Singapore Digital Bunker Venture Secures S$850,000 Funding

Friday October 4, 2019

Singapore's Claritecs says it has secured S$850,000 (US$600,000) in a pre-Series A fund raising round to help drive its efforts to offer digitalisation solutions within the bunkering and wider maritime space.

The funding has come from Schulte Group's venture capital arm, INNOPORT, and an anonymous private angel investor.

"Claritecs impressed us with their keen sense of identifying pain points faced by the bunkering industry and addressing them with holistic digital solutions based on their strong domain knowledge," said Haymon Sinapius, INNOPORT's Investment Manager for Asia.

Claritecs counts its recently launched web-based digital bunkering service, BunkerMaestro, among its offerings.

The firm say the flagship development can increase work efficiency by at least 30%, increase bunker tanker utilisation rate at least 15%, and halve the time spent on communication.

"Within this short period, their flagship development BunkerMaestro has evolved from a proof of concept to a very comprehensive scheduling platform to handle bunker fleet optimisation and the complexities of multiple grades of marine fuels required by ships to meet the IMO 2020 sulphur cap regulation," said Sinapius.

"This platform could not be rolled out at a more opportune time and I am very excited to monitor the progress of Claritecs as they bring their other projects to market."

Claritecs CEO, Wong Hong Lee, says the funding will help support product development and market roll-out as the firm looks to establish itself as a forerunner in the local tech space specialising in the bunkering sector.