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Venco Secures $670,000 Pre-seed Funding to Deliver Digital Solutions for Properties in Africa

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Venco, a technology company that provides solutions to enhance living experiences in residential and commercial communities in Africa, has secured $670,000 in an oversubscribed pre-seed funding round to scale its all-in-one technology platform that manages collections, service charge administration, utilities vending, visitor access and other services associated with multi-unit property developments across Africa.

The pre-seed funding round was led by Zrosk Investment Management, with participation from other strategic investors including Voltron Capital, Decimal Point Ventures, Fast Forward Fund, Tayo Oviosu (CEO of Paga), Odun Eweniyi (COO of Piggyvest), Oo Nwoye, Desigan Chinniah, Dakar Network Angels and Viktoria Business Angel Network.

Starting with Nigeria and Kenya, the new funding will support VENCO to build out its credit delivery infrastructure for rent and household spend, as well as its expansion into other cities and countries on the continent.

With growing urbanisation across Africa, multi-property developments have emerged as the preferred mode of delivering residential and commercial real estate.

Of the 2.5 million households in Nigeria that earn more than $1,000 per month, 80 percent live in multi-property communities.

25 percent of their income is spent on rent and 50 percent is spent on other household needs, including consumables, utilities, internet data, cable TV and other services. This market for household spend represents a $22.5 billion opportunity in Nigeria, and $100 billion across Africa.

However, with the process of managing various aspects of life in these communal developments being largely manual and paper-based, there are many inefficiencies that negatively impact residents’ experience and profitability for property owners.

For example, the default-rate on service charge collection for multi-property developments in Africa can be as high as 60 percent, which means that property managers are either out of pocket or forced to operate on insufficient funds.

Even when payments are collected, the manual process means reconciliation is error-prone and theft is common.

Co-founded by Chude Osiegbu (CEO), Reagan Mbitiru (CTO) and Uzochukwu Alor (COO), VENCO automates collection and reconciliation of all dues and payments in communities resulting in improved receipts and better margins for property owners.

For residents, self-service tools provided by VENCO make processes such as visitor control, issue and emergency management as well as utilities-vending more seamless.

With residents able to build an economic profile based on their financial transactions on the VENCO platform, they can now access a range of embedded financial services, including insurance, credit facilitation for rent, service charges and household spend along with many other services.

VENCO has recorded over 200 percent growth over the last 9 months and is currently in 6 cities and more than 12,000 property units across Nigeria and Kenya. Since January 2022, it has processed more than $10 million in transaction value via its platform.

“The company is also partnering with ecommerce platforms to enable easier access to merchants within and around the community, energy companies to ensure reliable energy metering and collections, and other service providers to improve the overall experience in these communities.

According to Chude Osiegbu, CEO and co-founder of VENCO, “the manual nature of many processes associated with life in residential and commercial communities in Africa presents many issues that we believe technology can fix.

“Beyond this, we also want to leverage technology to deliver new services and experiences that will transform how people live in Africa’s growing cities and create better value for everyone across the board.

“Our goal is to deliver technology solutions that will enhance living experiences across the continent, and we are excited to have raised these funds to support that mission”

Samson Esemuede, Managing Director, and Chief Investment Officer at Zrosk Investment Management said “The team at VENCO are building a platform that allows for the validation of the GDP of the African household.

“Not only does a platform like VENCO allow for significant improvement in the experience of African residents, facility managers and property owners, it could potentially unlock at scale the sort of financial services the African consumer really needs.

“We view VENCO as both a SAAS and a financial inclusion play with a potential for strong multiplicative impact across the continent. We are excited to support the VENCO team in achieving their vision”.


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General News

Researchers Develop Innovative Treatment for Malaria

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An international team of researchers have introduced a groundbreaking drug, known as the covalent kinase inhibitor, which shows promise in combating treatment-resistant malaria.

Researchers Develop Innovative Treatment for Malaria

Developed by chemists and bioscientists from the University of Glasgow, this innovative drug could surpass current medications by effectively targeting and disabling the proteins used by the Plasmodium falciparum parasite to replicate within the human body.

This is according to a report titled “Targeting Pf CLK3 with Covalent Inhibitors: A Novel Strategy for Malaria Treatment.”

The development, led by chemists and bioscientists from the University of Glasgow, was outlined in a November publication in the “Journal of Medicinal Chemistry.”

According to the researchers, covalent inhibitors form bonds with proteins, usually irreversibly modifying them, and this new drug could be more effective than current medications at all stages of malaria infection.

The new drug works by permanently disabling a protein that Plasmodium falciparum, one of the mosquito-borne parasites that spread malaria, uses to replicate itself inside the human body.

The drug also has the potential to work as a single-dose treatment, a significant improvement over existing therapies.

This breakthrough marks the first adaptation of an approach from cancer treatments to tackle malaria.

The team expressed optimism that the parasite is unlikely to develop resistance to the new drug, which targets the protein Pf CLK3 and disrupts the parasite’s ability to splice RNA.

The researchers, including Prof. Martins Emeje from the Nigerian Natural Medicines Development Agency and Prof. Oyewale Tomori from the West African Academy of Sciences, emphasise the importance of regular calibration and accreditation for medical laboratories to ensure accurate results and reliable treatment.

 

 


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Nigeria to Host ICEGOV 2025, A Milestone in Digital Governance and Global Leadership

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The Federal Ministry of Communications, Innovation & Digital Economy, Nigeria has been officially confirmed as the host country for the 2025 International Conference on Theory and Practice of Electronic Governance (ICEGOV) edition.

This confirmation by the United Nations University Operating Unit on Policy-Driven Electronic Governance (UNU-EGOV) marks a historic milestone in our nation’s digital transformation journey, showcasing Nigeria’s leadership in digital governance, innovation, and technological advancements on the global stage.

ICEGOV is a prestigious global conference that convenes governments, academia, international organisations, industry leaders, and civil society to exchange insights, research, and best practices in electronic governance.

Hosting this event presents a unique opportunity to strengthen Nigeria’s digital ecosystem, foster multidisciplinary collaborations, and drive policy innovations that will shape the future of governance in Africa and beyond.

Speaking on this momentous achievement, the Honourable Minister of Communications, Innovation & Digital Economy, Dr. ‘Bosun Tijani, stated: “Nigeria’s selection to host ICEGOV 2025 is a recognition of our efforts to drive digital transformation and innovation in governance.

“I am a firm believer in the importance of the academia and research in supporting global discussions on e-Governance and we have seen this in some of the input in government initiatives like the National AI Strategy and the National Digital Economy and e-Governance Bill which are laying the foundation for the growth of Nigeria’s Digital Economy.

“As we prepare to welcome you all to Nigeria, we look forward to very useful outcomes that will be beneficial for the growth of digital governance and policy development globally.”


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MTN Nigeria Foundation Supports Education with Donation of School Supplies to 1000+ Students

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MTN Nigeria Foundation recently embarked on an initiative to donate support materials to nominated schools in seven states across the six geopolitical zones, including Edo, Oyo, Katsina, Nasarawa, Bauchi, Anambra and Enugu.

Odunayo Sanya, Executive Secretary, MTN Foundation

The donations form part of the foundation’s Learning Support Materials Initiative (LSMI) aimed at improving learning experiences for students nationwide.

The MTNF Learning Support Material Initiative (LSMI) is a program created to empower students with essential academic tools, enabling them to reach their highest academic capabilities. Over 1000 students received vital resources such as school bags and exercise books, with the schools also receiving additional equipment like umbrellas and Wi-Fi routers to aid the implementation of technology in learning.

The initiative forms part of MTN Foundation’s broader commitment to youth empowerment and educational development in Nigeria. Over the years, the foundation has invested in education through several initiatives. These include the MTN Scholarship Scheme for science and technology students and blind scholars at the undergraduate level. Additionally, MTN Foundation’s Science and Technology Lab Project (STLP) has resulted in the refurbishment of 102 science laboratories in public secondary schools across the country.

Speaking on the Learning Support Material Initiative (LSMI) and the Foundation’s dedication to national development through education, Executive Director, MTN Foundation, Odunayo Sanya said “At MTN Nigeria Foundation, we believe that education is the cornerstone of growth and development, and all students deserve access to the resources necessary to unlock their full potential.

“This initiative emphasizes our commitment to fostering an enabling environment for learning and supporting access to quality education.”

The impact of these donations was evident and appreciated by students who expressed that the learning materials would aid their learning process and educators who affirmed that they would be put to good use.

This initiative demonstrates how corporate entities can play pivotal roles in supporting societal needs while promoting sustainable development within the communities they serve.

The Learning Support Materials Initiative by MTN Foundation highlights its unwavering dedication towards empowering young minds across Nigeria. Through strategic educational support programs, the foundation contributes to bridging resource gaps faced by several public institutions and shaping brighter futures nationwide.


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