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LevelSeas secures second round financing

Twenty six companies including eVolution Global Partners and Louis Dreyfus e-Business Ventures have invested in the second round financing.

LevelSeas, a global marketplace for buying, selling and managing bulk ocean transportation, has received a second round of financing from twenty-six companies including BP, Cargill, Clarksons, Shell and venture capital companies, eVolution Global Partners and Louis Dreyfus e-Business Ventures.

Richard Hext, chief executive of LevelSeas, said: “The wide range of experience they bring to LevelSeas will be of great value in helping us develop products of real benefit to bulk shipping. Moreover their commitment moves LevelSeas significantly closer to realising its goals of achieving common industry standards and of finding more efficient ways for the industry to work collaboratively.”

Stan Miranda, Chairman of LevelSeas, stated: ‘This agreement will help us realise the LevelSeas’ vision of combining the latest technology with extensive shipping expertise, thereby providing a common electronic platform for the bulk chartering industry.’ LevelSeas is incorporated in the UK and is an independent, neutral company.

In July 2000, eVolution Global Partners, made its first venture investment in LevelSeas backed by global leaders in the shipping industry. LevelSeas was founded in April 2000.

But it was a bad week for UK-based chartering site ShipDesk which went into liquidation after failing to receive additional financing.

ShipDesk headed for trouble when both Tufton Oceanic, the shipping financiers backed by US-based private equity firm GE Capital, and software house Optimark Technologies pulled out. Both were founding partners.

Venture capital firm Antfactory held a 14.2 per cent stake in the business.