Sustainability startup Signol raises £2.5m to harness the human factor in emissions-intensive industries

London, September 2nd, 2024. Sustainability startup Signol, which uses behavioural science to reduce emissions in shipping and aviation, has raised £2.5m from leading industry-focused investors.

Signol’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 O.S.K. Lines, Ltd.(MOL). 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.

“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.”

The behavioural science opportunity

Signol is a compelling proposition for industry-focused investors, due to the untapped opportunity to use behavioural science to achieve sustainability targets.

To date, Signol has saved shipping and aviation companies more than 100,000 metric tonnes of CO2 by optimising human decision-making, without any technological or physical changes to ships or aircraft. The CO2 savings stem from reductions in fuel consumption up to 1% in aviation and 12% in shipping.

“Ultranav is delighted to support Signol’s efforts to ensure the shipping industry doesn’t overlook the power of its human workforce as we tackle the urgent need to decarbonise,” said Ultranav’s Per Lange.

“During my 40+ year maritime career, I’ve seen first-hand that it’s not always straightforward to appropriately engage crew members in efficiency initiatives without adding to their workload and mental stress.

“With a strong foundation in behavioural science, Signol’s solution enables crew members to contribute as much as possible to sustainability goals while also improving the day-to-day experience at sea for our vital workforce.”

Sustainability at scale

Following the £2.5m investment, Signol 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.

Michael Fanning, Signol’s CEO, said: “Securing investment from industry-leading companies like Ultranav and MOL is a significant endorsement from the maritime industry that our human-centric approach is seen as a critical lever in companies’ sustainability strategies.

“Adding Marina Hadjipateras and Per Lange to Signol’s board is another huge benefit. They bring a wealth of investment and industry experience coupled with great enthusiasm for Signol’s purpose, which I am confident will serve to accelerate Signol’s growth and impact”

Commenting on the investment, Takuya Sakamoto, CEO of MOL PLUS, said: “We have engaged in ongoing productive discussions with Signol regarding issues in the ocean shipping industry. We love their unique approach to assisting seafarers in better managing increasing workloads on board.

“MOL PLUS is proud to participate in Signol’s fundraising round to ensure the human opportunity is not overlooked. We are happy to join other partners and shareholders on this exciting journey with Signol. We commit to strong support from our maritime corporate standpoint.”