Nigerian maritime logistics startup MVXchange has closed a pre-seed funding round worth US$100,000 in order to scale its technology and acquire more enterprise customers.
MVXchange is a B2B tech-driven maritime platform that matches vessel charter requests with available Offshore Support Vessels (OSVs), focused on empowering users to conveniently charter vessels while reducing man-hours, saving cost and improving performance.
The pre-seed funding round was led by Oui Capital, the US$10 million fund for investments in innovative tech startups from Kenya, Nigeria and South Africa launched in January, with participation from Neon Ventures, Zircon Marine, and other angel investors.
It will be directed towards scaling the startup’s technology and acquiring more enterprise users. The company’s current market is oil-producing African countries, as it matches vessel availability to vessel utilisation at the optimal market rate in these regions.
“We are building the future of OSV chartering in Africa by reducing inefficiencies and increasing capacity and utilisation of vessels across African waters, and we’re happy to be working with our early investors. Their wealth of experience and network is a plus for us and we are excited to welcome them on-board,” said Tonye Membere, co-founder and chief executive officer (CEO) of MVXchange.