VENCO Raises $670k In Pre-Seed Funding

Jan 9, 2023 | Uncategorized

We are proud to announce that VENCO has raised $670k in pre-seed funding to scale our efforts to eliminate the hassles of living in estates by automating collections, access control, utility vending, and other estate management processes in more than 180 residential and commercial communities across 7 cities in Africa.

Zrosk Investment Management led the oversubscribed pre-seed fundraising round, which also included Voltron Capital, Decimal Point Ventures, Fast Forward Fund, Tayo Oviosu, Odun Eweniyi, Oo Nwoye, Desigan Chinniah, Dakar Network Angels, and Viktoria Business Angel Network.

The VENCO squad in a group shot.

Our Story…

Our mission is to change the world, one community at a time! VENCO was founded to help simplify living experiences for residential and commercial estates by providing an operating system that supports various activities in communal management.

According to our co-founder and CEO, Chude Osiegbu, “Since 2011, I’ve been living in one estate or the other in Lagos and Port Harcourt, and the themes were the same.” “In every estate, I’ve experienced challenges ranging from the most basic things, such as who lives here, how do we share our bills, how do we make sure they’re collected effectively, and how do we make sure who comes in, among other things.”

This is the story of many people living in estates throughout Nigeria and Africa. We enable smarter and safer communities in Africa through our platform and products by simplifying the living experiences of community management.

How we are currently solving these challenges…

Our Admin app for estate administrators and facility managers automates collections and reconciles all dues and payments in communities, resulting in improved receipts and better margins for property owners.

For residents, the self-service tools provided by VENCO make processes such as visitor control, issue and emergency management, and utility vending more seamless. With residents now able to build an economic profile based on their financial transactions on the VENCO platform, they can now access a range of embedded financial services, including insurance, credit facilitation for rent, service charges, household spending, and many other services.

Venco Resident app showing the property unit dashboard.

How does $670k impact our products and services…

VENCO has recorded over 200 percent growth over the last nine months and is currently in six cities with more than 12,000 property units across Nigeria and Kenya. Since January 2022, we have processed more than $10 million in transaction value via our platform.

With more residents opting for effectively managed and convenient communal living, this next season will see us expand into more communities and offer more benefits to our users through new product offerings and significant improvements to the experience across our platform.

Read more about our funding announcement journey in the news, as seen in Tech Cabal | Tech Point | Naira Metrics

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