MVX operates a digital freight booking platform that lets cargo owners find and book trucking, warehousing, shipping, and cargo stuffing services, charging commissions on transactions. The company merged its MVXtransit booking product and MVXpay trade-finance/payments solution into a single MVX platform to streamline freight and trade finance workflows. MVX aims to make cross-border shipping and trade finance easier for African merchants and has expanded beyond Nigeria to serve users in Kenya, South Africa, Ghana and Rwanda. The startup has recorded more than 300 shipments year-to-date and plans to reach 1,500 by year-end, and CEO Tonye Membere-Otaji says the company has surpassed its 2020 numbers. MVX plans to use the new capital to scale operations, hire staff and improve its technology, while also pursuing additional capital—most likely debt—to underwrite its trade financing product. MVX (Motor Vessel Xchange) operates an on-demand B2B maritime marketplace that matches vessel charter requests to available offshore support vessels, primarily serving oil-producing African countries. The startup says it has reduced the time to find a vessel from weeks to minutes. MVX was founded last year by Tonye Membere-Otaji and is based in Lagos. The company will use its recent funding to scale its platform technology and to acquire more enterprise users. MVX focuses on increasing vessel utilisation and reducing inefficiencies in offshore support vessel chartering across African waters.

Total raised

$1M

Funding rounds

2

Latest round

Seed

Latest activity

Aug 2021