Founders' Spotlight Series | Secro
Learn more about Motion Ventures' portfolio companies through these founders' personal stories.
With several thousand years worth of history, it is exciting to witness the next wave of innovators and entrepreneurs challenging the status quo and using technology to challenge age-old problems in the maritime industry. The Founders Spotlight Series is a platform dedicated to showcasing the remarkable journeys of maritime startups founders who have transformed their ideas into reality.
Through these compelling narratives, we will dive into the minds of these game-changers, exploring their motivations, discovering how they overcame obstacles and navigated uncharted waters, and understanding the lasting impact they have made on their industry and beyond.
Join us on this captivating journey through the Founders Spotlight Series as we unveil the stories of maritime trailblazers reshaping the industry.
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Secro: Revolutionising Global Trade with Digital Bills of Lading
In recent years, digital transformation has fundamentally reshaped the business landscape. Technologies such as online platforms, cloud computing, and software-as-a-service (SaaS) have empowered small and medium-sized enterprises (SMEs) to compete on a global scale. Advancements in artificial intelligence, machine learning, and blockchain are driving efficiencies and opening new opportunities, transforming business practices across industries.
However, one area lagging in this digital shift is the handling of the bill of lading, a critical document in international trade, which remains largely paper-based. This dependence on physical paperwork leads to delays and mistakes, forcing businesses to resort to expensive solutions like letters of indemnity (LOI) or bank guarantees. Additionally, paper bills are prone to fraud, with unauthorised duplicates and falsified documents posing significant risks. In the last decade alone, Bloomberg estimates that banks, traders, and other parties in the commodities industry have lost at least US$9 billion as a result.
Imagine a world powered by digital trade, specifically electronic bills of lading (eBLs). No more paper trails, delays, or inefficiencies. The supply chain would be enhanced with real-time tracking and analytics, doing away with cumbersome paper-based processes and freeing up resources for higher-value tasks and strategic initiatives.
Founding Story and Early Beginnings
Secro was founded in 2017 by industry veterans Michele Sancricca, Luke Zadkovich, and Ed Floyd, who shared a vision of transforming cross-border trade through technology. They understood the complexities of utilising a blockchain system, given the numerous actors involved in the eBL process. In fast-paced spot trading environments, cargo ownership and documentation are exchanged between multiple participants, some of whom are not pre-existing members of a closed-loop eBL platform. Additionally, issues of neutrality and independence had plagued earlier eBL platforms, granting bad actors too much leverage over sensitive commercial data.
Fig 1. Founding team of Secro. From left to right: Secro’s Founding Team. From left to right, Luke-Zadkovich, Michele Sancricca (CEO), and Ed Floyd.
Secro rose to the challenge, developing a neutral, flexible utility that leverages recent legal and market developments to create a simple yet scalable eBL platform. Their platform is designed to be legally compliant with frameworks like the UNCITRAL Model Law on Electronic Transferable Records (MLETR)*, implemented by Singapore and the UK. Users can confidently perform core eBL functions - issuance, endorsement, and transfer - entirely online without paper documents or physical signatures. It makes it easier for a variety of players, including buyers, suppliers, carriers, and agents, to get involved with just a few clicks.
Fig.2. A screenshot of Secro’s user-friendly web portal that provides visibility and core eBL features.
On the backend, Secro employs blockchain tokenisation, ensuring each eBL is unique and amendable only by its current holder, preventing fraud and enhancing trust. Transactions and documents are digitally notarised for trustworthiness, and real-time notifications keep parties informed of significant activities. Secro’s open APIs facilitate seamless integration with third-party systems, allowing for interoperability and flexibility.
Secro has also been designed to help expand financing options by allowing shippers to leverage eBL-backed cargo as collateral for working capital loans, letters of credit, or other trade finance products. At the same time, Secro provides banks with a secure, user-friendly platform that meets the most demanding legal standards.
Growth and Evolution
By making digital trade technologies and education accessible, Secro levels the playing field for trading and shipping participants of all sizes, creating significant opportunities for regions yet to benefit from globalisation. Addressing past issues while embracing new opportunities, Secro’s independent, standards-based approach is poised to fulfil the promise of a paperless trade system.
Secro has benefited key customers including Nitron, Oldendorff Carriers, and Odfjell.
Oldendorff Carriers aimed to enhance control and visibility of their maritime transport documents and turned to Secro’s eBL solution. This allowed them to digitally approve, sign, and release eBLs to the Shipper with online cooperation from Head Owners. What once took days and involved manual paperwork and couriers was now completed in less than an hour.
Nitron, a global leader in fertiliser trade, came to Secro looking for a robust, legally recognised, and easy to use eBL platform. After adopting Secro’s solution, Nitron conducted a buy-sell transaction involving six counter parties located across three continents. They could draft, negotiate, and sign eBLs online in real-time. Documents were available at the discharging port before the vessel's arrival, significantly reducing risks like demurrage charges and the need for letters of indemnity.
Secro's impact goes beyond these individual cases. By streamlining operations and reducing reliance on physical paperwork, their customers have saved time and cut costs. The ability to make last-minute changes and track transactions digitally has made the entire process smoother and more reliable, with the added benefit of minimising environmental impact.
Looking Ahead
Secro is set to make digital the default mode of trade, transforming global commerce through a robust platform that promotes secure collaboration, efficient supply chain financing, and streamlined legal processes. By addressing past issues and embracing new opportunities, Secro fosters trust among trade partners and makes digital trade technologies accessible to all.
Committed to continuous innovation, Secro aims to lead global commerce into the digital century, making paperless trade the standard way of doing business. If Secro's vision resonates with you, whether you are a potential client, partner, or investor, please connect with the team here.
Legend:
*The UNCITRAL Model Law on Electronic Transferable Records (MLETR) is a regulatory framework implemented by Singapore and the UK that allows paperless versions of documents such as bills of lading to have the same legal standing as their physical counterparts.
We'd love to hear your thoughts and maritime stories. Stay connected with us as we navigate through more maritime success stories in our next Founders’ Spotlight article, unveiling groundbreaking shifts that are shaping the future of maritime.