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Danish CleanTech Firm ZeroNorth Raises $50 Million in Series B Funding

Mike Schuler
Total Views: 1442
June 3, 2022

A.P. Moller Holding A/S and Cargill have increased their investment in ZeroNorth, a Danish technology startup seeking to “make global trade green.” The company has also received a new investment from PSG Equity, a leading growth equity firm that partners with software and technology-enabled services companies.

The investments were made during ZeroNorth’s recently concluded Series B investment round that raised over $50 million.

ZeroNorth is looking to further accelerate decarbonisation in shipping by blending “cutting-edge data-driven technology with human expertise.” The company provides a range of software-as-a-service (SaaS) solutions helping the global shipping industry to cut emissions and reduce its climate impact while maintaining commercial performance.

ZeroNorth says the Series B investment will help to accelerate its growth over the coming years, enabling it to continue investing in product innovation, expanding its customer facing teams and pursuing M&A to add data, products and services to its platform.

The investment will also help to enable ZeroNorth to continue to accelerate the green transition of global trade by driving down CO2 emissions in shipping in the immediate term, by deepening the insights generated by its platform, connecting more players across the supply chain and turning data into actions that can underpin value driving decision-making, according to the company.

Providing an example, ZeroNorth says it’s on course to help cut CO2 emissions by over half a million metric tonnes in 2022, up from 218,000 tonnes in 2021.

“We are delighted to welcome PSG Equity as a new investor in ZeroNorth. We have ambitious goals and PSG Equity shares our vision of enabling widescale change in how our industry operates,” said Søren Meyer, CEO of ZeroNorth.

Edward Hughes, Managing Director at PSG Equity, commented: “ZeroNorth has been able to achieve impressive growth in the short time they have been operating. Their clear vision and roadmap for growth as well as the expertise they have been able to attract makes the company an appealing prospect to partner with. Their established track record of success, strong customer feedback and unique blending of maritime and tech together, make us confident they are positioned to be a major player in leading the green transition of global trade.”

“PSG Equity will provide strategic expertise honed from working with similar technology companies across our portfolio. We are confident that, together, we will help enable the next phase of ZeroNorth’s exciting growth journey,” Edward added.

AP Moller Holding is a privately-held investment company responsible for managing the wealth of the Maersk family. It is parent to A.P. Moller Group, which includes A.P. Moller – Maersk.

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