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CutStruct Technology, a startup in Nigeria, has secured a US$600,000 pre-seed funding round.
With the support of angel investors, notably Kola Aina, the pre-seed investment round was co-led by Zedcrest Capital, DFS Lab, and LoftyInc.
CutStruct, a company founded by John Oamen and Tayo Odunsi, has created LiveVend, a platform for construction procurement that enables buyers like contractors and real estate developers to work with vetted vendors while also taking advantage of other services like trade credit, goods-in-transit insurance, and transportation.
“We connect construction buyers and vendors. The complicated task is all done in the background. The complex tasks we perform in the background, while our users interact with a straightforward platform, include vendor vetting, organizing the proper logistics, making sure the goods are insured, assuring fulfillment, and arranging finance, according to Oamen.
According to Stephen Deng, partner at DFS Lab, “We invested in John, Tayo, and the Cutstruct team because we also believe in the unrealized potential inside the construction vertical in Nigeria and throughout Africa.”
We think that tech-enhanced, specialized B2B platforms, like LiveVend, have a chance to significantly enhance buyer and seller experiences in typically traditional industries and, as a result, unlock the huge potential to digitize significant value streams. The team’s industry knowledge and ambition to provide highly relevant services supported by their own first-hand experiences have both been quite amazing.
The additional capital will help the startup build and expand LiveVend, a B2B construction procurement solution.
Read more on Tech Gist Africa:
AfyA Care a healthcare venture in Nigeria has just closed a $6 million Series A funding round
Moove, a Nigerian mobility fintech startup, secures $16.8 million in funding
Bumpa, a social commerce startup based in Nigeria has raised $4 million
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