London-based sustainability startup Signol has raised €2.96 million in a seed extension round led by New York-based VC firm TMV. The funding will be used to enhance Signol’s tech-driven service, which leverages behavioral science to reduce emissions in hard-to-abate industries like shipping and aviation.
In addition to TMV, the funding round saw participation from global ship operator Ultranav, MOL PLUS (the venture arm of Mitsui O.S.K. Lines), and London-based East Innovate, which had also invested in Signol’s previous round. Marina Hadjipateras, co-founder and general partner at TMV, emphasized the importance of investing in solutions that can immediately impact sustainability and efficiency in legacy industries.
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Focus on Human-Centric Solutions
The platform engages the human workforce in operational decision-making to maximize emission reductions. The company’s approach has already helped clients in aviation and shipping save $25 million in fuel costs and cut 100,000 metric tonnes of CO2. The funding will allow Signol to further its impact by expanding its presence in these industries and launching a proof-of-concept in the corporate travel sector.
Endorsement from Industry Experts
Michael Fanning, CEO of Signol, highlighted the significance of support from industry leaders like Ultranav and MOL PLUS. The addition of Marina Hadjipateras and Per Lange to the Startup’s board brings valuable industry experience that will accelerate the company’s growth and influence
Driving Sustainable Practices in Maritime and Aviation
The company’s behavioral change platform motivates employees to make more sustainable decisions, achieving significant fuel savings without requiring technological or physical modifications to ships or aircraft. CEO of Ultranav, Per Lange, praised thr firm’s approach for its ability to engage crew members in sustainability initiatives without adding to their workload or stress.
