FrontM's Strategic Investments Steer the Maritime Industry Towards Enhanced ESG
In a significant move underscoring the maritime industry's commitment to digital innovation and crew welfare, FrontM, the maritime superapp platform company, announces the completion of a strategic funding round led by Motion Ventures with participation from MOL PLUS and Wilhelmsen.
The maritime industry stands at the threshold of a monumental shift, fuelled by the rise of digitalisation, the breakthrough of new-gen Low Earth Orbit (LEO) satellite connectivity and a concerted drive towards decarbonisation and adherence to environmental regulations. At the heart of this transformation is the industry's reliance on its vast workforce, numbering 50 million across various ocean-related sectors, of which 2 million seafarers play a pivotal role in transporting 90% of the world's trade.
Yet, as digital advancements reshape land-based operations, the maritime domain faces a growing disparity, struggling to allure the new generation of workers to choose seafaring as an equally attractive and the adventurous career it once was. This divergence underscores a looming 'crew crisis,' highlighting the urgent need for human skills sustainability to fill the gap and to achieve the 2030 ESG goals, with emphasis on the crucial 'Social' aspect.
This partnership marks a significant stride towards addressing these imperative needs, signalling a concerted effort to navigate the maritime industry towards a sustainable and digitally inclusive future.
FrontM is the industry’s first true superapp platform to revolutionise stakeholder collaboration, transform crew services and accelerate maritime digitalisation. With its unique app marketplace and low-code developer frameworks, FrontM brings a multitude of in-house and partner solutions together, to break silos and simplify the implementation of digital initiatives.
Today, the superapp platform delivers a unique suite of marketplace apps for maritime companies to prioritise crew connectivity and operate the ship as an extension of the shore. This ranges from crew healthcare enabling medical specialists to deliver comprehensive care, to crew training and skills development with social and just-in-time learning tools, crew entertainment with the industry’s first live IP-TV to bring the crew back to the mess room, together with crew social internet, video conferencing and virtual events.
Kiran Venkatesh, CEO of FrontM, expressed excitement about their new partnerships, saying, "Our collaboration with Motion Ventures, MOL PLUS and Wilhelmsen marks a pivotal moment towards realising our vision for a digitally connected maritime industry, fostering seamless collaboration and improved quality of life at sea for workforces. These strategic investments will catalyse the expansion of our partner integrations, enriching the app ecosystem and paving the way for future partnerships that are on our radar."
The strategic partnerships will significantly scale FrontM's superapp platform, already reaching an installed base of 1,000 vessels, with an additional 1,000 ships in the pipeline from MOL, Wilhelmsen and others. This expansion is poised to establish FrontM's platform as the maritime industry's quintessential gateway for solution providers to integrate into the superapp.
FrontM’s superapp with comprehensive collaboration tools and an integrated app marketplace
For industry leaders and strategic partners, FrontM's Application Platform-as-a-Service model drives growth and differentiation with value-added, customer-centric solutions. This strategy steers away from the commoditisation trap. Embracing FrontM's pre-integrated marketplace apps offers a compelling opportunity for maritime businesses to further innovate and enhance their competitive edge in the market.
Cliff Tan, Investment Principal at Motion Ventures, reflected on the investment's significance, "Crew engagement is critical in the maritime industry for ensuring crew success, safety and wellbeing. FrontM’s superapp platform is revolutionising this space, offering a unique solution that allows maritime crews to connect and thrive, even in challenging conditions. Kiran and the team's deep industry understanding and innovative technology set them apart, embodying what we consider the industry’s most forward-thinking solution. Our investment in FrontM underscores our commitment to elevating crew engagement standards, promising a future of enhanced productivity and wellbeing for crews worldwide.”
Nakul Malhotra, VP of Emerging Opportunities Portfolio at Wilhelmsen, Norway, says: “We are excited to be supporting FrontM's journey in enhancing and simplifying the crew engagement space. The transformation of ship-shore interaction corresponds perfectly with the exponential expansion of connectivity offerings on board and we believe strongly in this direction and its potential."
Takuya Sakamoto CEO of MOL PLUS, Japan, commented: “We have engaged in ongoing productive discussions with FrontM regarding the increasingly critical issues of crew engagement and healthcare within the ocean shipping industry. FrontM's holistic approach is very seafarer-centric and is the primary reason we love their solution. We are happy to join other partners and shareholders on this exciting journey with FrontM. We commit to strong support from our maritime corporate standpoint”
For enquiries contact us at info@frontm.com today to see how you can benefit from our Superapp Platform and join us to shape the future of work in maritime together.
About FrontM:
FrontM is a UK Headquartered, collaboration software platform company offering a comprehensive superapp for the maritime industry. By connecting service providers, solution providers, ship operators, and their crews, FrontM facilitates improved communications, collaboration, crew welfare and operational efficiency at sea. With a focus on digitalisation and a one-stop solution for integrating services, FrontM is dedicated to overcoming the challenges of app fatigue and advancing the maritime industry's digital transformation.
About Motion Ventures:
Motion Ventures is a strategic global venture investment fund designed for industry adoption to scale innovation, with a focus on early-stage investments. Motion Ventures are, by design, focused on giving their portfolio companies the best chance to succeed through a deep global network of Fortune 500 corporate partners, government agencies and decision makers.
About Wilhelmsen:
Founded in Norway in 1861, Wilhelmsen is now a comprehensive global maritime group providing essential products and services to the merchant fleet, along with supplying crew and technical management to the largest and most complex vessels ever to sail. Committed to shaping the maritime industry, we’re also developing new opportunities and collaborations in renewables, zero-emission shipping and marine digitalisation. Supporting a diverse and inclusive workplace, with thousands of colleagues across more than 60 countries, we take innovation, sustainability and unparalleled customer experiences one step further.
About MOL PLUS:
MOL PLUS is a Corporate Venture Capital (CVC) driving force for MOL. The company will make a broad range of investments, mainly in early and middle-stage startup companies around the world, that can upgrade ocean shipping and logistics, environmental sustainability, new technologies/blue economy and create new businesses from mid-to-long-term viewpoints.
MOL PLUS continually works to generate synergetic effects based on startup companies’ innovative ideas and technologies and MOL Group’s resources through investment in and collaboration with startups, aiming to create new businesses ”PLUS” new value for the ocean shipping industry and society.