Port calls for cargo ships come with significant costs known as “disbursements” and “port call expenses.” These expenses include port dues, towage fees, and pilotage fees, among others. The global cost of port calls for all vessels amounts to over $220 billion per year. However, a Greek maritime software startup called Harbor Lab aims to streamline these costs and reduce invoicing errors and overpayments. The company claims that port calls are the second-largest expense for commercial vessels after fuel, averaging around $2.2 million per vessel per year.
Harbor Lab recently raised a $16 million Series A funding round led by European VC Atomico. This funding follows their previous seed round of €6.1 million. The startup’s platform has already garnered the attention of shipping giants such as Great Eastern Shipping, Oldendorff, Veson Nautical, and 90POE, who have become clients and partners.
The founder of Harbor Lab, Antonis Malaxianakis, has firsthand experience with the challenges faced by the industry. He explained that he was a user and potential user of the software they developed, having manually reviewed over 20,000 disbursement accounts. This deep understanding of the industry allowed Harbor Lab to create a software solution that could address the complex needs of commercial vessels during port calls.
One of the key features of Harbor Lab’s platform is its ability to conduct thorough KYC (Know Your Customer) investigations on all parties involved in port calls, including vessels and agents. This attention to detail ensures compliance and reduces risks.
The investment from Atomico was driven by their focus on core logistics processes and the movement of goods worldwide. They believe that Harbor Lab is a standout company in the commercial maritime sector due to its comprehensive software solutions. Atomico partner Ben Blume praised Harbor Lab’s founder, Antonis Malaxianakis, for his vision and industry expertise.
In addition to the financial benefits, there are pressing reasons to address the complications of transporting cargo. New environmental legislation and geopolitical crises have heightened the need for efficient and reliable transportation methods.
Harbor Lab’s funding round included existing investors Notion Capital, Venture Friends, SpeedInvest, and The Dock, as well as new investors Endeavor Catalyst and maritime VC TMV. With a total funding of $22.5 million, Harbor Lab is well-positioned to continue its mission of revolutionizing the maritime industry through innovative software solutions.