With $1.3 million seed round, MVX has set target to ensure its services and product delivery would become even better, boosting the goal realisation.
The investment would be used to expand its team and operations, improving its technology for enhanced results.
Investors that participated in the seed round include Kepple Africa, The Continent Venture Partners, Founders Factory, Launch Africa, and Capital Oak. Also participating in the round were angel investors in the US, Japan, Nigeria, and South Africa.
Commending MVX’s good works so far, one of the general partners at Kepple Africa, Satoshi Shinada, had this to say:
“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.”
Made up of a team of professionals who have garnered experience in various related sectors, including the maritime industry, the freight company was launched in 2019 by Tonye Membere-Otaji, the founder and CEO, alongside Tobi Amusan, the CTO.
Initially called MVXchange, the startup’s name was recently changed to MVX in a bid to simplify what the company is all about.
Last year, the startup launched MVXtransit, a digital freight booking platform, which enables cargo owners to easily discover deals on moving containers across Nigeria. The company also launched MVXpay three months ago, a finance and payment solution to provide trade finance for freight operators. Both services have been merged into MVX.
So far, the company has raised funding from angel investors at Flutterwave, FlexPort, A.P. Moller Capital, among others.
Kepple Africa Ventures, Launch Africa Ventures, The Continent Venture Partners (TCVP), Founders Factory Africa, Zircon marine, Neon Ventures and Oui Capital are among its investors.