The $1.2m investment received from Frontier Digital Ventures (FDV) last year, ToLet.com.ng has greatly improved on its platform’s technology offering to both property seekers as well as that used by listing agents.
The acquisition which was at the behest of FDV means that the PropertyPro will combine ToLet’s 60,000 listings with Jumia House’s 22,000 to create the largest online real estate listings platform in Nigeria with 65 percent of the market.
According to Sulaiman Balogun, Co-Founder/Chief Business Officer, ToLet.com.ng, the consolidation solidifies the startup position as the clear number one property vertical in Nigeria. "It 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 the first port of call for rental or purchase of properties”, he said.
In a press statement by FDV, Shaun Di Gregorio, CEO and founder of the firm, stated that the deal demonstrates the strength of the company’s entrepreneur-led online classifieds model, which provides a significant advantage over competitors which are fully owned and operated remotely by major online classifieds groups.
In his words: “This transaction was a rare opportunity in the online classifieds space, and we are pleased that Jumia, a major African classifieds investor, reached out to Frontier with a strong desire to acquire Afribaba and complete this transaction.”
“The ultimate result for Frontier shareholders is that we have exited Afribaba and created three new market leaders in property verticals in Ghana, Nigeria (ToLet.com.ng) and Angola. Our businesses are now in a significantly improved position to commence rapid monetisation,” he added.