Nigerian Proptech Smallsmall raises $3 million in seed funding

Nigerian property management technology company, Smallsmall (formerly RentSmallSmall) has secured $3 million ($2 million in equity and $1 million in debt) in seed funding.

• Launched in 2018, the platform currently has 470,000 people registered, and claims to process over 25,000 stays each month across Lagos and Abuja. It also claims to have a rent default rate of 7%.
• Smallsmall is attempting to solve the multiple pain points in the housing market in Nigeria, including rent collection happening one to two years upfront, resulting in many renters struggling to meet the high rental fees and having to deal with unreliable agents.
• The company also provides landlords with quality, reliable tenants with a good credit score to curb defaults by receiving monthly payments, giving landlords a way to screen tenants, receive extra margins of about 10-15%, and manage properties.
• The startup aims to use the new funding to continue to offer flexible, good housing solutions and financing to prospective home purchasers and expand into other major cities in Nigeria, such as Port Harcourt, Enugu, and Jos, before the end of Q1 2023.