VENCO has raised $670k in pre-seed funding to scale 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 seven 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.
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 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.
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, they have processed more than $10 million in transaction value via the platform.