Signol, a pioneering sustainability startup leveraging behavioral science to cut emissions in the shipping and aviation sectors, has successfully raised £2.5 million from prominent industry-focused investors.
Specializing in tech-enabled behavior change, Signol’s innovative approach engages human workforces in hard-to-abate industries to maximize existing opportunities for emission reduction through everyday tasks. This latest investment round, spearheaded by New York-based venture capital firm TMV, marks a significant endorsement of Signol’s mission. TMV, known for targeting legacy industries ripe for disruption, has attracted participation from key industry players including Ultranav, a global ship operator, and MOL PLUS, the venture arm of Japanese shipping giant Mitsui O.S.K. Lines, Ltd. (MOL). London-based East Innovate, which led Signol’s previous funding round, has also reinvested.
Marina Hadjipateras, co-founder and general partner of TMV, emphasized the importance of investing in solutions that drive immediate improvements in the sustainability and efficiency of traditional industries. “Transforming sectors like maritime, with a market size exceeding $152 billion and responsible for 90% of global goods transport, involves addressing the human element,” Hadjipateras said. “Signol harnesses the power of people to foster operational behavior and cultural shifts towards sustainability, and their approach has potential applications across multiple sectors beyond aviation and shipping. Their plans to incorporate AI further to enhance human decision-making and workforce value are particularly compelling.”
Signol’s approach to sustainability through behavioral science presents a unique opportunity for industry investors. To date, the company has achieved notable results, saving over 100,000 metric tonnes of CO2 by optimizing human decision-making without altering the physical or technological aspects of ships or aircraft. These savings are attributed to fuel consumption reductions of up to 1% in aviation and 12% in shipping.
Per Lange of Ultranav expressed support for Signol’s mission: “As we work towards decarbonizing the shipping industry, it is crucial to leverage the potential of our human workforce. Signol’s foundation in behavioral science offers a practical solution to engage crew members in sustainability efforts without increasing their workload or stress levels.”
Following this investment, Signol plans to enhance its solution and gain further commercial traction in the aviation and shipping sectors. The company will also pilot a proof-of-concept in the corporate travel sector to reduce avoidable emissions from business travel.
Michael Fanning, CEO of Signol, welcomed the investment, noting, “Securing backing from industry leaders like Ultranav and MOL is a major endorsement of our human-centric approach. The addition of Marina Hadjipateras and Per Lange to our board will accelerate our growth and impact, bringing invaluable experience and enthusiasm.”
Takuya Sakamoto, CEO of MOL PLUS, added, “We value Signol’s unique approach to supporting seafarers in managing increasing workloads. MOL PLUS is excited to participate in this fundraising round and contribute to ensuring that the human element is not overlooked in our sustainability efforts.”
