Motor Vessel Xchange (MVX for short) a Nigerian on-demand B2B maritime startup has disclosed it has closed a pre-seed funding round conducted by Oui Capital, US Venture Capital.
Among the investors that took part in the funding round that led MVXchange to secure a total of USD 100K were Neon Ventures, Zircon marine, and other angel investors.
Motor Vessel Xchange (MVX) is a technology-driven maritime platform that matches vessel charter requests directly to offshore support vessels (OSVʼs) in the African oil and gas industry.
It empowers its users to conveniently charter and manage offshore support vessels while reducing man-hours, saving cost and maximizing performance.
The maritime startup hopes to use the funds to scale its technology platform and expand by getting more enterprise users.
Currently, MVX has oil-producing African countries as markets where it connects vessel availability to vessel utilization at the optimal market rate. As part of the progress made so far, the company claims it has reduced the period it takes to find a vessel from weeks to minutes.
Tonye Membere, co-founder and CEO of MVXchange said, “we are building the future of OSV chartering in Africa by reducing inefficiencies, increasing capacity and utilization 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 onboard”.
The company is focused on “empowering users to conveniently charter and manage offshore support vessels while reducing man-hours, saving cost and improving performance.”
