Spleet, a Nigerian real estate technology startup, has successfully received a seed round of $2.6 million to extend its residential rent-focused solutions across Africa.
The funding was spearheaded by MaC Venture Capital. Noemis Ventures, Plug and Play Ventures, Metaprop Venture Capital, HoaQ Fund, Assembly Fund, Ajim Capital, Francis Fund, and Eduardo Campos are some of the investors in this startup. Additionally contributing were Paulo Buchicher and Maajed Chaaaraoui.
The company intends to put the cash toward the expansion of its product offerings across Nigeria for landlords, real estate agents, and renters, as well as the exploration of new market opportunities.
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Why The Investors Invested
The startup has generated considerable traction since it was founded. The property management technology platform asserts it has handled more than $3.5 million in rent payments and onboarded over 35 individual and corporate landlords; the latter kind of landlord displays many housing units at once. Spleet has also provided housing for over 1,000 individuals, which may not seem like a large number; nevertheless, it is important to keep in mind that their average lifespan value is 26 months.
A Look At What The Startup Does
Over thirty percent of the country’s population, or over 62 million individuals, have difficulty locating suitable housing. In addition, 80 percent of the population of Nigeria lives in informal housing, which is plagued by dwellings of poor quality and inadequate infrastructure.
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As a result, Dolapo Adebayo and Akintola Adesanmi established Spleet in 2018 with the intention of resolving difficulties associated with accessibility and affordability in Nigeria and other African nations.
When a renter is looking for flexible rent payment options, Spleet has developed a marketplace to link landlords with pre-screened renters who are looking for housing. Additionally, it provides a variety of flexible leasing possibilities for people who are seeking for accommodation.
In addition, the proptech company provides fully furnished living quarters that can be rented on a subscription basis to help those who are seeking for homes and cut their monthly housing costs. The rent, the power, and the cleaning charges are all included in the service that also gives the possibility of co-sharing.
Spleet real estate Spleet real estate
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh