NEW YORK--(BUSINESS WIRE)--NYSHEX, the leader in ocean contract performance technology, announced a $25 million Series B funding round led by Collate Capital. In addition, Blumberg Capital, Goldman Sachs and NewRoad Capital participated, bringing the company's total funding to $69 million.
The global supply chain disruption has highlighted the need to digitally transform legacy processes. Ocean contracting traditionally relies on static tools that fail to meet the needs of the industry, leading to poor performance and disrupted logistics. With 80% of global trade relying on ocean freight shipping, increasing reliability in an uncertain market is critical for supply chain leaders.
NYSHEX’s integrated platform provides a seamless and modern way to manage global commerce, reducing the likelihood of missed deadlines and lost revenue. By bringing together multiple data systems across all parties, the platform provides a shared source of truth for contract fulfillment and performance, improving reliability and creating efficiencies.
“I’m really proud of the NYSHEX team for working tirelessly to build our technology which acts as the digital infrastructure that global shipping industry leaders now rely on every day,” said Gordon Downes, CEO of NYSHEX. “We’re all very passionate about our mission to enable more reliable shipping and at the same time to strengthen the relationships between shippers, carriers and NVOCCs. The additional $25 million investment allows us to accelerate the development of our integrated technology platform, which provides a shared system of record for the industry. Lastly, as part of this funding round, I am very excited to announce that Mark Weaver, Managing Director of Collate Capital, will join our board of directors.”
NYSHEX will use the capital to accelerate the development of its technology platform that provides shippers, carriers and NVOCCs with a reliable, efficient and trusted system of record. NYSHEX for Carriers harmonizes contract and performance data into one single version of the truth that gives shippers and carriers the power to keep track of what they’ve agreed to and how each party performs. NYSHEX has also recently introduced a product specifically for NVOCCs to monitor the performance and allocation of their customers in order to deliver on their agreements with their carrier partners.
As part of the NYSHEX for Shippers solution, a new allocation management tool has been launched to allow shippers to proactively manage all of their ocean contracts in one central dashboard, enabling them to drive better performance across their entire contract portfolio. It provides new visibility, control, and automation to an often manual and outdated process.
Additionally, NYSHEX is actively developing a payment and credit offering with strategic partners to further enhance the Powered by NYSHEX ecosystem; it is expected to be available in the coming months.
“Uncertainty and rising costs are systemic issues plaguing the ocean freight industry,” said Mark Weaver, Managing Partner of Collate Capital. “With NYSHEX’s innovative platform, the industry finally has a way to ensure that ocean commerce delivers as expected. We’re delighted to lead this round and support a technology that meets the needs of the entire shipping industry.”
Over 190 BCOs, 130 NVOs, and 7 carriers across the globe are already using NYSHEX to power their ocean contracts, including PVH, Serena & Lily and Staples. Find out more about NYSHEX’s integrated platform here.
About NYSHEX
Founded in 2014, NYSHEX unites shippers, carriers, and NVOCCs through a digital platform that improves contract performance, strengthens relationships, and reduces manual workload. Members include seven of the leading global ocean carriers and over 325 shippers. The company has more than 120 employees across the globe and its headquarters are in NYC. Learn more at NYSHEX and connect on LinkedIn.
