Nigeria property technology company, VENCO has secured $670,000 in an oversubscribed pre-seed funding round.
The company stated that the fund will be deployed to scale its all-in-one technology platform that manages collections, service charge administration, utilities, and visitor access, among other services associated with multi-unit property developments across Africa.
Founded by Chude Osiegbu (CEO), Reagan Mbitiru (CTO), and Uzochukwu Alor (COO), VENCO already has a growing presence in both Nigeria and Kenya with the plan to expand to other cities and countries in Africa.
The CEO, Chude Osiegbu stated that VENCO was used by 100 estates on about 4000 property units in 2021. He added that the startup is currently in 186 estates with about 12,000 property units and now has larger estates like Banana Island and 1004 in its roster.
Although Osiegbu noted that the company presently relies on subscription fees that it charges for the deployment of its software solution, he nevertheless stated that VENCO has a long-term plan to introduce a number of monetised operations.
He added that the startup already helped finance the purchase of prepaid energy meters for the Primewater View Gardens estate, and the Tejuosho Market, a shopping mall.
In the last 9 months, VENCO says it has recorded over 200 percent growth, currently in 6 cities in Nigeria and Kenya.
Dating from the beginning of this year, VENCO noted that it has processed more than $10 million in transaction value via its platform. The company added that it is already in talks with e-commerce platforms to enable easier access to merchants within and around the community.