Investing in emissions reduction

Sustainability startup Signol, which uses behavioural science to reduce emissions in shipping and aviation, says it has raised £2.5 million (US$3.3 million) from leading industry-focused investors. The company’s “tech-enabled behaviour change service helps hard-to-abate industries fully engage their human workforce to make the most of the opportunities they already have to reduce emissions through their daily tasks”.

The investment round was led by New York-based venture capital firm TMV, which invests in legacy industries ripe for disruption, such as healthcare, the future of work, maritime, ports and mobility. The round included participation from leading industry stakeholders: Ultranav, a global diversified ship-operator, and MOL PLUS, the venture arm of Japanese shipping company Mitsui OSK Lines. London-based venture capital firm East Innovate, which led Signol’s previous funding round, has reinvested.

TMV’s co-founder and general partner Marina Hadjipateras said: “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. There’s always a human factor when it comes to transforming industries – especially in maritime, whose overall market size is valued at over $152bn and which is responsible for 90% of the way in which goods are transported. Signol harnesses the real power of people to shift operational behaviour and culture towards more sustainable practices.

He added: “We believe this approach can extend to multiple verticals beyond aviation and shipping, making it an attractive investment case, particularly given Signol’s plans to explore how AI can further empower individuals to perform their jobs as efficiently and effectively as possible. This use of AI will maximise the potential of human decision-making and increase the value of the human workforce.”

Following the latest investment in the company, Signol says it will “focus on enhancing its solution and increasing commercial traction in the aviation and shipping industries”. It will also implement a proof-of-concept (POC) in the corporate travel sector, using behaviour change to reduce avoidable emissions from business travel.