General Index Raises £9.48m in Series A Funding
General Index (GX), the world’s first technology-led benchmark provider, is thrilled to announce the completion of a Series A funding round, raising £9.48m ($12m). The round was led by investment firm 20VC and Chalfen Ventures, with the aim of expanding the company's commodity prices to ensure better management of the world's resources. GX has experienced significant growth since its last investment round in 2021, now aggregating trade data from over 150 partners and producing 2,600 energy prices. With offices in London, Krakow, Singapore, and Houston, GX is well-positioned to continue its mission.
In 2023, GX was selected to provide the settlement price for three new trading instruments on the Intercontinental Exchange (ICE), specifically for grades of gasoline blended with biofuels.
The company was also chosen to power and expand Bloomberg's BOIL energy coverage, available through its terminals and data feeds. This recognition solidifies GX's position as a trusted provider of energy benchmarks. The recent funding will be utilized to further develop the company's technology and expand its energy transition prices, including biofuels, hydrogen, carbon, sustainable aviation fuel, green ammonia, and green methanol.
The traditional method of creating price benchmarks manually by journalists in media organizations has proven inconsistent and costly for the energy and commodities industry. GX aims to disrupt this approach by leveraging technology to objectively price the world's trade and deliver superior benchmarks. With energy and commodities accounting for approximately $5 trillion in global trade, the need for accurate and efficient pricing is paramount.
With the support of investment firms like 20VC and Chalfen Ventures, GX is poised to redefine the market and become the go-to pricing company for global trade. By combining disruptive and experienced individuals, GX has gained the trust of major trading businesses and can ultimately price the world's $31 trillion worth of trade. The funding round not only provides financial support but also demonstrates the confidence and belief in GX's mission and potential for growth.
Investment firm 20VC, chaired by Harry Stebbings, spearheaded the funding round, joined by Chalfen Ventures, as well as several other individual investors with expertise in technology, DefI, blockchain, energy trading, and disruptive information businesses. The collaboration of these investors brings a wealth of knowledge to the table and strengthens GX's position as a leader in the industry.
They've invested in General Index (GX)
Get to know these Greentech investors
Click here for a full list of 6,481+ startup investors in the UK