CutStruct Technology, a Nigerian construction procurement platform, has raised a $600k pre-seed to connect contractors and vendors
The funds from the fundraise by Zedcrest Capital, DFS Lab and LoftyInc, with the participation of angel investors including Kola Aina , are set to scale up the firms’ B2B construction procurement product LiveVend. According John Oamen and Tayo Odunsi, CutStruct founders, LiveVend tends to solve the problem of material procurement, one of Nigeria’s construction industry’s biggest problems.
LiveVend
LiveVend is a construction procurement platform that allows buyers like real estate developers and contractors to engage vetted vendors while enjoying other services such a transportation, goods-in-transit insurance and trade credit. Once the RFQ is sent, the quotations are automatically generated, as the vendors also have a dashboard where they can input prices and product specifications. After selecting, the platform has an automated email feature that informs other vendors.
“What CutStruct has done is build a platform where we’ve onboarded all these people, and when you need anything, you just send a request for quotes (RFQ) on the platform, and everybody you choose gets it. 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,” said John Oamen.
“You’ll receive the quotations in your portal, where you can sort by price and see vendors from the cheapest to the most expensive. You can also sort by delivery time and see the earliest to latest delivery,” he added.
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