Frontier Digital Ventures has invested $1.2m in a Series A funding round in Nigerian real estate classifieds start-up ToLet.com.ng.
Shaun Di Gregorio, Frontier Digital Ventures Founder and CEO, said: “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.”
“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,” he said.
Founded in 2012, ToLet is a property search website in Nigeria for rent and for sale.
ToLet has successfully pivoted to capture the ever growing property rentals market through enhancing their marketplace with curated agents and listings, effectively acting as an online rentals agency portal.
The company has already facilitated over $8m in transaction values, which boasted about 20,000 listings from more than 3,500 real estate agents.
Fikayo Ogundipe, ToLet Co-founder and CEO, said: “The new funds raised will be used to improve the platform’s technology offering to both property seekers as well as that used by listing agents. The rest of the funds will be channeled into improved marketing efforts and aggressive expansion across Nigeria over the next 12-18 months.”
Founded in May 2014 and headquartered in Kuala Lumpur, Frontier Digital Ventures is focused on becoming the world leader in online classifieds businesses in frontier markets.
Frontier Digital, which invests in leading classifieds companies in emerging markets, has also backed Ghana’s real estate start-up MeQasa with a $500,000 investment.
The firm’s portfolio also includes Afribaba.com, a general classifieds portal that operates across French speaking markets in West Africa; Moteur.ma, an automotive portal in Morocco; CasaMozambique, a property portal in Mozambique; CarWangu, the first automotive portal to be launched in the burgeoning market of Democratic Republic of Congo; AngolaCarro, an early stage automotive portal and the first to be launched in the burgeoning market Angola; AngoCasa, an early stage real estate classifieds portal in Angola; and IMCongo, a leading property portal the DRC. Source: Africa Global Funds