of human decision-making and increase the value of the human workforce.”
Capital utilisation
With this funding, Signol plans to enhance its solution and expand its presence in the aviation and shipping industries. It will also launch a proof-of-concept (POC) in the corporate travel sector, aiming to reduce avoidable emissions from business travel through behaviour change.
Michael Fanning, Signol’s CEO, says, “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.”
“Adding Marina Hadjipateras and Per Lange to Signol’s board is another huge benefit. They bring a wealth of investment and industry experience coupled with great enthusiasm for Signol’s purpose, which I am confident will serve to accelerate Signol’s growth and impact.”
Brief about Signol
Signol is a sustainability-focused behaviour change service targeting the maritime and aviation sectors. By using advanced data and behavioural science, Signol motivates employees to make more sustainable decisions.
Its scalable communications platform applies behaviour change techniques to lower barriers that prevent crew members from saving fuel.
The company has already helped aviation and shipping clients save $25M in fuel costs and cut 100,000 metric tonnes of CO2 by optimising human decision-making, resulting in up to 1 per cent fuel savings in aviation and 12 per cent in shipping, all without technological or physical modifications to ships or aircraft.
CEO of Ultranav, Per Lange, adds, “Ultranav is delighted to support Signol’s efforts to ensure the shipping industry doesn’t overlook the power of its human workforce as we tackle the urgent need to decarbonise.”
“During my 40+ year maritime career, I’ve seen first-hand that it’s not always straightforward to appropriately engage crew members in efficiency initiatives without adding to their workload and mental stress.
“With a strong foundation in behavioural science, Signol’s solution enables crew members to contribute as much as possible to sustainability goals while also improving the day-to-day experience at sea for our vital workforce.”
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