EVolution Global Partners, the venture capital company formed in March 2000, made its first investment last week with LevelSeas.com, an ocean freight marketplace, backed by BP Amoco, Cargill, Royal Dutch/Shell and Clarksons.

Stan Miranda, eVolution's European director, will become chairman of LevelSeas.com. 'Many of the existing freight exchanges will not succeed without the major shipping industry players behind them. With the input that we are now getting from the major ship owners, charterers and ship brokers, we are certain to deliver the functionality that the industry wants most by the end of the year,' he says.