Frontier Digital Ventures, a venture capital firm with interests in African companies has just invested $1.2 million in ToLet.com.ng. Founded in 2012 as Estanode.com, ToLet.ng is an online real estate agency in charge of property rentals and sales in Nigeria.
The online platform which received its first fund from Spark.ng in 2013 is the brainchild of four Obafemi Awolowo University graduates- Fikayo Ogundipe, Sulaiman Balogun, Dapo Eludire and Seyi Ayeni. Spark.ng invested a $230,000 seed fund from Spark.ng.
Since then the real estate classifieds start-up has quietly grown into one of the recognisable online property portals in Nigeria.
While speaking on the new investment, Fikayo Ogundipe, the CEO of ToLet noted that "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 channelled into improved marketing efforts and aggressive expansion across Nigeria over the next 12-18months.”
Bastian Gotter (Spark's co-founder) believes that "this new fundraise gives the ToLet management team the capital to scale and as well serves as validation for what they have achieved already. We are looking forward to seeing ToLet.com.ng win big and change the real estate industry in Nigeria."
In the past four years, 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.