K+N, Temasek set up JV for logistics startup tech

Global third-party logistics provider Kuehne + Nagel and Singapore-based sovereign wealth fund Temasek will jointly search for opportunities to invest in early stage logistics and supply chain technology companies.    Global logistics company Kuehne + Nagel and Singapore sovereign wealth fund Temasek have set up a joint venture to invest in early-stage logistics technology startups, the companies said Monday.
   “This joint venture will be able to accelerate the transformation of the logistics industry,” Kuehne + Nagel International AG Chairman Joerg Wolle said in a statement. “The cooperation combines Temasek’s focused and long-term oriented investment strategy and expertise, with Kuehne + Nagel’s global logistics network and know-how, creating a win-win situation for all parties. For Kuehne + Nagel it is both another important step in the deployment of our digitalization approach and to shape the future of our industry.”
   The companies said the joint venture is “targeting investments in early stage companies that are developing technologies and services with the potential to transform traditional business models in logistics, improve efficiency and provide an enhanced value proposition for the consumers. The cooperation will focus particularly on the areas of big data and predictive analytics, artificial intelligence, block chain and robotics.”
   K+N is one of the world’s largest third-party logistics providers; while Temasek formerly owned the shipping line APL, and currently wholly owns the Singapore-based global terminal operator PSA International.
   “The opportunities presented by the growth of technology and its application across sectors have been an increasing focus for Temasek,” said Tan Chong Lee, president and head, Europe and South East Asia, for Temasek. “We believe the collaboration will allow us to further identify and support growing companies at the forefront of technological development in the logistics industry.”