Deal: Spleet, Nigerian proptech startup, raises $2.6 million in seed round

Nigerian proptech startup, Spleet, has raised a $2.6 million seed round to expand its residential rent-focused products throughout Africa.

MaC Venture Capital led the round. Noemis Ventures, Plug and Play Ventures, Metaprop VC, HoaQ Fund, Assembly Fund, Ajim Capital, Francis Fund, Eduardo Campos Paulo Buchicher, and Maajed Chaaaraoui also took part.

The company plans to use the funds to expand its product offerings for landlords, real estate brokers, and tenants across Nigeria and to explore other markets.

What they are saying

Commenting on the funding, MaC Venture Capital Managing General Partner, Marlon Nichols, said: “We are proud to partner with the proptech company 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 in Africa.”

Speaking on how the company had bootstrapped before raising fund, Spleet CEO, Akintola Adesanmi said: “Our solution on the tenant side was a no-brainer. It was the landlords who needed convincing, but it helped that we already had a network of landlords. So instead of going out and raising venture capital, we decided that we were going to bootstrap because we could convince some landlords to list their homes on this platform that we had built and derisk some of their problems.”

What you should know

• Dolapo Adebayo and Akintola Adesanmi launched Spleet in 2018 to address issues with accessibility and cost in Nigeria and other African countries.
• Spleet launched a marketplace in 2019 to connect landlords with pre-screened tenants when a renter seeks flexible rent payment choices. It also gives those looking for housing flexible rental options.
• The proptech offers completely furnished subscription-based living spaces to assist those looking for housing and lower their living expenses. The service that also provides co-sharing possibilities includes rent, electricity, and cleaning costs.
• Spleet claims that since its launch, it has handled millions of dollars in rent, sheltered more than 1000 tenants, and signed up more than 35 private and corporate landlords.