Gothenburg startup secures €2.3m to drive maritime sustainability
Maritime tech startup Cetasol has raised EUR 2.3 million in seed funding to accelerate the global rollout of its AI-powered platform aimed at reducing fuel consumption and emissions in shipping.
The company, which was founded in Gothenburg in 2020, has developed a digital twin platform that leverages real-time and historical data and enables 10-25% fuel savings for small to mid-sized vessels.
“This investment confirms that our approach to AI-driven decision support and maritime sustainability is both needed and trusted. With this support, we are scaling faster and wider — delivering intelligent solutions to maritime operations globally,” said Ethan Faghani, CEO and Founder of Cetasol, in a press release.
According to the company, shipping is responsible for about 3% of global CO₂ emissions. Innovation and investment have largely focused on electrification and large vessels. At the same time, small and mid-sized vessels, make up nearly 90% of the global fleet.
“Sustainability is part of our DNA and innovative companies like Cetasol are taking advantage of this by operating at the intersection of Gothenburg’s strengths in mobility, ICT and logistics. We are pleased by the results of this seed funding round and see it as confirmation that our region is an attractive destination for investors,” says Marcus Scoliége, head of foreign direct investments at Business Region Göteborg.
Shift4Good's first Swedish investment
The funding round was led by Stockholm-based Backing Minds and French firm Shift4Good, the world’s largest venture fund focused on sustainable mobility, which made its first Swedish investment. Previous investor Norway’s Sarsia also participated.
“We warmly welcome new investors who want to partner with Gothenburg companies to help solve global challenges,” says Karin Eriksson, senior project leader for the finance industry and venture capital at Business Region Göteborg.
Together with our national partner Business Sweden, Business Region Göteborg worked to introduce Shift4Good to the innovation ecosystem and investors in Gothenburg.
“I’ve been impressed by the engagement and welcoming attitude shown by local actors towards Shift4Good, and we would love to see more investments from them in the future,” says Karin Eriksson.
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