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Greek Harbor Lab Secures $16M Series A to Transform Maritime Accounting Practices

Antonis Malaxianakis, Harbor Lab founder
Image credit: Antonis Malaxianakis, Harbor Lab founder
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In a nutshell

  • Greek Harbor Lab, a maritime software company, raised a $16M  Series A funding round led by European VC Atomico. 
  • In the round participated existing investors like Notion Capital, Venture Friends, SpeedInvest and The Dock, and new ones, including Endeavor Catalyst and maritime VC TMV.
  • This funding will support the growth of Harbor Lab’s Athens-based team, help the development of latest technologies, including artificial intelligence to further enhance its offerings.

 

Get the details

Harbor Lab, founded in 2020 by Antonis Malaxianakis, is a maritime software company aiming to modernize the accounting practices hampering the $14TR shipping industry. Their platform focuses on optimizing and streamlining the port cost management process for shipping companies. 

Shipping companies use manual methods to track, analyze and validate port expenses. The global cost from port calls, for all vessels, is over $220B dollars per year. Using Harbor Lab, shipping companies can reduce the margin of error from 20% to just 3% per port call, shared from the company.

This Series A follows a Seed round of €6.1M, and takes total funding for the Greek startup to some $22.5M. Atomico Partner Ben Blume will join the board.

Harbor Lab has strategic integrations with fellow maritime innovators Veson Nautical & 90POE.

 

The broader picture

The global maritime sector has been experiencing a digital transformation in the past years. Incorporating technologies like AI, IoT, and automation enhances inventory management, ship monitoring, and data tracking is leading to significant improvements in productivity. 

In parallel, across CEE, there are a number of companies tackling port operations’ optimization, like Marine Fields, a startup that aims to offer enhanced digital collaboration between shipping companies, ports and terminals. 

Another niche example is ABRAXA, based in Varna, Bulgaria, an intelligent port call management platform that aims to help port agents and their customers to gain control and efficiency in their port calls. 

Read more:  In the First Series A of the Year, Digitail Grabs Over €10M to Serve Pet Parents and Vets

The lack of standardization and transparency across different ports worldwide makes it difficult for shipping companies to calculate port expenses. The latest innovations in the field aim to enhance productivity, predict costs, and organize order data.

 

In their own words

“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.

 

Investor’s perspective

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 opportunities to expand globally.”

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https://therecursive.com/author/teodoraatanasova/

Teodora Atanasova is a News Editor at The Recursive. She covers everything around funding rounds, exits, startups expanding to international markets, big tech opening R&D in CEE, meaningful for the ecosystem partnerships.