Nyshex, a digital platform connecting shippers and ocean carriers, raised $25 million in a Series B funding round to boost the development of its technology platform.
Nyshex provides shippers, carriers and non-vessel operating common carriers (NVOCCs) with a reliable, efficient and trusted system of record, according to a press release Wednesday (Sept. 14). Contract and performance data is streamlined into one single version, and a product specifically for NVOCCs monitors the performance and allocation of their customers.
The funding round was led by Collate Capital, with participation by Blumberg Capital, Goldman Sachs and NewRoad Capital. Nyshex has so far raised $69 million.
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Gordon Downes, CEO of Nyshex, said the team worked hard to develop the platform’s technology, which is now the “digital infrastructure that global shipping industry leaders” rely upon daily.
“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,” Downes said. “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.”
He also noted that Mark Weaver, managing director of Collate Capital, will join the Nyshex board of directors.
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The global supply chain disruption showed how many legacy processes were in need of digital transformation. Nyshex said with 80% of global trade relying on ocean freight shipping, it became critical for supply chain leaders to boost reliability and reduce dependency on static tools.
Nyshex’s integrated platform makes missed deadlines and lost revenue less likely, according to the release, improving reliability by offering a “shared source of truth” for contract fulfillment. The company is also developing a payment and credit offering to further enhance the Powered by Nyshex ecosystem.
“Uncertainty and rising costs are systemic issues plaguing the ocean freight industry,” Weaver said. “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.”
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