NYSHEX Closes $25M Series B Funding

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NYSHEXa New York-based provider of an ocean contract performance technology platform, raised $25 million in Series B funding.

The round, which brought total funding to $69 million, was led by Collate Capital, with participation from Blumberg Capital, Goldman Sachs and NewRoad Capital. Along with the financing, Mark Weaver, managing director of Collate Capital, will join the board.

The company intends to use the funds to accelerate the development of its technology platform.

Led by CEO Gordon Downes, NYSHEX provides shippers, carriers and NVOCCs with an integrated platform to manage global commerce. By bringing together multiple data systems for all parties, the platform provides a shared dashboard for contract execution and performance, improving contract performance, strengthening relationships and reducing manual workload. The company also recently introduced a product specifically designed for NVOCCs to monitor their customers’ performance and allocation to meet their agreements with their carrier partners. As part of the NYSHEX for Shippers solution, a new Allocation Management Tool has been launched to enable shippers to proactively manage all their shipping contracts in one central dashboard, enabling them to improve ship performance. their entire contract portfolio. Additionally, the company is actively developing a payment and credit offering with strategic partners to further enhance the Powered by NYSHEX ecosystem; it should be available in the coming months.

Over 190 BCOs, 130 NVOs and 7 carriers around the world already use NYSHEX to power their shipping contracts, including PVH, Serena & Lily and Staples, as well as over 325 shippers.

The company has more than 120 employees worldwide.

EndSME

09/15/2022

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