Danish supply chain-focused climate technology startup ZeroNorth announced today it has raised more than $50 million in a Series B investment round, aimed at enabling the company to further accelerate decarbonization in shipping.

Participants in the financing included growth equity firm PSG Equity, joining as a new investor, as well as existing investors including logistics company A.P. Moller Holding and food and ag company Cargill.

Søren Meyer, CEO of ZeroNorth, said:

“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.”

ZeroNorth provides a range of software solutions aimed at helping the global shipping industry cut emissions and reduce its impact on the climate while maintaining commercial performance. The company’s SaaS platform provides insights enabling ship owners and operators to optimize their businesses in real-time, improving environmental impact and profitability.

ZeroNorth stated that it is on track to help cut CO2 emissions by over half a million metric tonnes in 2022, up from 218,000 tonnes in 2021.

Proceeds from the financing will be used to invest in product innovation, expand the company’s customer-facing teams and pursue M&A.

Edward Hughes, Managing Director at PSG Equity, said:

“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.”