Nigerian logistics startup MVX has closed a seed funding round of US$1.3 million to continue building solutions for the African trade and logistics sector.
Launched in 2019, MVX is a maritime trade and logistics platform with platforms that match demand for offshore support vessels in the energy industry and provide digital freight forwarding, customs and in-land logistics services.
The startup launched its debut product, the energy sector-focused MVXenergi, in March 2019, and in March 2020 rolled out MVXtransit, a digital freight booking and management platform providing convenient and seamless door-to-door freight experience for African businesses and partners.
MVX is already helping over 400 businesses across Africa to move freight and provide trade finance, and it has now followed up a May 2019 pre-seed round with a seed round to help it expand more quickly.
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 MVX 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 revolutionise 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.