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General Index (GX), the world’s first technology-led benchmark provider, has completed a Series A funding round of $12m, led by 20VC and Chalfen Ventures, to continue building superior, more accessible commodity prices to ensure better management of the world’s resources.
Since the previous investment round in 2021, GX has grown substantially, aggregating trade data from over 150 data partners to produce 2,600energy prices. The 45+ strong team is now established across offices in London, Krakow, Singapore and Houston.
Most notably in 2023, General Index was chosen to provide the settlement price for three new trading instruments on the IntercontinentalExchange (ICE) – for new grades of gasoline blended with biofuels. GX was also selected to power and expand Bloomberg’s BOIL energy coverage, available on terminals and via data feeds.
GX will use the funding to continue advancing its unique technology and further expand its line-up of energy transition prices, including biofuels, sustainable aviation fuel, hydrogen, carbon, green ammonia and green methanol.
“Energy and commodities account for around $5trillion worth of world trade, and price benchmarks are used in the majority of those contracts. Historically, these benchmarks have been created manually by journalists in traditional media organizations. The industry has found this inconsistent and expensive – often being forced to pay tens of millions of dollars for this data. This is exactly what GX is hereto disrupt! We’re bringing technology to produce better benchmarks, that objectively price the world’s trade.
We are excited to work with 20VC alongside Chalfen Ventures to accelerate our expansion into the energy transition as these markets mature into tradable commodities.”
Neil Bradford, Founder and CEO, General Index
"Very few companies have the opportunity to truly redefine a market! General Index has that opportunity; a pricing business to price the world. This is what venture capital is about!"
Harry Stebbings, Founder, 20VC
"The GX team is a brilliant combination of disruptive and deeply experienced individuals and is already trusted by some of the world's most important trading businesses to provide robust energy benchmarks. Having built new indexes like carbon, hydrogen and sustainable aviation fuel, it can ultimately price the world: all $31 trillion dollars of global trade needs a benchmark, and General Index is the pure play pricing company to deliver that."
Mike Chalfen, Solo VC, Chalfen Ventures
Investment firm 20VC, chaired by Harry Stebbings, led the funding round, with follow on investment from Chalfen Ventures, and from 20other individual investors bringing expertise across technology, DefI, blockchain, trading energy and disruptive information businesses.
About 20VC
20VC operates at the intersection of venture and media. Founded by Harry Stebbings, the entrepreneur behind the 20VC podcast, 20VC launched its $140mFund in 2021, focused on Seed & Series A. Its unparalleled network, extensive sector reach and unique distribution capabilities enable it to identify and back the next generation of founders building category defining companies, across the world.
20VC has backed unicorns such as Remote, Linktree, Sorare and more, and is an investor in category leaders such as Pachama, Tripledot Studios and Merge.
About Chalfen Ventures
Chalfen Ventures is Mike Chalfen’s VC firm. It invests in one-of-a-kind, software-driven businesses that can grow and dominate new and sometimes unusual markets. His solo practice frees Mike to collaborate closely with the entrepreneurs who choose to work with him.
As well as his early investments in many unicorns such as Illumio, King.com, Snyk and Tipalti, in the last few years Mike has backed emerging winners like Bridebook, Lokalise, Reveal, and Tray.io, amongst many other incredibly ambitious startups.
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