London-based sustainability startup Signol, which aims to reduce emissions in aviation and shipping through the use of behavioral science, has secured £2.5 million. This round was led by TMV, with participation from Ultranav and MOL Plus. The capital raised will enable Signol to focus on enhancing its solution and increasing commercial traction in the aviation and shipping industries.
- Signol, founded in 2017, is led by a management team comprising Michael Fanning, Gavin Laidlaw, Divya Sukumar, and Jay Ramsay. The startup tech-enabled behavior change service enables industries to engage their workforce, utilizing behavioral science to reduce emissions and achieve sustainability targets.
- Since its inception, Signol has helped shipping and aviation companies save over 100,000 metric tonnes of CO2 by optimizing human decision-making, all without making any technological or physical changes to ships or aircraft. This has resulted in fuel consumption reductions of up to 1% in aviation and 12% in shipping.
Details of the deal
- The latest funding round was led by TMV, a New York-based venture capital firm that supports startups from seed through Series A. TMV specializes in sectors including healthcare, the future of work, maritime, ports, and mobility.
“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," TMV’s co-founder and general partner, Marina Hadjipateras, stated.
- The round also saw participation from Ultranav, a global shipping company, and MOL PLUS, the venture arm of the Japanese shipping company Mitsui O.S.K. Lines, Ltd. (MOL). Additionally, East Innovate, the London-based venture capital firm that led Signol’s previous funding round, has reinvested.
- With the £2.5 million investment, Signol aims to enhance its solution and boost commercial traction in the aviation and shipping industries. The firm will also implement a proof-of-concept (POC) in the corporate travel sector, using behavior change strategies to reduce avoidable emissions from business travel.
“Securing investment from industry-leading companies like Ultranav and MOL is a significant endorsement from the maritime industry that our humancentric approach is seen as a critical lever in companies’ sustainability strategies, "CEO of Signol, Michael Fanning, commented.
