Syroco raises €7.5m in Series A funding round

Marseille, 9 December 2024

alter equity, the first French impact fund, led this round with their third fund alter equity 3P III, alongside Seventure Partners, via their Blue Forward fund Fund and the company's historical Business Angels and Family Offices investors.
Syroco has developed and sells a software platform based on artificial intelligence, dedicated to weather routing (optimisation of routes by taking into account weather and sea conditions) and optimisation of vessel settings. It reduces the fuel consumption of merchant ships by more than 10% on average and up to 25% in certain situations. The ROI for customers is attained in a few months. The impact of the solution is very high in terms of CO2 emissions avoided. Current users already include Socatra, Knutsen OAS Shipping, Geogas, Marfret, Odfjell.
This €7.5m Series A round of equity will allow Syroco to intensify efforts in Research & Development in order to offer even more intuitive and efficient solutions and to accelerate international commercial deployment.

Decarbonisation of maritime transportation

Maritime transportation represents 90% of the volume of global merchandise trade and is responsible for approximately 3% of carbon emissions globally, more than a billion tonnes each year. According to the International Maritime Organization (IMO), in the absence of robust measures, the environmental footprint of maritime transportation could generate 17% of greenhouse gas emissions by 2050. Binding regulations, including European carbon quotas or IMO commitment to reduce emissions by 50%, are gradually coming into force and requiring ship operators to adopt strong measures to improve their energy efficiency.

Through this funding round, Syroco is strengthening its position as a key player in the decarbonisation of maritime transportation. The Syroco solution has been highlighted by several institutions selecting the most effective solutions in terms of energy transition, including The Arch. Syroco is also part of the French Blue Tech Index and was recognised as one of the 150 most innovative companies in maritime.

Digital twin, data and artificial intelligence

The solution offered by Syroco is based on accurate weather and sea data. It uses a digital twin (virtual representation mimicking the characteristics and behaviour of the ship), based on data and artificial intelligence, to calculate an optimised trajectory. The suggested route, constantly updated, takes into account operating constraints, including arrival time, seakeeping, navigation safety and cargo-specific operational parameters. The accuracy and performance of the solution, as well as its user-friendly and intuitive interface, drive the confidence of captains.

Alex Caizergues, CEO and co-founder of Syroco, explained: “Thanks to this round of funding, we will continue our investments in Research & Development to provide our users with an always more intuitive solution and always more relevant recommendations, in order to reduce the consumption and emissions of their vessels. We will also accelerate the deployment of our global commercial operations in major shipping regions.”

Fanny Picard, President of alter equity, added: “Syroco appears to have developed the best energy efficiency tool for maritime transportation in terms of both the accuracy of their technology and its use by ship captains. We are convinced by the huge potential of the platform for CO2 emissions avoidance, which should quickly reach several million tonnes. We are proud to support the team through our 29th investment and the very first of our third fund.”

Isabelle de Cremoux, Chairman of the Board of Seventure Partners, concluded: “We are convinced that technological innovation is a powerful lever to accelerate transition to a sustainable economy and fight against climate change. By supporting Syroco, we are investing in a solution with a high environmental impact, which allows maritime transportation to significantly reduce their carbon footprint thanks to a reduction in fuel consumption. Support for Syroco’s development illustrates the commitment of Blue Forward Fund as an investor: combine economic performance and environmental benefits through immediately actionable solutions for a more efficient and sustainable maritime industry.”

About alter equity

alter equity invented impact investment and is dedicated to financing companies leading the transition to a more sustainable and responsible economy.

Their third alter fund equity 3P III, recently labeled Tibi 2, invests in equity in innovative startups whose activity and management practices are useful in the long-term for people and the environment, particularly in the fields of energy transition, mobility and sustainable cities, circular economy, sustainable agriculture, education, integration into society and employment, well-being and health.

To the best of their knowledge, alter equity holds the decarbonisation record among the French private equity market with regard to amounts under management. The funds’ participations have collectively avoided the emission of 6.8 million tonnes of CO2 since investment, accounting for 1.8% of France's annual emissions in 2023.

About Seventure

Seventure Partners is a long-term equity investor that actively supports innovative companies aiming at generating positive impacts on Humankind, Society, Sustainability, and the Planet. With €950m under management as of the end of 2023, Seventure Partners is a leading venture capital firm in Europe investing since 1997 in two main areas: (i) Life sciences (Biotech, Health & digital Health, Nutrition, Foodtech, Blue Economy, Aquaculture, Animal & Agriculture, Sport) with a specific interest for microbiome-related innovations across Europe, Israel, Asia and North America and (ii) Digital technologies in Western Europe. Blue Forward Fund, launched in 2022 is an impact fund investing in innovative companies actively contributing to planet boundaries and takes part in the fight against climate change in the blue economy (water and ocean).