Cutstruct Raises $600k Pre-Seed Funding Round
The Nigerian startup built LiveVend, a construction procurement platform that allows buyers like real estate developers and contractors to engage vetted vendors while enjoying other services such as transportation, goods-in-transit insurance and trade credit.
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.
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 as transportation, goods-in-transit insurance and trade credit.
John Oamen, Cutstruct co-founder said: “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.”
The startup’s US$600,000 pre-seed round fundraising is led by Zedcrest Capital, DFS Lab and LoftyInc, with the participation of angel investors including Kola Aina.
Stephen Deng, Partner at DFS Lab said: “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. We believe tech-enhanced, specialized 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.”