The company plans to use the capital to expand its customer-facing teams and pursue mergers and acquisitions to add data, products and services to its platform. File Image / Pixabay
Shipping optimisation firm ZeroNorth, which bought bunker procurement platform ClearLynx earlier this year, has raised more than $50 million it its latest investment round and plans to pursue further mergers and acquisitions.
The firm has taken on more capital from existing investors AP Moller Holding and Cargill, as well as new investment from equity company PSG Equity.
The company plans to use the capital to expand its customer-facing teams and pursue mergers and acquisitions to add data, products and services to its platform, it said in a statement on its website on Thursday.
"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," the company said.
"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."