The New York Shipping Exchange (NYSHEX), a NYC-based company which specializes in digital contracting and performance management for the container shipping industry, closed its Series C funding of an undisclosed amount.
The round was led by Collate Capital, with participation from participation from Growth Equity at Goldman Sachs Alternatives, NewRoad Capital, Blumberg Capital and Intercontinental Exchange (NYSE:ICE).
The company intends to use the funds to accelerate growth and impact within the container shipping sector.
Founded in 2015 and led by CEO Gordon Downes, NYSHEX leverages proactive performance management (PPM) technology that helps users to jointly manage allocations and plans, and to be alerted in real time when any shipment goes off plan. The NYSHEX indices helps clients to use contracts linked to an index, which removes a carrier’s incentive to curtail allocations when spot rates rise above contract rates, and a shipper’s incentive to shift volumes when spot rates drop below contract rates.
FinSMEs
20/11/2024