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Markets

Goldman-Backed Exchange Raises Cash to Expand Shipping Contracts

  • NYSHEX receives another $15 million from existing investors
  • Contract compliance emerges as a big issue amid shipping chaos
A cargo ship docked at the Port of Los Angeles, California.

A cargo ship docked at the Port of Los Angeles, California.

Photographer: Bing Guan/Bloomberg

The New York Shipping Exchange, founded in 2015 by a former industry executive to make the container shipping market more efficient, is raising another $15 million to expand contracts that can help protect companies’ supply chains from price hikes and other uncertainties.

The latest funding round comes from existing investors led by New Road Capital. NYSHEX had previously raised $30 million from backers including Goldman Sachs Group Inc.