Propertypro.ng, formerly known as ToLet.com.ng, is a pioneering online real estate platform in Nigeria. The service emerged in a time when the system for acquiring property in Nigeria was corrupt and abounding in faults. A team of four young graduates of the Obafemi Awolowo University, Ile- Ife, got together to found this innovative solution. Over the years, they have revamped the service – they acquired Jumia House and rebranded the service from ToLet.com.ng to Propertypro.ng – to meet the needs of the average Nigerian in search of reliable rental and landed property services.
The Startup Story
In 2013, four visionary young men came together to launch Propertypro.ng which would be the long-awaited solution to the corruption plaguing the Nigerian rental market. These men – Dapo Eludire, Seyi Ayeni, Fikayo Ogundipe, and Sulaiman Balogun – attended the Obafemi Awolowo University and have complimentary degrees in Engineering, Commercial Law and Estate Management – perhaps this played a pivotal role in the success of their venture.
It all started with Sulaiman who came up with the idea for Propertypro.ng in 2011 and shared it with Fikayo. The idea was welcomed by Fikayo who then reached out to Dapo and Seyi. The four-team members found the idea feasible because they were confident in the expertise they each had in their respective fields which were sufficient enough to run a startup such as Propertypro. They were also largely influenced by the founders of Jobberman who happens to be their classmates at OAU.
Together, they founded the company with their collective personal savings of $400 and launched it officially in 2013. The founders started by reaching out to landlords and agents in Lagos. This, in the long run, proved to be a success due to the fact that Propertypro was branded as a service aiming to improve the manner in which agents and landlords interfaced with customers.
Achievements and Milestones
Due to the promise the company held, it caught the attention of tech entrepreneur Jason Njoku who, through his ‘accelerator’ fund, Spark, invested $240,000. In 2016, the company raised a $1.2 million series A funding from Frontier Digital Ventures. It also acquired Jumia House (Lamudi) and has launched its mobile app which is featured in the Google Play store for free.
As a testament of its success, Propertypro.ng moved to a 221 square-meter office space, in 2016, which houses a considerable number of staff members.
Featured image source: Propertypro.ng