Property site Casa Mozambique is seeking to raise a second round of funding on the back of its new-look website and brand aiming to scale operations in the African region.
Casa Mozambique, received an undisclosed seed funding from Asian online classifieds operator Frontier Digital Ventures in 2015.
In the 12 months since its seed round, Casa Mozambique has won majority market share against real estate marketplace competitors including Lamudi and general classifieds company OLX.
Founder and chief executive officer Bryan Wester says its next round of funding is planned for the second half of this year to drive the expansion plans.
Wester told DealStreetAsia the second round is expected to be considerably larger than the first and that once the Series A has been raised both funding figures to date will be disclosed.
Launched in 2013, Casamozambique.co.mz started its life as Propertymaputo.com and focused its business in the capital city of Maputo in Mozambique.
The platform, which re-branded and upgraded just this year, provides agents, developers and accommodation providers with the tools to engage with their respective target markets.
Along with a newly developed mobile site and apps, the new website incorporates features such as dual-currency mortgage calculators, home loan applications, house insurance, physically-mapped urban and tourism hot-spot areas, and neighborhood pricing trends.
“Mozambique was our testing market to perfect our operations and then scale further into Africa," Wester told DealStreetAsia.
"Our next step is to duplicate the online property classifieds model throughout the African continent."
In the report, Wester says he has identified five markets in the southern region to grow the platform's footprint in, includingWest Africa where the business environment may be challenging but a large opportunity exists to ride on rapid internet penetration and mobile growth
“We want to grow each business from the ground up as a ‘local business for local people’ with international expertise," Wester says.
"This is the methodology we have used in Mozambique which has proved more than successful for us to date."
Wester concedes the difficulty of determining the percentage of market share Casa Mozambique owns due to the early-stage nature of the market and online migration.
However DealStreetAsia discloses the company has achieved an overall average of 150 per cent growth quarter-on-quarter for the number of listings, agents, developers and resorts, in the period from the first quarter of 2014 to the first quarter of this year.