General Index (GX) secures £9.48 million Series A investment led by 20VC
Summary
Worlds first pure play benchmark provider, using technology to price the worlds $31 trillion worth of trade Providing settlement prices on the Intercontinental Exchange (ICE) and powering Bloombergs BOIL energy coverage $12m Series A funding to accelerate coverage of energy transition sectors, including hydrogen and biofuelsGeneral Index (GX) (we) are are very excited to announce that we have completed a Series A funding round of \xa39.48m ($12m), led by 20VC and Chalfen Ventures, to continue building superior, more accessible commodity prices to ensure better management of the worlds resources.Since the previous investment round in 2021, we have grown substantially, aggregating trade data from over 150 data partners to produce 2,600 energy prices. Our 45+ strong team is now established across offices in London, Krakow, Singapore and Houston.Most notably in 2023, we were chosen to provide the settlement price for three new trading instruments on the Intercontinental Exchange (ICE) for new grades of gasoline blended with biofuels. We were also selected to power and expand Bloombergs BOIL energy coverage, available on terminals and via data feeds.We will use the funding to continue advancing our unique technology and further expand our 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. 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.The GX team is a brilliant combination of disruptive and deeply experienced individuals and is already trusted by some of the worlds 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.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.