The New York Shipping Exchange (NYSHEX), founded by a Cambridge MBA alumnus, gets $25 million in new funding led by a firm headed by a Cambridge Judge Master of Finance graduate.
The New York Shipping Exchange (NYSHEX), a digital exchange founded by Cambridge MBA graduate Gordon Downes (MBA 2009), announced a $25 million Series B funding round.
The new funding round, which brings the firm’s total funding to $69 million, was led by Collate Capital, whose Managing Director is Mark Weaver, a Master of Finance graduate of Cambridge Judge (MFin 2009).
Gordon and Mark met at Cambridge Judge, so the new funding round underlines the lasting network effect of the business school.
NYSHEX said that Mark Weaver will now join its board of directors.
Founded in 2015, NYSHEX is a digital exchange used by shippers, freight forwarders and ocean carriers for forward freight contracts – offering an alternative to long-term contracts and the spot market in shipping.
“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,” said Gordon Downes, who is now CEO of NYSHEX.
In addition to Collate Capital, the new funding round included Blumberg Capital, Goldman Sachs and NewRoad Capital.