MVXchange, a Nigeria logistics startup rolled out a trade product in March, around the time when the Covid-19 virus was declared a pandemic. As a tech-driven logistics and supply maritime platform vessel charter requests are matched with the available Offshore Support Vessels (OSVs), creating a scenario where users can comfortably charter vessels while reducing man-hours, cut costs, and improve the overall experience.
New opportunities in the blue economy are only now being exploited in Africa. The continent has a maritime economy worth $1 trillion annually which remains largely under-tapped. This cuts across energy, fisheries, and natural resources. In addition, 90% of the exported and imports to and from Africa are accounted for by sea. In addition, the continent only makes 2.7% of global trade, and a partly 1 percent of fleet ownership.
Despite the dismal statistics, the African Union has set a 2050 target of creating an integrated maritime strategy for the continent. This is aimed at harnessing the oceans potential for an integrated strategy.
According to DisruptAfrica, MVXchange launched its first energy sector product in 2019, MVXenergi, that has since admitted over 15 percent of the current OSVs in Africa, mainly in West Africa. MVXtransit, was their second product that went active in March 2020. This digital freight-booking platform provides smooth and convenient door-to-door experiences for African businesses and their partners.
In 2019, MVXchange closed a US$100,000 pre-seed funding round that was led by Oui Capital. Since that capital infusion, more money has been raised from Founders Factory Africa and Kepple Africa Ventures. MVXchange has also earned recognition by Baobab Insights as one of the startups working towards a fully-maximized B2B supply chain ecosystem in Africa.
Find out more about MVXchange on their journey on creating tech solutions for the African maritime economy.