Spleet, a Nigerian real estate technology business, has closed a US $2.6 million seed investment to expand its rent-focused residential products.
In contrast to the typical one- or two-year upfront payment options, Tola Adesanmi founded Spleet in 2018 to address the need for rentals in Lagos with flexible payment alternatives. Spleet also makes it simple for people to locate somewhere to stay by letting landlords rent to approved tenants. The firm offers automated rent collecting as well as tenant verification and screening.
In March, Spleet raised US $625,000 in a pre-seed round of fundraising. Shortly after, it raised US$2.6 million in a seed round headed by MaC Venture Capital. Along with other angel investors, other investors include Noemis Ventures, Plug and Play Ventures, Assembly Fund, Ajim Capital, and Francis Fund. This round also included participation from Metaprop VC and HoaQ Fund, current investors from Spleet’s pre-seed round.
Since its launch, Spleet has processed millions of dollars in rent, sheltered more than 1,000 renters, and signed up more than 35 private and corporate landlords. The startup intends to use the funding to increase the number of products it offers, such as Collect, a service that automatically collects rent payments on behalf of landlords, Verify, a tool that helps landlords and real estate agents thoroughly screen potential tenants before offering them lease agreements, and Rent Now Pay Later, a no-collateral, low-interest rental loan option.
“This funding would go into deepening our product offerings for landlords, real estate agents and tenants across Nigeria and testing out new markets,” said Adesanmi.
“The housing crisis is an enormous problem that impacts us at a global scale, and Africa is no exception,” said Marlon Nichols, co-founder and managing general partner at MaC Venture Capital.
“In countries like Nigeria, the requirement for tenants to provide 12-to-24 months of rent payment in advance creates a barrier for large parts of the population in accessing the rental market and essentially renders them homeless. MaC 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 combating homelessness.”
