Making its move - European Chemical News 24 - 30 July 2000

Chemove has announced plans to launch a neutral online chemical logistics marketplace targeting the $40bn logistics market. Backed by Morgan Grenfell Private Equity with Internet support by marchFIRST, the UK-based venture will be launched this autumn.

Founder members, Chris Badenhorst and Mark Betts, said the site was being tested with several customers. 'We want to make sure the product we are offering is what is needed and we are constantly evolving it.' said Badenhorst.

Betts added: 'We hope to increase efficiency by reducing the number of empty back haul legs, as well as increasing transparency.'

The company said that it had no plans to allow chemical companies to take equity stakes in the site, although it hinted that it may be interested in working with online chemical marketplaces.

'We believe we can show the business will get off the ground and we hope to reach break-even within two years.' said Badenhorst