We are excited to announce that we have raised $625,000 pre-seed funding in a round led by MetaProp VC. MetaProp is the world’s leading venture capital firm focused on the PropTech industry and Spleet was the first African startup to join its Accelerator programme in 2021. Other investors in this round include Future Africa, FEDHA Capital, VFD Group, Moonshot VC, HoaQ, Jonathan Wassersturm, CEO of Squarefoot, Gbenga ‘GB’ Agboola, CEO of Flutterwave, and others.
What This Means
This investment strengthens us in our mission to build financial service solutions for landlords and tenants in Africa. Specifically, this funding will be used to build Spleet’s newest rent financing product — Rent Now Pay Laterand other products to enable seamless residential rental processes. This product will give tenants access to affordable loans to pay rent.
With the soaring cost of buying a home, more and more people are opting to rent, as such there has been an increased demand for living spaces; further the slow wage growth has contributed to a housing crisis in Nigeria. Landlords are requiring tenants to pay 1–2 years upfront for their rent. This requirement is very onerous for the tenants, with most tenants not earning enough to afford the upfront payment required by the landlords. The rent financing product is a much-needed solution for tenants providing prospective tenants the option of breaking down the upfront rent into easy monthly payments to track their income.
We will also be doubling down to scale our tenant verification and rent collection product, to vet tenants and automate the collection of rent payments which is a huge pain point for landlords. These products will help landlords and their property managers protect their rental investment by running background checks on prospective tenants and choosing only trustworthy, verifiable candidates. Automated rent collection will also help landlords minimize the risk of loss of rental income and late payments.
The Next Steps
All these could only be possible through the support of our community — landlords and tenants, our early investors and the incredible team at Spleet. We are grateful for the support we have received and for the opportunity to bring stability and economic diversity to Africa by working to solve the current housing crisis. Our mission is to build a future where everyone gets a fair chance at efficient and affordable living spaces and the work to achieve this has only just begun.