VENCO 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.
VENCO is a technology company that provides solutions to enhance living experiences in residential and commercial communities in Africa
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.
With growing urbanisation 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 per cent live in multi-property communities. 25 per cent of their income is spent on rent and 50 per cent is spent on other household needs, including consumables, utilities, internet data, cable TV and other services.