ToLet.com.ng, Nigeria’s online property classifieds portal is rebrabding to PropertyPro.ng after its parent firm Frontier Digital Ventures, acquired competitor Jumia House Nigeria, for an undisclosed sum.
ToLet.com.ng which had raised $1.2m in cash from FDV will now merge the two platforms over the coming months to create the country’s Number 1 property listings market leader in the online Property classifieds space.
Founded in 2013 by Fikayo Ogundipe, Sulaiman Balogun, Dapo Eludire and Seyi Ayeni, ToLet.com.ng as an online estate agency, but pivoted in January 2017 to become a property classifieds platform, ToLet has since grown from 150 to 10,000 agents.
According to Fikayo Ogundipe, CEO and Co Founder of ToLet.com.ng, “The acquisition of Jumia House Nigeria has placed us in prime position to better serve the growing real estate market in the country. Our combined businesses, ToLet.com.ng and Jumia House Nigeria, have the scale and the resources to transform the online property sector for the benefit of property developers, real estate agents and property seekers alike.”
ToLet.com.ng currently has around 60,000 listings on its platform, whilst Jumia House Nigeria has around 22,000, the vast majority of which are property listings for sale. In 2016, the company secured Series A investment of $1.2m, led by Frontier Digital Ventures [FDV], to expand its operations. Today’s announcement also sees FDV strengthening its portfolio in Angola and Ghana.
It has also recorded 15% m-o-m growth across all key metrics, including number of listings, traffic and subscribing agents and the 60-strong team now works with thousands of businesses across all 36 States in Nigeria to empower real estate agents with technology back-end tools that are helping to grow their businesses, manage leads and close deals.
Sulaiman Balogun, Co-Founder and Chief Business Officer adds, “Today’s announcement signifies a maturing in the online property classifieds market for Africa. We are now working with an entire generation who are now accustomed to heading online as a first port of call for rental or purchase of properties . We are on a steep growth trajectory, and are now in the very best position, with this acquisition, to deliver a world class property search service.”
The team says it wants PropertyPro.ng to be the first website Nigerians think of when they are looking to research, buy or rent a property, On the other hand, Agents on the platform will now be to reach more potential buyers, investors and tenants than any other portal in the country.
”We want our agents to leave the marketing to us, so that they can focus on closing more sales. Delivery of exceptional service, quality leads and marketing solutions that help drive sales for Agents remains a top priority,” he added.