A Nigerian startup CutStruct Technology has raised a US$$600,000 pre-seed funding round to assist in the development and scaling of its B2B construction procurement product LiveVend.
Founded by John Oamen and Tayo Odunsi, CutStruct has built LiveVend, a construction procurement platform that allows buyers like real estate developers and contractors to engage vetted vendors while enjoying other services such a transportation, goods-in-transit insurance and trade credit.
“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 fulfilment and securing financing – these are the complex things we do in the background, while our users engage with a simple platform,” Oamen said.
The startup’s US$600,000 pre-seed round fundraise is led by Zedcrest Capital, DFS Lab and LoftyInc, with the participation 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 massive opportunity to digitise large value streams in the process. The team’s expertise within industry and their vision to offer highly relevant services backed by their own on-the-ground experiences have been deeply impressive.”