ToLet.com.ng is a Nigeria web-based platform for property rentals and sales. The company was founded in February 2013 with a vision of re-organizing the rental market in Nigeria that was soiled as a result of trust issues and fraud. In a bid to tackle the trust and fraud issues, the company created a system that exercises a lot of control on how participating agents offer their services. The agents are expected to conduct their business and customer relations in line with Tolet’s prescribed code of business conduct.
Now to recent news, this online real estate marketplace has just raised $1.2 million in a Series A funding round led by Frontier Digital Ventures. The plan is to use this investment to expand to other parts of Nigeria, and also improve the company’s marketing strategy.
Fikayo Ogundipe, co-founder and CEO had said that “The new funds raised will be used to improve the platform’s technology offering to both property seekers as well as that used by listing agents. The rest of the funds will be channelled into improved marketing efforts and aggressive expansion across Nigeria over the next 12-18 months.”
The company started with the founders’ collective personal savings of $400 in 2012. The company was founded in February 2013 by a team of four visionary young men: Fikayo Ogundipe, Sulaiman Balogun, Oladapo Eludire, and Oluwaseyi Ayeni. The company started by reaching out to landlords and agents in Lagos. ToLet.com.ng is one of Spark’s (Jasonand Bastian’s “accelerator” fund) portfolio companies. Spark is the sole investor in Tolet.com.ng with $240,000 invested in the startup to date.
Spark co-founder Bastian Gotter, had this to say on the investment, “We are very excited to welcome Frontier Digital Ventures (FDV) to the ToLet.com.ng family, as a long term thinking and very knowledgeable partner. We believe this new fundraise gives the ToLet management team the capital toscale, and as well serves as validation for what they have achieved already. We are looking forward to seeing ToLet.com.ng win big and change the real estate industry in Nigeria. ”
As of July 2016, the company has roughly 20,000 listings online.