Nigerian-based digital freight provider MVX has announced a USD 1.3 Mn seed funding round to support its efforts. Investors in the round included, Africa-focused firms Kepple Africa, The Continent Venture Partners, Founders Factory, Launch Africa, and Capital Oak. Some angel investors in the U.S., Japan, Nigeria, and South Africa also participated.
MVX is a digital freight booking platform, helping cargo owners find deals on moving containers across Nigeria. It charges a commission for the services provided, including trucking, warehousing, shipping, and cargo stuffing.
The startup plans to use the investment to scale its operations, hire staff and improve its technology. MVX is also talking to investors to raise more money, most likely debt, for its trade financing product.