VENCO, a technology company that provides solutions to enhance living experiences in residential and commercial communities in Africa, has secured $670,000 in an oversubscribed pre-seed funding round to scale its 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.
The $67,000 pre-seed funding found 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.
With growing urbanization across Africa, multi-property developments have emerged as the preferred mode of delivering residential and commercial real estate. Of the 2.5 million households in Nigeria that earn more than $1,000 per month, 80 percent live in multi-property communities. However, the manual and paper-based process of managing various aspects of life in these communal developments has led to many inefficiencies that negatively impact residents’ experience and profitability for property owners.
VENCO automates collection and reconciliation of all dues and payments in communities resulting in improved receipts and better margins for property owners. 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.
