Harbor Lab raises $16M for efficient maritime communication

Maritime Software Company Harbor Lab has raised a $16M Series A funding round, led by European VC Atomico, to streamline ports of call at sea.

With participation from existing investors Notion Capital, Venture Friends, SpeedInvest and The Dock, and new investors Endeavor Catalyst and maritime VC TMV, the round follows a Seed round of €6.1M.

Shipping companies use manual methods to track, analyse and validate port expenses, resulting in a complex web of costs that arise from every port call. Harbor Lab’s platform optimizes and streamlines the port cost management process for shipping companies, enabling a single individual to oversee disbursements for up to 50 vessels vs today’s ratio of 1 to 6 vessels.

New environmental legislation and mounting geopolitical crises are further adding to the complications, dangers, and unpredictability in costs of transporting cargo.

By streamlining how shipping companies handle these port-related costs, Harbor Lab increases the ratio of vessels reached from a previous 1 to 6 vessels. The platform also mitigates invoicing errors and overpayments by cross-referencing port call expenses with real-time official port tariffs from global port authorities and offers verification for local agents.

"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.

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