- Sector: Financial Services
- Country of operations: Nigeria
Collaboration is key
Venia Group is firmly plugged into the emerging patterns of business life, with a diverse collection of subsidiaries encompassing coworking spaces, insurance technology (InsurTech) and consulting. It also helps international brands enter the Nigerian market through its Gateway service. Venia Group currently has 5,000 businesses within its network.
“We are focused on disruptive ideas that leverage technology, design and service to achieve differentiation and lower cost,” says Kola Oyeneyin, Founder and Chief Innovation Officer. “We invest in new ideas and build great brands, creating jobs and making room for businesses and entrepreneurs to thrive along the way.”
The group’s coworking spaces division, called Venia Business Hub, offers a range of flexible subscription packages to suit smaller businesses that may be concerned about affordability and unpredictable spikes in business activity, but it also proactively targets larger companies looking to downsize. Meanwhile, a second coworking division, InstaSpaces, is focused on pushing collaboration across traditional and non-traditional coworking spaces and thereby encouraging greater adoption of coworking.
Venia has also been targeting those working in the so-called ‘gig economy’. Over the past year its InsurTech subsidiary, AutoGenius, launched an insurance product aimed at drivers and riders of e-hailing companies and another product that provides affordable micro-insurance health coverage for SMEs and their employees.
The flexible subscription package it offers is also being applied when it comes to insurance. “We have applied the same concept with our insurance business, working with our partners to develop affordable products that allow for monthly subscriptions – a novelty in Nigeria,” says Kola.
Embracing flexibility has enabled Venia to retain its existing customers and attract new ones. In the coming years it plans to roll out its coworking services nationally and expand into other key African markets. Other product areas may also be targeted. “We believe there is an opportunity to disrupt the talent recruitment process by leveraging technology,” says Kola.