Nigerian prop-tech startup Spleet has raised a US$625,000 pre-seed funding round to help it roll out a new product that provides tenants with affordable loans to help them pay their rent.
Founded by Tola Adesanmi in 2018 from the need to find rentals with flexible payment options in Lagos as opposed to the usual one or two year upfront payment options, Spleet allows homeowners to rent to vetted individuals, while also helping people easily find places to stay. The startup enables landlords to verify and vet tenants, and also automates rent collections.
Spleet has now raised US$625,000 in an oversubscribed pre-seed round led by MetaProp VC, and also including Future Africa, FEDHA Capital, VFD Group, Moonshot VC, HoaQ, Squarefoot CEO Jonathan Wassersturm, Flutterwave CEO Olugbenga ‘GB’ Agboola, and others.
The funding will be used to build Spleet’s newest rent financing product – “Rent Now Pay Later” – and other products to enable seamless residential rental processes. The new product will give tenants access to affordable loans to pay rent.
“After launching a marketplace in 2019, we realised that the issues in our rental market were beyond what our marketplace could solve. Affordability is one of the biggest pain points for tenants. Most tenants earn income monthly and can therefore not afford the 1-2 years burden of paying their rent in advance,” said Adesanmi.
“We decided to change this by building a financing solution, “Rent Now, Pay Later”, to help tenants get homes with as little as 1-2 months rent worth of savings. We are currently in beta testing our rent now, pay later product with a select number of tenants and we are happy with the results so far. We will extend this to a wider market of tenants and potential tenants in the coming months.”
Zachary Evans, co-founder and general partner at MetaProp, said Spleet had distinguished itself as a best in class product within the “nascent and exploding” prop-tech sector in Nigeria.
“It remains extraordinarily difficult to rent apartments efficiently and we believe Spleet will create a massive business by removing this friction. We are very excited about our investment in Spleet and our broader entrance into the West African proptech market,” he said.
Senegalese logistics startup Chargel raises $750k pre-seed round
Senegalese logistics startup Chargel has raised a US$750,000 pre-seed funding round to help it make the trucking industry in Senegal and Francophone West Africa more efficient, reliable and transparent.
Co-founded by Moustapha and Alioune Ndoye, Chargel brings the offline operations of trucking online by matching shippers to the right transporters at the right price, as well as facilitating payments, fuel management, insurance and other services.
The startup is building the largest trucking network in Senegal, making it easier for thousands of shippers to connect with transporters while also enabling transporters to maximise the capacity of their trucks.
Chargel has just announced that it has raised a US$750,000 pre-seed round to jump-start its operations in Senegal. The round, a mix of equity and debt, saw the participation of Century Oak Capital and Logos Ventures, alongside prominent angel investors from Senegal, Kenya, Ghana and Nigeria.
Chargel’s co-founder and CEO Moustapha Ndoye said the funds will be used to get the company’s operations off the ground and prepare the company for a seed round later this year.
“We are super excited by the response Chargel has received from both shippers and transporters during its pilot phase and can’t wait to embark on our mission to make trucking in our region more efficient, reliable and transparent. I can’t thank our investors enough for their trust in us and their faith in our startup,” he said.
Logos Ventures’ founder and managing partner Raja Kaul said he was excited to back the Chargel founders as they work to transform the trucking sector in Senegal.
“Based on their extensive entrepreneurial experience founding and exiting Teranga Solutions to HotelOnline, as well as working at Senegal’s first unicorn Wave Mobile Money, we strongly believe that Moustapha and Alioune are positioned to build Chargel into a leading logistics marketplace in Senegal, and eventually across West Africa,” he said.
Flutterwave to Process Payments for Afritickets Events in Over 34 Countries
Flutterwave, a leading technology company, has partnered with Afritickets – an end-to-end event ticketing platform – to create more revenue opportunities for event organisers in Africa and improve the ticketing experience for event goers.
The new collaboration will be significant for event organisers in Africa as the ability to accept payments from anyone anywhere will see them partake in the Global Events Industry Market, which was valued at USD 886.99 Billion in 2020, according to Verified Market Research.
The festivals, concerts, and hospitality industries’ re-emergence since Covid-19 lockdown provides the perfect opportunity for Afritickets to reignite their event ticketing business.
Afritickets, whose business goes beyond event ticketing, are looking to positively impact the event ticketing space with a platform that promises convenience, security, and the best exposure for event organisers.
Princess Ilomechine, Product Manager at Afritickets commented: “The Covid-19 pandemic saw a lot of event platforms take a big hit, leading to a massive decline in events and ticketing. We’re excited about our new collaboration with Flutterwave which enables event organisers on our platform receive payments from eventgoers anywhere in the world. Event organisers also get additional exposure from Flutterwave events web page when they register their events on Afritickets. We look forward to people experiencing the improved Afritickets event platform in a way they’ve never seen.”
Commenting on the announcement, Ife Orioke, Chief Commercial Officer of Flutterwave, said: “The events and hospitality industry across Africa employs and sustains many young people.
“Our mission is always to create endless possibilities for everyone, and this obviously includes event organisers and attendees. Our collaboration with Afritickets is one out of our many product-led efforts towards growing the sector.
“It’s our way of providing more markets and revenue opportunities to event organisers. We’re excited that high profile event organisers are already finding this partnership beneficial, and we look forward to more platforms taking advantage of the infrastructure we’ve built.”
Mobility fintech Moove secures $105m to scale its vehicle financing business globally
Moove, a Nigerian automobile financing startup and Uber’s exclusive vehicle supply partner in Africa, on Monday, said it has raised $105 million in equity and debt to power a global expansion.
Existing investors Speedinvest, Left Lane Capital, and the latest.ventures led the Series A2 round*, which Moove says was oversubscribed, with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital.
Launched in 2020 by Ladi Delano and Jide Odunsi, Moove provides mobility entrepreneurs with access to revenue-based financing in markets where there’s low access to credit. Its customers, who are typically ride-hailing drivers, can purchase brand new vehicles using a percentage of their weekly revenue.
The mobility space in emerging markets is often highly fragmented and informal. Also, insufficient purchasing power among middle-class citizens coupled with limited or no access to vehicle financing often put cars out of reach for the majority of populations in these countries.
With its revenue-based financing model, Moove is addressing this problem albeit for a segment of the population: mobility entrepreneurs.
In addition to scaling globally, the startup plans to expand its partnerships and vehicle classes to include cars, trucks, bikes, three-wheelers, and buses.