Singapore-based technology investor tryB Capital is to invest US$4 million in Chinsay AB, a leading cloud based platform for end to-end administration of global commodity and freight contracts.
tryb Capital’s investment will be used to fund the continued development of Chinsay’s risk and analytics platform and the company’s expansion into Asian markets.
Chinsay is a leading cloud platform for the administration of contracts in the multi-trillion dollar global commodities and freight markets.
It provides Software-as-a-Service (SaaS) contract and risk management solutions that help customers to save time, improve compliance, and provide insight to their trading process.
The platform offers a comprehensive suite of front-end tools and the opportunity to apply back-end APIs that have productivity benefits for businesses involved in trade and trade finance including global traders, shipping companies, brokers, ports, marketplaces ,and financial institutions.
With main offices in Sweden and Singapore, Chinsay has identified Asia as an area for further growth of its services.
Founded in 2000, Chinsay’s clients are multinational corporations, brokers, and commodity traders in over 40 countries. These include EDF, ADM, Cargill, K Line, Noble Group, NYK, Rio Tinto, South32 and Unipec.
Dag Sundén-Cullberg, founder and chief executive officer of Chinsay said: “Chinsay’s board and team see this as a great opportunity for the company to take in additional capital for the current expansion phase while staying fully independent and at the same time getting a strategically important shareholder with an active agenda in the technology industry.
The tryb team’s experience and network within technology will benefit Chinsay greatly as we continue influencing and driving usage of new technology in the freight and commodities markets.”
tryb Capital invests in high growth technology companies and platforms whose technologies can be adopted by financial institutions to reduce costs and improve growth or efficiency. Its strategic focus is on companies who can transform the financial services infrastructure of countries in South East Asia.
Magnus Böcker, chairman and co-founder of tryb Capital said, “Singapore’s position as a key shipping and trading hub made it more attractive for tryb Capital to invest in Chinsay. This is a great example of how innovative technologies from anywhere, in this case Sweden, can leverage Singapore as a growth platform into Asia.”
— Markus Gnirck (@mgnirck) April 6, 2017
tryb and Chinsay’s partnership is part of the growing interest in the digitisation of trade and trade finance and Singapore’s plans to become a leading Smart Financial Centre. Chinsay’s SaaS platform can be used to integrate into local trade ecosystems in Asia, optimise trading processes and workflows while providing enhanced big data analytics capabilities.
Markus Gnirck, managing director and co-founder of tryb Capital, added: “We believe in Chinsay’s growth potential… We are looking forward to working with Chinsay to continue to develop defensible intellectual property.”