US-based logistics services platform New York Shipping Exchange (NYSHEX) has raised $8.5m in a series A round co-led by GE Ventures, the corporate venturing subsidiary of diversified conglomerate General Electric.
Investment banking firm Goldman Sachs co-led the round through its Principle Strategic Investments unit, while venture capital firms Blumberg Capital and Tectonic Capital also participated together with other, undisclosed backers.
Founded in 2015, NYSHEX operates a marketplace that facilitates enforceable, standardised contracts for the global freight industry. The platform is aimed at forwarders (who arrange transport on behalf of a seller or buyer), shippers (the product supplier) and carriers (the transportation company).
Mark Chadwick, executive sourcing lead at General Electric, said: “We are excited to be working with NYSHEX, and expect the exchange will create opportunity for shippers to improve supply chain planning and reliability.
“Carriers will improve vessel utilisation and network planning which will deliver efficiencies desperately needed in today’s challenging market environment.”