ToLet.com.ng, Nigeria’s online property classifieds portal, today announced it has acquired Jumia House Nigeria. The acquisition was achieved in conjunction with existing investors Frontier Digital Ventures.
ToLet.com.ng said it will now merge the two platforms over the coming months, under the new name of PropertyPro.ng, creating Nigeria’s Number 1 property listings market leader in the online Property classifieds space, with 65% share of the Nigerian online real estate market.
ToLet.com.ng said it 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.
The Nigerian startup was launched by Fikayo Ogundipe, Sulaiman Balogun, Dapo Eludire and Seyi Ayeni, in 2013 as an online estate agency, but pivoted in January 2017 to become a property classifieds platform and has since grown from 150 to 10,000 agents.
Fikayo Ogundipe, CEO and Co-founder of ToLet.com.ng says,
“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. As we transition to PropertyPro, consolidating listings from ToLet.com.ng and Jumia House Nigeria, there is a brilliant opportunity to ensure Nigeria’s fluid and vibrant property market is underpinned by a robust, innovative technology. which PropertyPro.ng promises to offer.”
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 the 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. We want 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 our 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.”
Interestingly, FDV has also acquired Jumia House in two other markets where it is in direct competition with its portfolio companies meQasa (Ghana) and AngoCasa (Angola). All of this is apparently in an attempt to strengthen its portfolio in the three African markets.