Copenhagen-based startup ZeroNorth has received over $50 million in Series B funding to continue digitalizing shipping for a more sustainable future. The investment was provided by the US-based growth equity firm PSG along with the startup’s existing investors A.P. Moller Holding and Cargill. This financial support will make it possible for the Danish startup to grow faster on its way to decreasing CO2 emissions in shipping. ZeroNorth is planning to enlarge its team to deal with the workload stemming from the expansion.
ZeroNorth secures over $50 million in Series B investment
New investment from PSG Equity alongside further investment from current shareholders A.P. Moller Holding and Cargill to enable ZeroNorth to look to further accelerate decarbonisation in shipping
Technology company ZeroNorth has today announced it has raised over $50 million in investment during its recently concluded Series B investment round.
The investment from PSG Equity (“PSG”), a leading growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth, joins further capital injections from ZeroNorth’s existing investors A.P. Moller Holding and Cargill, who also participated in the round. The news means that ZeroNorth now has a trio of partners that will support the company’s ambitious plans for continued growth.
The Series B investment, in addition to the support of PSG Equity, will help to accelerate ZeroNorth’s growth over the coming years, enabling it to continue investing in product innovation, expanding its customer facing teams and pursuing M&A to add data, products and services to the ZeroNorth platform.
The investment will also help to enable ZeroNorth to continue to accelerate the green transition of global trade by driving down CO2 emissions in shipping in the immediate term, by deepening the insights generated by its platform, connecting more players across the supply chain and turning data into actions that can underpin value driving decision-making. As a demonstration of this impact, ZeroNorth is on course to help cut CO2 emissions by over half a million metric tonnes in 2022, up from 218,000 tonnes in 2021.
Commenting on the announcement, Søren Meyer, CEO of ZeroNorth, said: “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 widescale change in how our industry operates.
Edward Hughes, Managing Director at PSG Equity, said “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 makes 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 added, “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.”