ToLet.com.ng, a Lagos-based online property platform, has raised US$1.2 million in a Series A funding round to expand across the country over the next 12-18 months.
The investment was secured from Frontier Digital Ventures, a Malaysia-based investment firm that has invested in several classifieds companies in Africa such as Ghana’s meQasa and Cameroon’s Afribaba.
“We are super excited to be making this investment into ToLet.com.ng, and look forward to being part of helping fuel their next stage of accelerated growth,” said Shaun Di Gregorio, founder and CEO of Frontier Digital Ventures.
He added, “We have full confidence in the ability of the founding team to continue with the awesome job they have already started and we look forward to the consolidation of their position as the Number One property classifieds portal in Nigeria.”
The startup will also use the funds to improve the platform’s tech offering to both property seekers as well as that used by listing agents, and for improved marketing efforts.
Launched in 2012, ToLet.com.ng provides users the best property search experience, be it online or offline, through a fast and smooth online search system.
The platform connects users with legitimate and verified real estate agents to ensure the offline/physical aspect of their property search is equally seamless.
The startup received US$230,000 in seed funding from Jason Njoku’s startup accelerator, Spark.ng in 2013, and subsequently rebranded to ToLet.com.ng from Estanode.com
Since then, it has quietly grown into one of the leading and recognizable online property portals in Nigeria, and aims to become the largest property vertical in Africa by 2020.
The startup has facilitated over US$8 million in transactions value since inception and currently boasts of roughly 20,000 listings online from a growing number of just over 3,500 real-estate agents.