An oversubscribed pre-seed fundraising round yielded $670,000 for VENCO, a technology business that offers solutions to improve living conditions in residential and commercial areas in Africa.
According to the business, the money will be used to expand an all-encompassing digital platform that controls collections, service fee administration, vending for utilities, guest access, and other services related to multi-unit real estate projects throughout Africa.
The additional money will help VENCO expand into other cities and nations on the continent as well as build up its credit delivery infrastructure for rent and household expenses, starting with Nigeria and Kenya.
Investors: Zrosk Investment Management, 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 were among the strategic investors who participated in the pre-seed funding round, which was led by Zrosk Investment Management.
Opportunities for VENCO: Multi-property projects have become the preferred method of providing residential and commercial real estate as a result of the rapid urbanization of Africa.
According to VENCO, 80% of the 2.5 million families in Nigeria with monthly incomes above $1,000 reside in multi-property complexes. Rent takes up 25% of their income, while the remaining 50% goes toward other expenses, including consumables, utilities, internet data, cable TV, and other services. The possibility of household expenditures is about $22.5 billion in Nigeria and $100 billion in all of Africa.
VENCO automates the collection and reconciliation of all dues and payments in communities, resulting in increased receipts and higher margins for property owners. It was co-founded by Chude Osiegbu (CEO), Reagan Mbitiru (CTO), and Uzochukwu Alor (COO).
Self-service capabilities made available by VENCO to residents streamline procedures including guest control, problem and emergency management, as well as utility vending. Residents now have access to a variety of embedded financial services, such as insurance, credit facilitation for rent, service charges, and household spending, along with many other services, thanks to their ability to create an economic profile based on their financial transactions on the VENCO platform.
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