MVX

What they do:

MVX is a digital-enabled freight forwarder that manages end-to-end shipments for energy and agro businesses/shippers in West Africa. 

Their online platform allows vessel charterers to interface with offshore support vessel owners and MVXchange offers an integrated finance solution. Their solution solves the following problems in the vessel chartering and freight booking ecosystem in Africa:

- Long delays

- Multiple expensive middlemen

- Lack of trust between buyers and sellers

- Low levels of transparency around cost structure

- Lack of up-to-date information on freight location

Why we invested:

Product: Easy to use platform with automated matching algorithm and integrated shipment management with real-time tracking.

Local Market Knowledge: Local on the ground country knowledge from Nigerian and African perspective

Market Size: The global offshore vessel market size is valued at $15 billion and growing at 11% CAGR.

The Founder:

Tonye Otaji is the founder of MVX

Active in:

Nigeria