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Home News Harbor Lab raises US$16 million to streamline port cost management

Harbor Lab raises US$16 million to streamline port cost management

Harbor Lab, the maritime software company, has raised a US$16 million Series A funding round led by European VC Atomico.

With participation from existing investors Notion Capital, Venture Friends, SpeedInvest and The Dock, and new investors Endeavor Catalyst and maritime VC TMV, the round follows a Seed round of €6.1 million (around US$6.6 million) and takes total funding for the Greek startup to some US$22.5 million. Atomico Partner Ben Blume will join the board.

Harbor Lab enables a single individual to oversee disbursements for up to 50 vessels, a significant improvement on the previous ratio of 1 to 6 vessels. Moreover, the platform mitigates invoicing errors and overpayments by cross-referencing port call expenses with real-time official port tariffs from global port authorities, reducing the margin of error from 20% to just 3% per port call. Additionally,Harbor Lab offers services including Know-Your-Customer (KYC) verification, enhancing security and compliance in their interaction with local agents.

“By demystifying disbursement accounting, we’re not just streamlining operations; we’re fostering a culture of trust and innovation across the maritime ecosystem”, said Harbor Lab founder Antonis Malaxianakis.

Atomico partner Ben Blume added, “Harbor Lab’s platform gives peace of mind to shipping companies by enabling them to run critical parts of their operations in a more seamless, transparent and efficient way. It is already helping businesses around the world – including shipping giants Great Eastern Shipping and Oldendorff – and has significant opportunity to expand globally.”

Harbor Lab has strategic integrations with fellow maritime innovators Veson Nautical & 90POE, to provide a seamless, joined-up solution to customers. This funding will support the growth of Harbor Lab’s Athens-based team – currently 70 strong – and investment in new technologies including artificial intelligence to further enhance its offerings.

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