Singapore-based tryb Capital has made a strategic investment of $4 million in Chinsay AB, Swedish SaaS firm that is focused on digitizing freighting contracts. The startup will be seen utilizing funds for the continued development of Chinsay’s next-generation product and expansion into Asian markets.
With offices in Sweden and Singapore, the startup sees a strong acceleration in growth in Asia alongside its major clients, which include the big names like Noble Group, NYK, ADM, Cargill, K Line, Rio Tinto, among others. The company is set towards integrating its platform into local trade ecosystems in Asia. Also, Chinsay intends to optimize trading processes and workflows while providing enhanced big data analytics capabilities. Dag Sundén-Cullberg, Founder and CEO of Chinsay, commented,
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.
Chinsay is a cloud-based platform for the end-to-end administration of global commodity and freight contracts. It provides a comprehensive suite of front-end tools and the opportunity to apply back-end APIs to allow clear productivity benefits to global traders, shipping companies, and even ports, marketplaces and financial institutions involved in trade and trade finance.
Magnus Böcker, Chairman, and Co-Founder of tryb Capital mentioned in a statement,
Singapore’s position as a key shipping and trading hub made it more attractive for tryb Capital to invest into 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.
tryb and Chinsay’s association depicts the growing interest in the digitization of trade and trade finance and Singapore’s journey towards becoming a smart nation. Founded by Magnus Böcker, Nels Friets,
Founded by Magnus Böcker, Nels Friets, Veiverne Yuen, and Markus Gnirck, tryb Capital specifically pumps money into growth stage technology companies and platforms that are providing solutions to transform the infrastructure of financial services in ASEAN.