The New York Shipping Exchange (NYSHEX), a provider of a digital forward freight contract for global container shipping, raised $8.5M in Series A funding.
The company intends to use the funds to expand globally.
Founded in 2015 and led by CEO Gordon Downes, NYSHEX provides global shippers, forwarders and carriers with a standardized “over-the-counter” exchange for entering enforceable freight contracts, which is based on proven and relevant principles from the New York Stock Exchange, Chicago Mercantile Exchange and the London Metals exchange.
The platform is compliant with all U.S. regulations as well as the Federal Maritime Commission’s contract filing requirements. In addition, it facilitates the freight financing and settlement through select first class banks and supports the technology and maintains the standard form contracts used by the industry.