West Africa’s first online vessel chartering platform MVXchange has announced the closing of their pre-seed funding round. The financing round believed to be about $100,000 was led by Oui Capital with participation by Neon Ventures, Zircon marine, and other angel investors.
MVXchange is a B-2-B technology-driven maritime platform that matches vessel charter requests to available Offshore Support Vessels (OSV’s) operating in Africa. They are focused on empowering users to conveniently charter and manage offshore support vessels while reducing man-hours, saving cost and improving performance.
According to, co-founder and CEO of MVXchange- Tonye Membere, “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 on-board”.
Having launched in January this year, MVXchange is Oui Capitals second deal after a previous investment in Awabike . Oui’s focus is on Pre-Series A companies solving big problems, such as in Fintech, Mobility and two-sided platforms, based or targeted at Sub-Saharan Africa.
Speaking with AppsAfrica.com, Olu Oyinsan, Managing Partner at Oui Capital shared “we are always looking for great companies solving big problems- MVX is definitely one of them. Also, they have a first-mover advantage in an industry that currently has a lot of inefficiencies in the procurement process”.
The funding will be directed towards scaling their technology and acquiring more enterprise users. The company’s current market is oil-producing African countries as they match vessel availability to vessel utilization at the optimal market rate in these regions. MVXchange is “reducing the time it takes to find a vessel from weeks to minutes”.