CutStruct Technology Raises $600k For Its B2B Construct Procurement Product – LiveVend
Summary
CutStruct Technology led by two second-time founders John Oamen and Tayo Odunsi have just concluded a pre-seed round fundraise of about $600,000 led by Zedcrest Capital, DFS Lab and Lofty Inc, with the participation of angel investors including Kola Aina to build its premier product LiveVend.LiveVend is a construction procurement platform that allows buyers (real estate developers, contractors etc.) to engage vetted vendors on a simple and transparent platform while enjoying other services such a transportation, goods-in-transit insurance and trade credit which is offered by Sterling Banks buy-now, pay-later product Specta for Business.John Oamen CEO of CutStruct described the platform as very simple We connect construction vendors to buyers. 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 Chief Strategy Officer Tayo Odunsi also highlighted that the platform is free to use for buyers and they can also access weekly pricing data of major building materials across major locations in the companys beachhead market, Nigeria.To create the LiveVend solution, CutStruct partnered with best-in-class solution providers which includes Axa Mansard for insurance, Sterling Bank for construction materials financing, Apel Trustees for escrow service, VerifyMe for vendor verification and Greychapel Legal for all legal and deal structuring.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. He continued 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 massive opportunity to digitize large value streams in the process. The teams expertise within industry and their vision to offer highly relevant services backed by their own on-the-ground experiences have been deeply impressive.Dayo Amzat CEO Zedcrest Capital also clarified why his company backed CutStruct; Over the last decade, Africa in general, has seen tremendous improvement in many sectors of the economy ranging from payments, e-Commerce, banking, telecomms etc.