PropertyPro.ng was founded in 2012 as Estanode.com by four Nigerian graduates – Fikayo Ogundipe, Sulaiman Balogun, Dapo Eludire and Seyi Ayeni, pictured above.
It received $230,000 in seed funding from Jason Njoku’s Tech company accelerator Spark.ng in 2013, and subsequently rebranded to PropertyPro.ng. Since then, the real estate classifieds start-up has quietly grown into one of the leading online property portals in Nigeria.
“The new funds raised will be used to improve the platform’s technology offering to both property seekers as well as that used by listing agents,” said To Let’s Chief Executive Officer, Fikayo Ogundipe.
“The rest of the funds will be channeled into improved marketing efforts and aggressive expansion across Nigeria over the next 12 to 18 months.”
PropertyPro.ng has facilitated more than $8million in transactions value and currently boasts roughly 20,000 listings online from 3500 real-estate agents.
“Our Agents are much happier to stick with us because, unlike competitors who use subscription models, we collect commissions, which essentially makes our service a performance-based one and ensures ‘we don’t get paid unless our agents get paid’,” said co-founder Sulaiman Balogun.
“The commission fee is the model locally operated among Nigerian real estate agents. Our research showed that Nigerian real estate agents prefer the model of sharing commissions on closed deals as against paying subscriptions that don’t have guaranteed returns.”
Frontier Digital Ventures, based in Kuala Lumpur, partners with local entrepreneurs running market leading online classifieds businesses in frontier markets to accelerate their growth.
It recently as announced it will increase equity shareholdings in three key emerging markets in Myanmar, Ghana and Pakistan.