CIBC Innovation Banking yesterday announced that it has provided a $20 million USD debt financing to ZeroNorth, a technology company focused on the maritime industry. ZeroNorth will use the funding to fuel its growth strategy through mergers and acquisitions (M&A), with the goal of enhancing access to data, acquiring innovative technologies, and expanding market share.
Since its founding in 2020, ZeroNorth has established itself as a leader in the energy transition and digital transformation of the maritime sector by helping the industry optimise commercial performance and reduce its emissions. In 2024 alone, ZeroNorth’s customers have optimised 72,000 voyage legs by generating 1.5 million voyages through the company’s platform, enabling a reduction of more than 1 million metric tonnes of CO2 emissions.
The company offers six core services, which harness data and AI to create insights that enable voyage, vessel, and bunker optimisation and commercial decision-making. The services are used by more than 230 customers across the industry, including owners, operators, charterers, as well as bunker traders, brokers and suppliers.
In December 2024, the company recorded its first month of positive earnings before interest, taxes, depreciation and amortisation (EBITDA) on the back of significant growth, having reached just under USD 40 million in annual recurring revenue (ARR) for the year.
Søren Meyer, CEO of ZeroNorth, said: “The maritime industry is navigating unprecedented complexity, largely driven by the challenges of the energy transition and evolving regulations. To meet these demands effectively, the industry needs unified technology solutions that simplify operations and enhance decision-making. Our M&A strategy has enabled exactly that. With this facility from CIBC Innovation Banking, we aim to continue our role as an industry consolidator, bringing together fragmented solutions to create greater value for customers and accelerate the energy transition for the industry.”
Tom Dods, Director at CIBC Innovation Banking, said: “To meet the demands the shipping industry is facing, consolidation is essential for addressing the fragmentation in the value chain. ZeroNorth has a successful platform that enables industry stakeholders to consolidate within a fragmented market and the company has grown from a six-person startup to a global team of 600 across ten locations in under five years. We are delighted to further support this growth as it tackles the complexities the shipping industry is facing.”
Source: ZeroNorth
