The New York Shipping Exchange (NYSHEX) has just received additional funding commitments from both Hapag-Lloyd and CMA CGM container lines. The NYSHEX already has $13 million in funding from GE Ventures and Goldman Sachs.
With this money, NYSHEX – which offers digital “over-the-counter” freight forwarding contracts – will expand. It has already been extremely beneficial to the container shipping industry since as CMA CGM CEO Rodolphe Saadé pointed out with digitization, customers have a wider variety of products available to them. From a more internal standpoint, Saadé said that the partnership set up “an additional step in the digital transformation of CMA CGM, aimed at continuously creating value for its customers.”
WeWork is also to be gaining a large investment. Tapping into its $93 billion Vision Fund, SoftBank Group will make a $4.4 billion investment into the NY-based startup which will be used by the firm to “connect more people” in its 150,000 member international community, adding more locational offices around the world, most notably in Asia. Furthermore, the proprietary data systems it has are set to “radically transform how people work.”