The New York Shipping Exchange (NYSHEX), a container contract platform, has announced a $25m Series B funding round led by Collate Capital. In addition, Blumberg Capital, Goldman Sachs and New Road Capital participated, bringing the company’s total funding to $69m.
Gordon Downes, CEO of NYSHEX, said that the additional capital would help accelerate the development of the company’s integrated technology platform. NYSHEX is developing a payment and credit offering, which is expected to be available in the coming months.
Mark Weaver, managing director of Collate Capital, will join NYSHEX’s board of directors.
“Uncertainty and rising costs are systemic issues plaguing the ocean freight industry,” said Weaver. “With NYSHEX’s innovative platform, the industry finally has a way to ensure that ocean commerce delivers as expected.”
Over 190 BCOs, 130 NVOs, and seven carriers across the globe are already using NYSHEX for their ocean contracts.
