UK-based startup Shipamax has raised funds via a seed investment round to continue the development of its cloud software platform for the bulk shipping industry.
The financing round was led by Cherubic Ventures with participation from AME Cloud Ventures and FF Angel, and generated at total sum of $2.5m.
The funding will be used to build the Shipamax team, as well as accelerate product development and expand the firm's customer base.
Shipamax’s cloud software is a data-driven platform, which aims to speed up the process of booking ships for bulk shipping activities.
The system also seeks to reduce the need for unnecessary emails, siloed excel files and instant messages between players required for each booking with an improved digital process.
Ship brokers, shipowners will also benefit from the Shipamax system, which will use various technologies to consolidate communications, data and market insight into a single platform and further support the bulk shipping industry’s transformation into the digital age.
Shipamax co-founder and CEO Jenna Brown said: “Bulk shipping powers the world economy; the grains we eat, the steel we build with and the fuels we consume all get transported by bulk ships.
“Despite industry perils, demand for dry bulk has increased 40% since the financial crisis. We’re enabling the industry to keep up with the pace of change in technology and put them on the road to recovery.
“There is fundamentally no modern technology to help brokers provide the seamless experience we’re all used to in the consumer world.”
Shipamax also noted that the price of booking a bulk ship has dropped by 90% since 2008 and shows no immediate signs of recovery.