Greek maritime software company, Harbor Lab, has successfully raised $16 million in a Series A funding round. The company’s software offers a unique solution to reduce the significant costs associated with commercial ships’ port calls – as high as $2.2 million per vessel monthly. The primary investors in this round were Greek and the funding will be used for team expansion, research and development, and strengthening the company’s global footprint.
The costs that Harbor Lab’s software seeks to mitigate, known as “disbursements” and “port call expenses,” are a major contributor to global marine logistics costs. The software’s functions include tracking expenses incurred during a vessel’s stay at port, providing precise forecasts, and optimizing such expense management. Through the software, companies can instantly look up financial reports, notably enhancing transparency and decision-making.
Upon implementing Harbor Lab’s software, the company projects to reduce inaccuracies and over-payments from a global average of 20% to just 3% per port call.
Harbor Lab’s software: mitigating maritime costs
This drop signals drastic improvements in accuracy and financial efficiency.
The design and creation of the software can be credited to Harbor Lab’s founder, Antonis Malaxianakis. He emphasized the importance of delivering a high-quality product, initiating rigorous testing throughout the software development process. His focus on user experience and functionality shaped the software into a refined tool for clients, with a successful launch marking the accomplishment of all set goals.
The funding from the Series A round will also be used to incorporate new environmental regulations and address geopolitical disruptions in cargo transport. Advanced features for cargo tracking and management are planned for roll-out, expected to immensely boost operation efficiency and customer satisfaction. Emphasis will also be placed on compliance with emerging global environmental regulations, reflecting Harbor Lab’s commitment to more streamlined, resilient, and eco-friendly services.
Investors from the Series A round include Notion Capital, Venture Friends, SpeedInvest, and The Dock, new investors Endeavor Catalyst and maritime VC TMV also joined. With totals funds of about $22.5 million, Harbor Lab is well-positioned to revolutionize the maritime industry with its ground-breaking solutions, demonstrating both the transformative power of technology and the company’s potential to disrupt the sector.
