Nigerian property startup, ToLet, acquires Jumia House Nigeria
Nigeria online classified property listings startup, ToLet.com.ng, recently acquired a similar startup, Jumia House Nigeria, to form the largest online real estate listings platform in the country.
The acquisition will make ToLet and Jumia House Nigeria merge platforms with a new name, PropertyPro.ng, which will help ToLet strengthen its penetration of the Nigerian market.
Fikayo Ogundipe, CEO and Co-founder of ToLet, told Techcrunch that the deal was made possible because of the support the company got from its backer, Malaysia based Frontier Digital Ventures (FDV).
“This came about from FDV, which has a strong real estate classified portfolio across Africa―looking at which markets they were strong and where Rocket [Jumia’s lead investor] was weaker. In Nigeria Jumia House was number three or number four in online listings. It didn’t make sense for Rocket to burn more capital in that position, so [FDV] approached them on the acquisition,” Ogundipe said.
According to the new arrangement, ToLet is acquiring the entire Jumia House platform — staff, assets, and their listings and agent network. The new PropertyPro entity will combine ToLet’s 60,000 listings with Jumia House’s 22,000 to create the largest online real estate listings platform in Nigeria with 65 percent of the market.
Four young Nigerian graduates, Fikayo Ogundipe, Sulaiman Balogun, Dapo Eludire and Seyi Ayeni founded ToLet.com.ng in 2012. It was formerly known as Estanode.com before the name was changed. In 2013, the startup got a seed funding of $230,000 from Jason Njoku’s Spark.ng.
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a graduate of Linguistics and a staff writer at Outrepreneurs, Deji's forte includes tech, startups and innovations. Years back, Deji wrote on Entertainment and Lifestyle for a tabloid. If he wasn't a writer, Deji would be a photographer or teacher.