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Spleet, a Lagos-based property technology (proptech) startup founded by Tola Adesanmi, has raised $2.6 million from institutional investors to expand its residential rent-focused products in Africa.
The $2.6 million in seed funding follows a $625,000 pre-seed funding round in March as part of a move to accelerate the roll-out of a new product that provides tenants with affordable loans to help them pay their rent.
Spleet will strategically invest in its infrastructure and capacity thanks to the recently finished seed funding round, which was led by MaC Venture Capital, a seed-stage venture capital firm with offices in Silicon Valley and Los Angeles.
Additionally, the proptech startup stated that it intended to use the funds to expand its product offerings for landlords, real estate agents, and tenants throughout Nigeria, as well as to explore other markets by leveraging its residential rent-focused products across Africa.
In an effort to address issues with accessibility and cost in Nigeria and other African nations, Adesanmi and Dolapo Adebayo, Nigerian tech entrepreneurs, founded Spleet after returning to Nigeria from the UK in 2018.
Their desire to address some of the issues in the Nigerian housing market led them to create a platform that partners with apartment owners to list their properties and provides renters with the option of paying rent monthly, quarterly, or biannually.
Since its inception nearly four years ago Spleet has handled over $3.5 million in rent, onboarded over 35 individual and corporate landlords and housed more than 1,000 tenants.
While commenting on the completion of Spleet’s seed funding, MaC Venture Capital Managing General Partner Marlon Nichols said MaC VC is proud to partner with Spleet as “it continues to bring forward a comprehensive solution that effectively serves both sides of the housing market and makes true deposits to combat homelessness in Africa.”
