ToLet.com.ng<\/a> today has raised a $1.2 million Series A round of funding from Frontier Digital Ventures.<\/p>\n\u201cThe new funds raised will be used to improve the platform\u2019s technology offering to both property seekers as well as that used by listing agents. The rest of the funds will be channelled into improved marketing efforts and aggressive expansion across Nigeria over the next 12-18 months,\u201d says To Let\u2019s Chief Executive Officer, Fikayo Ogundipe.<\/p>\n
ToLet.com.ng\u2019s founders<\/p>\n
ToLet.com.ng was founded in 2012 as Estanode.com by four young Nigerian graduates \u2013Fikayo Ogundipe, Sulaiman Balogun, Dapo Eludire and Seyi Ayeni<\/strong>. It received $230,000 in seed funding from Jason Njoku\u2019s Tech company accelerator Spark.ng in 2013, and subsequently rebranded to ToLet.com.ng. Since then, the real estate classifieds start-up has quietly grown into one of the leading and recognizable online property portals in Nigeria.<\/p>\n\u201cOur Agents are much happier to stick with us because, unlike competitors who use subscription models, we collect commissions, which essentially makes our service a performance-based one and ensures \u2018we don\u2019t get paid unless our agents get paid\u2019. The commission fee is the model locally operated among Nigerian real estate agents. Our research showed that Nigerian real estate agents prefer the model of sharing commissions on closed deals as against paying subscriptions that don\u2019t have guaranteed returns,\u201d says co-founder Sulaiman Balogun.<\/p>\n
From inception till date, ToLet.com.ng has facilitated over 8 million dollars in transactions value and currently boasts of roughly 20,000 listings online from a growing number of just over 3,500 real-estate agents.<\/p>\n
Despite a recession being officially declared by the Nation\u2019s Statisticians, the Real Estate Services in the Second Quarter of 2016 still grew by 2.12%. The contribution to nominal GDP in the Second Quarter of 2016 was 8.64%. Which only further validates the company\u2019s belief in brighter days ahead. ToLet.com.ng\u2019s mission is to be the largest property vertical in Africa by 2020.<\/p>\n
\u201cWe 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. 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,\u201d says Shaun Di Gregorio, founder and CEO of Frontier Digital Ventures.<\/p>\n
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