VENCO, Nigerian Prop-Tech Startup Secures Funding for Expansion

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.

VENCO was co-founded by Chude Osiegbu (CEO), Reagan Mbitiru (CTO) and Uzochukwu Alor (COO) as 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.

VENCO was co-founded by Chude Osiegbu (CEO), Reagan Mbitiru (CTO) and Uzochukwu Alor (COO)

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.

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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.

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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.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Nigerian Facility Management Platform VENCO Raises $670K Pre-Seed Round

VENCO, a Nigerian facility management platform, has raised USD 670 K in pre-seed funding to alleviate the problems associated with living in estates or residential and commercial communities in Africa. Zrosk Investment Management led the round, with Voltron Capital, Decimal Point Ventures, and Fast Forward Fund also participating, as well as other angel investors such as Tayo Oviosu (CEO of Paga) and Odun Eweniyi (COO of PiggyVest).

The additional money will help VENCO build out its credit delivery infrastructure for rent and household expenses, as well as expand into other cities and countries throughout the continent, beginning with Nigeria and Kenya.

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 A Look At What The Startup Does

VENCO’s platform, founded in 2022 by Chude Kenneth Osiegbu, Reagan Mbitiru, and Uzochukwu Alor, works for malls, shopping complexes, and even tiny towns. VENCO delivers payment reminders to residents, assists them in making payments directly on the app, and then issues bills. Residents can use the app to file complaints and track the status of their complaints. Managers are presented with complaints in the order of importance.

VENCO Facility VENCO Facility

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh