Greek Harbor Lab nets $16M for port cost management software
Harbor Lab, a Greek maritime software company, has successfully completed a Series A funding round, raising $16 million to bolster its mission of streamlining port call cost management in the shipping industry. This latest round of funding was led by European venture capital firm Atomico and included contributions from Notion Capital, SpeedInvest, The Dock, and new investors Endeavor Catalyst and TMV, a maritime-focused VC. The company's total funding has now reached approximately $22.5 million.
The startup's SaaS platform addresses the complexities of port expense accounting, the second-largest expense for commercial vessels after fuel. Harbor Lab's system promises to reduce the margin of error in invoicing and overpayments from 20% to a mere 3% per port call. By leveraging AI and real-time data on official port tariffs, the platform can mitigate inefficiencies and disputes that arise from the current lack of standardization across global ports.
With the new capital, Harbor Lab plans to expand its automation team and invest further in AI technology. The startup also aims to double its headcount by the end of the year. Harbor Lab's solution enables a single individual to manage disbursements for up to 50 vessels, a significant improvement from the industry's traditional ratio of one to six. Among Harbor Lab's clientele are shipping industry leaders such as Great Eastern Shipping, Oldendorff, Veson Nautical, and 90POE.
