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#News(Startup) [ via IoTGroup ]
Reefknot Investments, a joint venture between Temasek, Singapore’s sovereign fund, and global logistics company Kuehne + Nagel, announced today the launch of a $50 million fund for logistics and supply chain startups.
The firm is based in Singapore, but will look for companies around the world that are raising their Series A or B rounds.
Managing director Marc Dragon tells TechCrunch that Reefknot will serve as a strategic investor in its portfolio companies, providing them with connections to partners that include EDBI, SGInnovate, Atlantic Bridge, Vertex Ventures, PSA unBoXed, Unilever Foundry and NUS Enterprise, in addition to Temasek and Kuehne + Nagel .
Dragon, a veteran of the supply chain and logistics industry, says Reefknot plans to invest in about six to eight startups.
It is especially interested in companies that are using AI or deep mind tech, digital logistics and trade finance to solve problems that range from analyzing supply chain data and making forecasts to managing the risk of financing trade transactions.
Data from Gartner shows that about half of global supply chain companies will use AI, advanced analytics or the Internet of Things in their operations by 2023.
“There is a high level of expectation from vendors that because of technology, there will be new methods to do analytics and planning, and greater visibility in terms of information and product, materials and goods flowing throughout the supply chain,” says Dragon.
Reefknot will also establish a think tank that will work with industry experts and government organizations on forums, research and exploring new logistics and supply chain business models that startups can bring into fruition.
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