Funding and accelerating a disruptive marine risk start-up

Reinventing the maritime insurance sector

The maritime industry is considered the backbone of global trade, with more than 80% of the world's goods transported by ship. This amounts to billions of tons of seaborne goods, every year [1].

And yet, it remains one of the final frontiers of digitalisation.

This is something Tony Hildrew, CEO and founder of Ceto, is on a mission to radically change.

Ceto's solution 

Hildrew knew that huge volumes of raw data are available to vessel managers every day. Unlocking this information and transforming it into actionable insights would mean more informed, accurate and smarter decision-making.

“You really need to get under the hood of the ship and understand what's in the engine room, how it's functioning,” he says.

And this was the genesis for Ceto. 

“Ceto is a data-driven MGA. We capture sensor data from on board ships, and we use that for preventing machinery breakdowns and enhanced risk selection when it comes to insurance.” The company, founded in 2020, does this through its integrated tools:

Continuous monitoring also means insurance risk can be assessed more accurately, and premiums priced more fairly. Ships that boast excellent maintenance and lower emissions, and that address issues promptly, can be rewarded with lower insurance premiums.

And as a specialist insurance intermediary (MGA), Ceto has a competitive advantage: the authority to place marine insurance policies on behalf of insurers directly to clients. 

Importantly, this creates a stable and recurring revenue stream based on insurance premiums, which complements its SaaS subscription-based income.

Tools to transform how insurers approach risk

Ceto’s data-driven approach promises to steer the industry towards safer, cleaner and more efficient vessel operation. 

As well as helping vessel owners navigate current challenges – including managing ageing fleets and tightening environmental regulations – its innovations could completely reshape how insurers approach maritime risk. 

“Insurance has a crucial role to play in supporting clients through these complexities, not just by providing protection, but by evolving alongside the industry to remain relevant and forward-looking,” explains Danny Whiteside, Head of Marine, Cargo & Logistics at Howden. 

“Ceto is a clear example of that evolution; by providing a comprehensive support system built around data, risk insights and responsive underwriting, it empowers clients to make informed decisions and adapt with confidence,” he says. 

The problem, part two: getting it off the ground

Hildrew knew the potential for his products and the technology driving them – and investors started to take notice. But not before initially bootstrapping and doing everything possible to become known to potential investors.

“We basically spoke to anybody who would listen,” he explains. “We closed an angel round in December 2021, and from there, we began to really grow as a business.” 

Product development accelerated. “We then started to capture sensor data from onboard pilot vessels to confirm the hypothesis – that sensor data could be used for better risk selection.”

Securing funding, plotting growth

Fast forward to October 2023, when the company secured £1.5m in pre-seed funding led by Howden Ventures with participation from Chaucer Group, Founders Factory and existing investors from the Business Investors Group.

This was a huge step for its growth ambitions, and for accessing the intended market. For Hildrew, the partnership was a natural fit.

“The brokers, the distribution network, the opportunities – it’s unparalleled, including ties to some of the largest ship owners and operators across the maritime sector,” he says.  And this has helped accelerate building a robust client base.

“The platform gives you access to seven global markets. That’s going to be very difficult achieve on your own as a start-up.”

Removing roadblocks 

There were, inevitably, sleepless nights along the way. Getting to grips with Financial Conduct Authority (FCA) regulations as an MGA (being new to the insurance industry), and gaining the necessary traction, proved a learning curve. 

Fortunately, as a Howden Ventures portfolio company, Ceto received all the support it needed to achieve MGA status, including guidance on due diligence so marketing materials wouldn’t fall foul of regulations. It also meant instant access to support through any challenging situations. 

When ramping up sales became a priority for Ceto’s investors, a next-day strategic planning session in Newcastle with Tom and Luke reduced the pressure on the founder. And this paid off. “Over the next two to three weeks, we'd gone from having eight vessels on the platform to 35, ready to go,” he says. 

What’s new, and what’s next?

With continued focus on user interface, user experience and product, Ceto plans to keep pushing boundaries in its platform’s capabilities and key partnerships. 

Raising the bar – and US$4.8m in seed funding

In April 2025, Ceto completed its US$4.8m latest seed round led by US-based Dynamo Ventures, with participation from Howden Ventures, Signal Ventures and Motion Ventures. 

This major milestone means the business can scale faster, strengthen collaborations across maritime and move forward in setting a new standard for global maritime operations. 

Day to day, continually developing and refining its products and platform capabilities remains front and centre for Hildrew. Customer feedback is a strong motivator for the founder. “It's really all about how we can save people time and money,” he says. 

With a growing number of fleets on the platform and a global client base (including a major Japanese shipping operator) – and a dedicated team of engineers, creatives and maritime veterans on board (and currently hiring) – Ceto shows no sign of slowing down.