Zero North, a Copenhagen-based maritime technology company, announced on Thursday that it has raised $50M in a Series B funding round PSG Equity (“PSG”). Existing investors, including A.P. Moller Holding and Cargill, participated in the round.
How will the funding be used?
The investment will allow Zero North to accelerate its growth over the coming years and 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 enable the Danish company to accelerate the green transition of global trade by driving down CO2 emissions in shipping in the immediate term.
As a result, 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.
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 widescale change in how our industry operates.
Founded by Søren Christian Meyer, ZeroNorth uses data and digital platforms to support shipping decarbonisation.
The company’s platform helps vessel owners and operators optimise voyages, vessels, and bunkers to immediately reduce CO2 emissions, supporting the industry’s decarbonisation journey.
ZeroNorth’s software offers a full range of services that support the value chain to increase earnings and reduce Co2 emissions; delivered to customers through a software-as-a-service (SaaS) model.
PSG Equity is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth.
Having backed 100 companies (including Whoz and Lusha) and facilitated over 400 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams.
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.”