Africa-focused Fintech Solutions Platform, Spleet, has raised $625,000 in an oversubscribed pre-seed round led by MetaProp VC.
The startup was founded in 2018 by Tola Adesanmi. Spleet is especially concerned with building a future where home renting is less stressful and much easier. The startup has established a financial solution that automatically serves as a middle man between landlords and tenants.
Landlords can now use the platform to verify and vet tenants as well as automate rent collections, while individuals and home hunters can search for comfortable living spaces with flexible payment options with less stress and hassle.
Spleet is all so remarkable as it is backed by serial entrepreneur and tech tycoon, Iyin Aboyeji’s Venture Capital firm, Future Africa.
According to the founder, this funding round would be used to build the platform’s newest rent financing product -the ‘Rent Now Pay Later’ and other products he described as facilitators of seamless residential rental processes. Tola also disclosed that the rent financing product is a much-needed solution for tenants due to the soaring cost of buying a home, and the 1-2 years upfront payment that many landlords in Nigeria request from tenants – especially in Lagos.
Speaking about this new product, Tola said: “After launching a marketplace in 2019, we realised that the issues in our rental market were beyond what our marketplace could solve. Affordability is one of the biggest pain points for tenants. Most tenants earn income monthly and can therefore not afford the 1-2 years burden of paying their rent in advance. We decided to change this by building a financing solution, “Rent Now, Pay Later”, to help tenants get homes with as little as 1-2 months’ rent worth of savings. We are currently in beta testing our rent now, pay later product with a select number of tenants, and we are happy with the results. We will extend this to a wider market of tenants and potential tenants in the coming months,”
The Real Estate sector is one that is thriving traditionally in Nigeria and the infusion of technology to this sector is one that hasn’t readily been accepted by many stakeholders. However, Spleet has been positioned to show all the benefits there is for both tenants and landlords to leverage from the platform.
Lagos-Based Tech Startups Raised $750 million in 2022
Lagos now ranks 81 globally as one of the leading hubs for startups
Tech Start-up operating in Lagos State has so far raised $750 million in 2022, the Special Adviser to the Lagos State Governor on Innovation and Technology, Tunbosun Alake stated on Thursday at the opening of the 4th Art of Lagos (AOT) Conference.
While noting that the state has become the number one startup capital in Africa, Alake said Lagos now ranks 81 globally as one of the leading hubs for startups.
He added that Lagos is also number one in Africa in terms of the volume of deals that have been sealed from 2019 to date.
Also speaking at the conference, Lagos State Deputy Governor, Obafemi Hamzat noted that Lagos State has been able to provide an enabling environment where startups and small businesses could thrive.
Similarly, speaking further, Alake revealed that the increasing number of investors putting their money in Lagos state is a result of the conducive environment for investment and not because of the large population.
“Investors are coming to Lagos because there have been many things we have been doing to encourage and to make sure the ecosystem is right for these investments. And Lagos is a place investor love to come to, not just because of the size of the market but also because of the potential of the returns on their investments,” he said.
Meanwhile, Lagos State has disclosed that it has plans to enter into the venture market, thereby launching a venture fund of its own. Investors King learnt.
The special adviser noted that the soon-to-be-launched capital venture fund will “write bigger equity cheques for Nigerian startups than most privately-owned VC”.
“We are working to launch a Lagos venture fund of bigger ticket sizes,” Alake said. “Where normal VCs expect to cash in returns in 5 to 10 years, we are going to be able to do more time because we need more mission-critical products that would serve the citizens.”
“The fund would be cross-sectoral including fintech, agriculture, health, and most importantly, “research and development startups,” he added.
Property Tech Company, VENCO Secures $670,000 Pre-Seed Funding
The company stated that the fund will be deployed to scale its all-in-one technology platform
Nigeria property technology company, VENCO has secured $670,000 in an oversubscribed pre-seed funding round.
The company stated that the fund will be deployed to scale its all-in-one technology platform that manages collections, service charge administration, utilities, and visitor access, among other services associated with multi-unit property developments across Africa.
Founded by Chude Osiegbu (CEO), Reagan Mbitiru (CTO), and Uzochukwu Alor (COO), VENCO already has a growing presence in both Nigeria and Kenya with the plan to expand to other cities and countries in Africa.
The CEO, Chude Osiegbu stated that VENCO was used by 100 estates on about 4000 property units in 2021. He added that the startup is currently in 186 estates with about 12,000 property units and now has larger estates like Banana Island and 1004 in its roster.
Although Osiegbu noted that the company presently relies on subscription fees that it charges for the deployment of its software solution, he nevertheless stated that VENCO has a long-term plan to introduce a number of monetised operations.
He added that the startup already helped finance the purchase of prepaid energy meters for the Primewater View Gardens estate, and the Tejuosho Market, a shopping mall.
In the last 9 months, VENCO says it has recorded over 200 percent growth, currently in 6 cities in Nigeria and Kenya.
Dating from the beginning of this year, VENCO noted that it has processed more than $10 million in transaction value via its platform. The company added that it is already in talks with e-commerce platforms to enable easier access to merchants within and around the community.
Investors King learnt that some of the investors that participated in the pre-seed funding round include Zrosk Investment Management, Voltron Capital, Decimal Point Ventures, Fast Forward Fund, Tayo Oviosu (CEO of Paga), Odun Eweniyi (COO of Piggyvest), Oo Nwoye, Desigan Chinniah, Dakar Network Angels and Viktoria Business Angel Network.
Speaking at the event, Samson Esemuede, Managing Director and Chief Investment Officer at Zrosk Investment Management, said, “ We view VENCO as both a SaaS and a financial inclusion play with a potential for strong multiplicative impact across the continent.”
Nigerian Based Food Tech Startup, Orda Raises $3.4 Million in Seed Funding
Orda Africa has now raised a combined $4.5 million raised by the African-centric food tech company.
Nigerian-based food tech startup, Orda announced it has raised a sum of $3.4 million in seed funding after it raised $1.1 million in pre-seed funding at the beginning of this year. This makes it a total of $4.5 million raised by the African-centric food tech company.
Investors King understands that Orda is an African restaurant cloud operating system that helps restaurants to move from pen and paper to a fully automated digital platform.
According to the startup, it aims to help more African restaurants maximize their business operations and expand distribution.
The tech company added that it plans to improve on some new features which include loan, credit, and payment options which will eventually enable its clients to maximize the potential of their business.
Investors King learnt that this new round of funding was co-led by Quona Capital and FinTech Collective. Other institutional investors which participated in the seed funding include Far Out Ventures, Lofty Inc Capital, Enza Capital, and Outside VC.
In the last one year, Orda has been able to increase its customer base to more than 600 restaurants across Nigeria and Kenya while its weekly processing orders has increased by more than 500 percent.
Speaking about the growth and focus of the company, Orda’s CEO and co-founder, Guy Futi said “From day one, Orda has been focused on building solutions for small and medium-sized restaurants”.
“These businesses operate with slim profit margins and the power of Orda’s software and financial solutions can catapult their business. Our goal is to provide end-to-end solutions that help them optimize their operations so they become more prosperous”.
Founded in 2020 by Guy Futi, Fikayo Akinwale, Mark Edomwande, Kunle Ogungbamila, and Namir El-Khouri, Orda has the vision to help small-sized African restaurants optimize their business and achieve sustainable growth.
Meanwhile, the company has attributed its growth over the last 12 months to the excellent team it has put together, a trend it hopes to continue in the coming months.
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