Pre-seed investment of US $600,000 has been secured by Nigerian company CutStruct Technology to help with the growth and scalability of its B2B construction procurement application LiveVend.
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 vendors to buyers. All the complex work takes place in the background. The vendor vetting, sorting out the appropriate logistics, ensuring the goods are insured, guaranteeing fulfillment, and securing financing – these are the complex things we do in the background, while our users engage with a simple platform,” Oamen said.
Zedcrest Capital, DFS Lab, and LoftyInc are leading the startup’s US $600,000 pre-seed round fundraising, with the assistance of angel investors including Kola Aina.
“We invested in John, Tayo, and the Cutstruct team because we also believe in the untapped potential within the construction vertical in Nigeria and across Africa,” said Stephen Deng, partner at DFS Lab.
“We believe tech-enhanced, specialised B2B platforms like LiveVend have a chance to vastly improve buyer and seller experiences in otherwise traditional industries and unlock the massive opportunity to digitise large value streams in the process. The team’s expertise within the industry and their vision to offer highly relevant services backed by their own on-the-ground experiences have been deeply impressive.”
