Nigerian proptech VENCO bags $670K pre-seed to expand its offering

Nigerian proptech, VENCO has secured $670,000 in pre-seed funding to expand its all-in-one platform that provides services for residential and commercial communities in Africa.

Co-founded by Chude Osiegbu, Reagan Mbitiru, and Uzochukwu Alor, VENCO manages collections, service charge administration, utilities vending, visitor access and other services associated with multi-unit property developments.

VENCO’s solutions simplify everyday processes from bill payments and visitor access to issues management, utilities vending and more, reducing the cost-of-service delivery and increasing convenience.

In the past nine months, VENCO has experienced over 200 per cent growth and currently serves more than 12,000 property units in six cities across Nigeria and Kenya.

Since January of this year, the company has processed over $10 million in transaction value through its platform. This impressive growth and success demonstrate VENCO's ability to provide valuable solutions for residential and commercial communities in Africa.

Starting with Nigeria and Kenya, the oversubscribed funding round will allow VENCO to scale its operations and provide its services to a wider range of communities across Africa. The new funding will also help VENCO build out its credit delivery infrastructure for rent and household spending.

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.