Providing real estate digitalization and transparency solutions to real estate developers and their clients, Nigeria’s HouseAfrica has secured $400,000 in investment.
Nnamdi Uba and Ndifreke Ikpoku launched HouseAfrica in 2019 with the goal of utilizing cutting-edge technology to improve the efficiency and trust of the real estate sector.
In order to develop a private land registry, digitalize sitemaps for real estate projects, and enable quick land transaction verification, Sytemap.com, the company’s main product, uses proprietary blockchain and map technology. This increases sales for real estate businesses. Sytemap, which is already utilized by over 100 real estate firms, makes the process of purchasing and paying for homes simpler, allowing more people to easily become digital realtors.
The firm will enhance its technology, broaden acceptance, and expand its staff with the US $400,000 fundraising round. Investors including Future Africa, SSE Angel Network (SSEAN), ARM Laboratories, CV VC, Startupbootcamp AfriTech, Niche Capital, and Rebel Seed Capital support HouseAfrica.
“Close to 95 percent of lands do not have verifiable titles which expose genuine retail investors to fraud. Our solution enables buyers to make informed decisions when buying lands,” said HouseAfrica CEO and co-founder Nnamdi Uba.
Iyinoluwa Aboyeji of Future Africa claimed that before learning about a friend’s experience where he had to pay two different sets of people to buy land within a private estate, he had always assumed that “slow, inefficient, and murky” land registration processes only applied to public land registries.
“I’m super excited about how by helping private landowners and estates digitise their land records they can start to help create transparency and value that should hopefully soon inspire government land registries to follow suit,” he said.
