Metizoft secures investment to drive further growth
As the global shipping industry aims to reduce greenhouse gas emissions, Metizoft has the knowledge and tools they need. Metizoft has announced a NOK 160m investment from climate investment company Nysnø and technology specialists Dovetail to accelerate further development and ambitious growth.
“A lot is happening in terms of sustainability reporting and life cycle assessments for shipping and the maritime sector. New regulations enter into force while the industry also sets its own targets,” says founder and CEO Gry Cecilie Sydhagen. “By strengthening our team with Nysnø and Dovetail, we've not only secured capital for further growth, but also further expertise in our core areas: technology and climate."
Technology and climate
Nysnø is a Norwegian state-owned climate investment company that invests in businesses with smart and profitable solutions to address climate issues.
“New solutions for the maritime industry are crucial to reduce global emissions. Metizoft enables the industry to measure and reduce emissions, avoid damage to the environment, and ensure responsible operations. Metizoft is uniquely positioned, with a strong team and new solutions that we look forward to help develop further on a global scale,” says Joe Eliston, Investment Director in Nysnø.
With Dovetail leading the investment - backed by Ferd Impact Investing and Skeie Technology - specialist expertise in finance, strategy, technology, and design is combined at an international level.
“We're an active co-owner and invest in companies where digital technology can be used to unlock potential and growth,” says Eirik Dahle, CEO and partner in Dovetail. “Metizoft have an impressive ability to identify opportunities in the maritime industry and are very well positioned. Their solutions are highly relevant for the focus on sustainability that we see today. We are excited to contribute to the journey ahead.”
New direction for shipping
Through user-friendly software and consultancy services, Metizoft ensures that ships all over the world meet demands for sustainable and responsible operations.
The maritime sector is responsible for 3% of the world's total greenhouse gas emissions, and the international maritime organisation IMO has recently adopted a target of reaching net-zero GHG emissions from international shipping by 2050.
«From the start, we have spotted new opportunities created by increased environmental regulations. When we started in 2006, few people were talking about sustainability in shipping. We have built Metizoft step by step and achieved a strong international position in the industry,” says Sydhagen. “The Hong Kong convention was a driver for the services we’ve developed, and as it’s now ratified and enters into effect next year, an even bigger market will open up.”
Metizoft has the leading solution for documenting hazardous materials on board ships (IHM) and an advanced chemical management system. With their new solutions for ESG (Environmental, Social, Governance) reporting and lifecycle analysis (LCA), Metizoft are set to help their customers meet increasing requirements for transparency and holistic environmental strategy.
“It’s fantastic to be able to create an attractive and secure workplace, whilst also making an impact on the transparency and circularity in an industry that means a lot to us here in Norway,” says Sydhagen. “There has been a lot of interest from investors, but we’ve chosen carefully. We wanted active and professional partners who can both challenge and support us as we grow. We are still majority owners,” says Sydhagen.
Growing global market
Metizoft already has a solid international customer base, with offices in Singapore, Shanghai, and Hong Kong.
“The global potential for the solutions we have developed is massive. With the new co-owners on board, we can accelerate our development to the benefit of our customers, says Sydhagen. “Nysnø and Dovetail will contribute with world-class networks, experience and expertise.”
“We have been in talks with them for quite some time, and we’re confident this will be a great match. They have a lot of expertise that we will benefit from, and we’re eager to get started. As for our customers, they can rest assured that the only thing they’ll notice is that we will become even better!”
Nysnø Climate Investments
Established in 2017, Nysnø Climate Investments (Nysnø) is a state-owned climate investment company that invests in companies and funds with profitable and smart solutions to reduce greenhouse gas emissions. With 3,4 billion NOK in AUM Nysnø invests within clean energy, digital and enabling technologies, resource efficiency, sustainable demand, and the circular economy. Nysnø is based in Stavanger and owned by the Norwegian Ministry of Trade, Industry & Fisheries.
Dovetail is an investment company established in 2021 by family-owned investment company Grenir and technology-driven design studio Bakken & Bæck. Dovetail focuses on commercially established companies where digital technology is, or has the potential to be, a key enabler in the business model. By merging world-class tech and design skills with international investment expertise Dovetail enables ambitious businesses to be the best they can be in the digital landscape.