CutStruct Technology raises $600,000 to build B2B procurement product

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CutStruct Technology raises $600,000 to build B2B procurement product 


CutStruct Technology, a technology startup used to reduce construction costs, has raised $600,000 in pre-seed funding. The company said the funding will be used to build a construction procurement product called LiveVend.

The pre-seed funding led by Zedcrest Capital, DFS Lab and Lofty Inc, also had participation from angel investors including Kola Aina.

CutStruct is led by two second time founders, John Oamen and Tayo Odunsi.

Why they invest: While commenting on the fundraising, a Partner at DFS Lab, Stephen Deng said:

  • “We are investing 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 that tech-enhanced, specialized B2B platforms like at LiveVend has the opportunity to significantly improve buyer and seller experiences in traditional industries and open up great opportunities to digitize large amounts of the process. The team’s expertise within the industry and their vision to offer more relevant services backed by their own experiences on the ground is very impressive.

Dayo Amzat – CEO of Zedcrest Capital also clarified why his company supports CutStruct:

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  • “Over the last decade, Africa, as a whole, has seen tremendous growth in many economic sectors from payments, e-Commerce, banking, telecoms and more. However, despite the continent’s largest capital asset being real estate, every aspect of the real estate value chain from construction management to mortgages remains underdeveloped, with very low net promoter scores. Therefore, we welcome the efforts of John and Tayo to help organize the construction market, bringing much-needed transparency and
  • development of construction processes. This aligns with our interest in Zedcrest, and aligns with a major market development initiative we are currently pursuing with a DFI focused on African housing”

About LiveVend: LiveVend is a construction procurement platform that allows buyers (real estate developers, contractors etc.) to engage with vetted vendors in a simple and transparent platform while enjoying other services such as transportation, goods-in-transit insurance and trade credit offered by Sterling The banks’ buy-now, pay-later product – Specta for Business.

John Oamen, the CEO of CutStruct, describes the platform as very simple. He said:

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  • “We connect construction vendors to buyers. All the complex work happens in the background. Vetting the vendor, arranging the appropriate logistics, ensuring that the goods are insured, guaranteeing fulfillment and securing financing – these are the complex things that we do behind the scenes, while our users interact with each other. simple platform”.

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