Fintech startup New York Shipping Exchange announced it has raised $4.5 million in Series A financing. GE Ventures and Goldman Sachs participated in the round.
The New York Shipping Exchange (NYSHEX) is the market created by and for shippers, freight forwarders, and carriers in the global ocean transport industry. Through fair practices, inclusivity and the introduction of the first forward freight contract, NYSHEX provides an alternative to the unpredictable spot market and volatility of freight rates. More than a platform or software, NYSHEX is an institution desired by every interest within the industry, a true market that could turn the industry’s inefficiency into a $32 billion economic opportunity.
According to the company, New York Shipping Exchange will use the funds to grow its service offerings and pursue future funding to build a comprehensive global exchange.