Key highlights
- HouseAfrica, a Nigerian prop-tech startup, has raised $400,000 in funding.
- The company has unveiled its flagship product sytemap.com, which leverages proprietary Blockchain and map technology to create a private land registry.
- HouseAfrica is backed by leading African and global investors like Future Africa, ARM Labs, and Startupbootcamp Afritech.
HouseAfrica, a prop-tech startup providing real estate digitalization and transparency tools for property developers and their customers, has announced the closing of a $400,000 funding round.
This is exciting news in the Nigerian prop-tech industry, especially in the context of the current start-up ecosystem, which has recently experienced a troubling financial season.
Other major prop-tech fundings that have happened within the past year include:
- Spleet’s pre-seed and seed round raise of $625,000 and $2,600,000 respectively
- Estate Intel’s pre-seed round of $500,000
- Small Small’s seed round raise of $3,000,000, and
- LiveVend by Cutstruct’s pre-seed round raise of $600,000
The company, which was founded by Nnamdi Uba and Ndifreke Ikpoku, also unveiled its flagship product sytemap.com. Sytemap leverages proprietary Blockchain and map technology to create a private Land registry, digitizing real estate project sitemaps. The product increases transparency and enhances trust by enabling instant land transaction authentication while growing sales for real estate companies. Sytemap simplifies buying and paying for properties, enabling more people to become digital realtors effortlessly.
Over 100+ Real Estate companies already use sytemap – including major brands like AlphaMead, Leadway Properties, and Bamboo to mention a few.
HouseAfrica is backed by leading African & Global investors like Future Africa, SSE Angel Network (SSEAN), ARM Labs, CV VC, Startupbootcamp Afritech, Niche Capital, Rebel Seed Capital, and others.
It is noteworthy to mention that in 2020, House Africa partnered with the Nigerian Mortgage Refinance Company (NMRC) to properly implement their Property verification and valuation system. This funding is therefore good progress in House Africa’s effort to increase transparency in land transactions.
Speaking about the raise, HouseAfrica’s CEO & Co-founder, Nnamdi Uba, said the funding will assist the startup to deepen its technology and grow adoption and its team. He opined that “Close to 95% of lands do not have verifiable titles which expose genuine retail investors to fraud. Our solution enables buyers to make informed decisions when buying lands.”
- In a statement, Iyinoluwa Aboyeji of Future Africa said: “HouseAfrica is helping to create and digitize private land registries. I always thought it was only the public land registries that were slow, inefficient, and murky until I heard about the experience of a friend who had to pay two different sets of people to buy land within a private estate. I’m super excited about how by helping private landowners and estates digitize their land records they can start to help create transparency and value that should hopefully soon inspire government land registries to follow suit.”
Similarly, Africa’s top Angel Investor & President of the African Business Angel Network (ABAN), Tomi Davies said:
- “By using innovative tech including block-chain to give land owners the capability to digitize their land records, land buyers begin to possess the ability to quickly verify and acquire properties privately from anywhere in the world, HouseAfrica presents a tremendous commercial opportunity with potentially significant social impact when adopted by the public sector.”
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