Vortexa, the energy and shipping analytics platform, says it has raised $34m in fresh capital to fund its continued expansion.
The Series C funding round was led by investment funds managed by Morgan Stanley Expansion Capital alongside existing investors Notion Capital, Monashees, Metaplanet, FJ Labs and Communitas Capital.
The investment takes the total amount raised by London-headquartered Vortexa since its inception to more than $60m, the company said.
“Despite one of the toughest fundraising environments for tech companies in the recent past, this funding round was significantly oversubscribed,” said chief executive Fabio Kuhn.
Vortexa has “doubled its valuation” since its Series B funding round in 2021 and is “near profitability”, he added, without disclosing any figures.
“We have been extremely impressed with the calibre of the [Morgan Stanley Expansion Capital] team, who saw past the complexity of the industries Vortexa serves and recognised our unique opportunity to create value and impact globally,” Kuhn said.
Lincoln Isetta, managing director of Morgan Stanley Expansion Capital, said: “Vortexa has demonstrated impressive growth and capital efficiency since inception.
“The increasing complexity of international energy and freight markets is accelerating customer demands for high quality, real-time data and analytics.
“Many of the world’s largest and most sophisticated energy and freight market participants trust Vortexa to drive high-impact business decisions and we believe Vortexa is at the forefront of technological leadership in those markets.”
In April 2023, Vortexa sold a stake to US venture capital firm Communitas Capital for an undisclosed sum.
Two of the founders of the New York-based investor are the former chief executives of Thomson Reuters, Tom Glocer, and the New York Stock Exchange, Duncan Niederauer.
A month earlier, Vortexa teamed up with UK-based Energy Aspects in a strategic partnership said to combine energy commodity data and intelligence with cargo tracking analytics to provide a “greater understanding of short-term market dynamics”.
Vortexa, which employs 120 staff in offices in London, Singapore, Houston, New York, Geneva and the United Arab Emirates, provides data on crude oil, refined products, LPG and LNG across all vessel classes.
Morgan Stanley Expansion Capital describes itself as a growth-focused private investment platform within Morgan Stanley Investment Management.
It typically targets growth equity and credit investments within consumer, technology, healthcare and other high-growth sectors.
