Nigerian property technology startup, Rent Small Small has been selected to join the prestigious Techstars Toronto accelerator, starting this October making it the first African property technology platform selected to join the program.
The Techstars Toronto Accelerator Program provides early-stage startups from across the world with mentorship and funding, and also provides them access to the Techstars Network for life.
The 13-week accelerator program, which will select early-stage startups from around the world, will begin on October 18, 2021, and will conclude with a demo day pitch to Techstars investors. It gives businesses access to a vast pool of global talent and investors, as well as essential skills, resources, and connections.
What Rent Small Small does
Rent Small Small, founded by Tunde Balogun, has been utilizing technology to revolutionize the Nigerian home rental industry since its inception in 2018. Rent Small Small claims to have so far saved tenants N550 million in legal and agency expenses and offered over 12,000 monthly stays in 18 locations across Lagos State, Nigeria. When it initially offered ‘pay your rent monthly in Lagos,’ the firm became one of the main champions for inexpensive and flexible rental payments across West Africa.
Rent Small Small has broken even financially in just 3 years led by its co-founders Tunde Balogun, Naomi Olaghere, Pidah Tnadah along with a team of 20 including software engineers, real estate managers, and a customer service team.
What they are saying
Tunde Balogun, Rent Small Small’s CEO believes that joining Techstars accelerator at this time is right for the next growth phase of the company. He said, “We have stayed away from institutional investment for the past 3 years because we wanted to figure out a model that truly solves the rental problems and one that we can scale. Now that we have good traction and our solution is loved by both Landlords and Tenants, we need strong mentorship for our next growth phase. We believe that participating in the Techstars Toronto Accelerator at this time is right for us. Its network, skills, and resources are what we will be able to leverage as we expand.”
Speaking about Rent Small Small’s selection into Techstars Toronto Accelerator program, Sunil Sharma, Managing Director of the Toronto regional startup ecosystem said, “One thing that unites Canada with Africa is the challenge in finding available and affordable rental living in major cities, particularly for people just starting on their professional careers. When we met the team at RentSmallSmall, we immediately understood the problem that they are solving and even saw the parallels with our own situation here
“If there is one industry that has captured the attention of Canadians it is real estate, and our belief is that our immediate network of property experts, landlords, and tech and real estate investors will be of great value to Tunde and his team looking to make housing available to more people across Africa”