Nigerian startup VENCO, which provides solutions to enhance living experiences in residential and commercial communities in Africa, has secured US$670,000 in an oversubscribed pre-seed funding round to scale its platform.
Co-founded by Chude Osiegbu (CEO), Reagan Mbitiru (CTO) and Uzochukwu Alor (COO), VENCO is an all-in-one technology platform that manages collections, service charge administration, utilities vending, visitor access and other services associated with multi-unit property developments across Africa.
The startup has recorded over 200 per cent growth over the last nine months and is currently in six cities and more than 12,000 property units across Nigeria and Kenya. Since January 2022, it has processed more than US$10 million in transaction value via its platform.
The pre-seed funding round was led by Zrosk Investment Management, with participation from other strategic investors including Voltron Capital, Decimal Point Ventures, Fast Forward Fund, Tayo Oviosu (CEO of Paga), Odun Eweniyi (COO of Piggyvest), Oo Nwoye, Desigan Chinniah, Dakar Network Angels and Viktoria Business Angel Network.
Starting with Nigeria and Kenya, the new funding will support VENCO to build out its credit delivery infrastructure for rent and household spend, as well as its expansion into other cities and countries on the continent.
“The manual nature of many processes associated with life in residential and commercial communities in Africa presents many issues that we believe technology can fix. Beyond this, we also want to leverage technology to deliver new services and experiences that will transform how people live in Africa’s growing cities and create better value for everyone across the board. Our goal is to deliver technology solutions that will enhance living experiences across the continent, and we are excited to have raised these funds to support that mission,” said Osiegbu.
Samson Esemuede, managing director and chief investment officer at Zrosk Investment Management, said VENCO was building a platform that allows for the validation of the GDP of the African household.
“Not only does a platform like VENCO allow for significant improvement in the experience of African residents, facility managers and property owners, it could potentially unlock at scale the sort of financial services the African consumer really needs. We view VENCO as both a SAAS and a financial inclusion play with a potential for strong multiplicative impact across the continent. We are excited to support the VENCO team in achieving their vision,” he said.