Nigeria’s MVXchange Raises Pre-seed Funding Round Led by OUI Capital

MVXchange, a Nigerian vessel chartering startup, has raised a pre-seed funding round worth US$100,000 in order to accelerate its business and acquire more enterprise customers.

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 very delighted to have backed another company solving big problems. We look forward to the future working closely with @MVXchange to build the future or maritime logistics. https://t.co/MRGUachTah

— olu oyinsan (@theafrovc) May 27, 2019

“We are building the future of OSV (Offshore Service Vehicle) 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.