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.