A US$600,000 pre-seed fundraising round has been completed by Nigerian startup CutStruct Technology to help grow and scale its B2B construction procurement application LiveVend.
CutStruct, a startup 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.
According to Oamen, the startup links construction buyers and sellers. The complicated task is all done in the background.
While its users interact with a straightforward platform, CutStruct is working behind the scenes on difficult tasks including vendor vetting, logistics organization, insurance verification, fulfillment assurance, and financing.
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, a 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 increase significantly buyer and seller experiences in typically traditional industries and, as a result, unlock the huge potential to digitize significant value streams.”
The team’s industry knowledge and ambition to provide relevant services supported by their own first-hand experiences have both been quite amazing.
Techbuild’s Take
A procurement plan must deal with a number of risk concerns, including contract management, the sourcing of materials of the highest quality, and controlling vendors and budgets. As a result, good planning is necessary to guarantee the execution of a successful procurement action.
A successful procurement system is essential to the construction industry, since it relies largely on prompt project delivery. Paper-based manual tasks are frequently susceptible to mistakes, but thanks to technology, startups like CutStruct are offering users competitive alternatives.
These platforms provide the sector with a productive procurement method. Site engineers, owners, consultants, and project managers simplify arduous tasks and allow improved decision-making, which speeds up project completion. Additionally, it enables them to have restricted access to data and every trace of its operations.
Don’t forget that these systems may provide a complete solution, including sourcing products, managing suppliers, and providing comparative quotation reports that aid construction firms in choosing the right vendors.
Featured Image: Cutstruct Co-founders
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