Photo - CutStruct Technology Limited
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CutStruct Technology Limited

A PropTech innovation to solve the issues in the industry

Nigeria
Market: Real estate
Stage of the project: Operating business

Date of last change: 24.12.2020
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Idea

Our range of solutions:
LiveVend - price discovery platform,
LiveVend Bulk - procurement tool and,
LiveVend Pro - building project management tool are aimed at bridging the institutional void, standardizing and improving systems thereby delivering greater value across the value chain.

Current Status

We have developed our core apps and signed up first client-users.

We have signed up 800+ vendors on the LiveVend.com database- Our price discovery platform.

Our LiveVend Bulk and Pro solution is supporting total projects with combined value of $1.5m with 20+ projects in pipeline valuing between $800k and $1m each.

Market

Our target market include:
- Corporate Real Estate development companies
- HNIs with investment in Real Estate construction projects
- Individuals and Small scale developers building property for commercial use
- Individuals and Couples building property for personal use
We have decided to focus on HNIs with investment in Real Estate construction projects and Individuals and Small scale developers building property for commercial use for the year 2020

According to CBN, NBS, FMBN and CAHF, 2.6 trillion naira was the value of construction as a contribution to Nigeria's GDP in 2019. This is expected to grow by 1.69% in the 1st quarter of 2020.
Our market share goal of this is 1% i.e. 26 billion naira.

However, there is a large informal market that is not captured in this data which is garnered mostly by word of mouth we also intend to capture.

Problem or Opportunity

The most common problems construction project owners face include:
- inadequate or lack of data/information
- Industry opacity
- High investment risk
- Cost/time overruns and their impact
- Poor project tracking
- Procurement hassles

Solution (product or service)

We, at LiveVend are providing solutions to help tackle challenges and bridge the institutional void in the Real Estate industry using our range of solutions:
- LiveVend.com - price discovery platform,
- LiveVend Bulk - procurement tool and,
- LiveVend Pro - building project management tool, all are aimed at bridging the institutional void, standardizing and improving systems thereby delivering greater value across the value chain.

Competitors

In the Nigerian and African market, our main competitors are individual construction project consultants who utilize manual processes including Builders' Hub and Filta.ng.
Our solutions have pioneer status advantage in the market providing a more robust and efficient system for our customers to handle their construction projects.

Advantages or differentiators

Our solutions are optimized for local challenges simplifying project tracking on-the-go, guaranteeing stress-less procurement of construction materials, greater accountability for all involved in project delivery and provision of accurate real-time data for better project planning.

Money will be spent on

Seed funding will be spent on:
- Customer acquisition
- Marketing and PR
- Order fulfillment improvement
- Hire requisite talent
- App and Webb Infrastructure
- Capital Expenditure

Offer for investor

Stock option

Incubation/Acceleration programs accomplishment

1. The CutStruct team was selected to join The Forbes Digital Startup Accelerator 2020 which held from June 2nd to 26th, 2020 virtually. This accelerator welcomed only 200 top companies from Nigeria out of over 5000 applications.

2. CutStruct is the only African startup invited and accepted into The Blueprint Accelerator: Market Validation- Cohort 6 with non-equity funding up to $25k, massive exposure, non-financial and financial support. The sessions are currently running every week since Tuesday, November 10, 2020 till January 2021. (http://followtheyes.com/the-blueprint/)

Won the competition and other awards

1. CutStruct was nominated for PropTech Company of the Year award at the Real Estate Discussions and Awards (REDA): The Digital Dialogues which held from September 21- September 23, 2020.

2. CutStruct was recognized on the Nigerian-British Chamber of Commerce (NBCC) platform for which we are a member at their event on Affordable Housing: The New Frontiers on Wednesday, September 30, 2020.
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
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