MVXchange, a Nigerian logistics startup, has raised US$1.3 million in seed funding to continue building solutions for the African trade and logistics sector.
Launched in 2019, MVXchange is a maritime trade and logistics platform that matches demand for offshore support vessels in the energy industry and offers digital freight forwarding ,customs, and in-land logistics services.
In March 2019, the startup launched MVXenergi, a digital freight booking and management platform that provides a convenient and seamless door-to-door freight experience for African businesses and partners, and in March 2020, it launched MVXtransit, a digital freight booking and management platform that provides a convenient and seamless door-to-door freight experience for African businesses and partners.
MVXchange is already assisting over 400 businesses across Africa with freight movement and trade finance, and it has now followed up on a pre-seed investment in May 2019 with a seed round to help it grow even faster.
The round, which comes from Kepple Africa Ventures, Launch Africa Ventures, Founders Factory Africa, The Continent Venture Partners, Century Oak and Oui Capital, will help MVXchange to scale its operations, hire staff, and improve its technology. The immediate plan is for market expansion across the continent.
“MVX delivers cutting edge solutions that directly impact Africa’s trade sector by addressing several critical challenges it faces with innovative, time-efficient, and cost-saving technologies. We are excited to be backing a stellar team that consistently continues to build products that move the needle in Africa’s logistics and trade finance industries,” said Zachariah George, managing partner at Launch Africa Ventures.
“The trade sector in Africa is one that we believe is ripe for disruption. MVX is building a game-changing technology and platform to revolutionize how businesses in Africa move shipment and trade around the world. Our fund is solidly in support of their effort, and we are proud to continue to partner with them,” said Satoshi Shinada, general partner at Kepple Africa Ventures.