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Home Funding

MVX, a Nigerian digital freight and haulage startup, has received a $1.3 million funding

Tech Gist Africa by Tech Gist Africa
08/05/2021
in Funding, Logistics, News - West Africa, Venture Capital
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MVX Nigeria

MVX Nigeria

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Merchant Venture Xpress, now MVX, a Nigerian digital freight and haulage company, has received a $1.3 million funding for business scalability.

MVX (The land haulage, freight forwarding, and customs brokerage company) was founded in 2019 by Tonye Membere-Otaji, CEO and Tobi Amusan, CTO, and uses technology to make land haulage, freight forwarding, and customs brokerage all within one process.

The seed round investors include Kepple Africa, The Continent Venture Partners, Founders Factory, Launch Africa, and Capital Oak. Also participating in the round were US angel investors, Japanese angel investors, Nigerian angel investors, and South African angel investors.

As stated by Tonye Membere-Otaji, the founder and CEO of MVX, the company’s goal is to make freight shipping and trade finance more convenient for African businesses by bringing the booking and deployment processes online.

Besides Nigeria, the startup claims that merchants from the West African country, as well as those from Kenya, South Africa, Ghana, and Rwanda, can use its platform to move freight in and out of their respective countries.

 

Read more on Tech Gist Africa:

Kuda, a Nigerian digital bank, has raised USD55 million in a Series B funding round at a valuation of USD500 million

Zipline, an autonomous drone delivery startup, has raised $250 million to expand its drone delivery services

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