Nigerian Construction Procurement Startup, CutStruct Secures $600k in Pre-seed Funding Round
A US$600,000 pre-seed fundraising round has been completed by Nigerian startup 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 link construction buyers and vendors. The complicated work 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, ensuring fulfillment, and securing financing, according to Oamen.
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.
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 huge potential to digitise 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.
