Venco, a Nigerian Proptech startup, has just raised $670k in a pre-seed funding round led by Zrosk Investment Management, with participation from Voltron Capital, Decimal Point Ventures, Fast Forward Fund, Tayo Oviosu, Odun Eweniyi, Oo Nwoye, Desigan Chinniah, Dakar Network Angels, and Viktoria Business Angel Network.
Founded this year by Chude Osiegbu and Reagan Mbitiru, Venco helps to manage collections, service charge administration, utilities vending, visitor access, and other services associated with multi-unit property developments across Africa using their all-in-one technology platform.
VENCO automates the collection and reconciliation of all dues and payments in communities resulting in improved receipts and better margins for property owners.
Residents can access a variety of embedded financial services, including insurance, credit facilitation for rent, service charges, and household expenditure, as well as many other benefits, after creating an economic profile based on their financial transactions on the VENCO platform.
The company is also partnering with e-commerce platforms to enable easier access to merchants within and around the community, energy companies to ensure reliable energy metering and collections, and other service providers to improve the overall experience in these communities.
VENCO has recorded over 200 per cent growth over the last nine months and is currently in 6 cities and more than 12,000 property units across Nigeria and Kenya. Since January 2022, it has processed more than $10 million in transaction value via its platform.
The funds raised will help Venco to scale its platform that manages collections, service charge administration, utilities vending, visitor access and other services associated with multi-unit property developments across Africa.
Starting with Nigeria and Kenya, the latest funding will support Venco to build out its credit delivery infrastructure for rent and household spend, as well as expand into other cities and countries on the continent.