May 31, 2019: Nigerian maritime logistics startup Motor Vessel Xchange (MVXchange) has raised a pre-seed funding worth $100,000, led by Oui Capital. The funding will be directed towards improving technology and acquiring more enterprise customers.

Neon Ventures, Zircon Marine, and other angel investors participated in the funding round which was led by Oui Capital.

According to its website, MVXchange is a technology-driven maritime platform that matches vessel charter requests directly to offshore support vessels (OSV's) in the African oil and gas industry. "We empower our users to conveniently charter and manage offshore support vessels while reducing man-hours, saving cost and maximising performance," it adds.

"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.

Read Full Article