Harbor Lab, a Greek maritime software company dedicated to modernizing the outdated accounting practices prevalent in the $14 trillion shipping industry, announced today the successful closure of a $16 million Series A funding round.
At the core of the shipping industry lies a longstanding bottleneck: antiquated, primarily manual accounting methods that many shipping companies still rely on to manage the intricate web of costs stemming from their vessel’s port calls. These expenses, second only to fuel costs, amount to approximately $2.2 million per vessel per year and contribute to inefficiencies, inflated operational costs, and frequent disputes and payment delays.
The complexity is further compounded by new environmental regulations and mounting geopolitical crises, which add unpredictability and volatility to cargo transportation costs. The lack of standardization and transparency across global ports complicates expense calculations and makes predicting voyage costs a daunting task for shipping companies.
Harbor Lab addresses these challenges by revolutionizing how shipping companies handle port-related costs. By streamlining disbursement accounting processes, Harbor Lab empowers a single individual to oversee disbursements for up to 50 vessels, a significant improvement over the previous ratio of 1 to 6 vessels.
Additionally, the platform minimizes invoicing errors and overpayments by cross-referencing port call expenses with real-time official port tariffs from global port authorities, reducing the margin of error from 20% to just 3% per port call. Harbor Lab also offers valuable services such as Know-Your-Customer (KYC) verification, enhancing security and compliance in interactions with local agents.
Antonis Malaxianakis, Founder of Harbor Lab, emphasized the broader impact of their solution, stating, “By demystifying disbursement accounting, we’re not just streamlining operations; we’re fostering a culture of trust and innovation across the maritime ecosystem.”
The Series A funding was led by Atomico, with participation from existing investors Notion Capital, Venture Friends, SpeedInvest, and The Dock, as well as new investors Endeavor Catalyst and maritime VC TMV. Ben Blume, Partner at Atomico, will join the board.
Ben Blume expressed confidence in Harbor Lab’s transformative potential, stating, “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.”
The funding will fuel the growth of Harbor Lab’s Athens-based team, which currently comprises 70 members, and support investment in new technologies, including artificial intelligence, to further enhance its offerings.
