HouseAfrica, a Nigerian proptech startup that creates real estate digitalization and transparency tools, has raised USD 400,000 in funding from a range of investors.
HouseAfrica, a Nigerian proptech, provides real estate digitalisation and transparency tools to property developers and their customers. The company was founded in 2019 by Nnamdi Uba and Ndifreke Ikpokuand and seeks to support the real estate industry’s efficiency and trust by leveraging innovative technologies.
HouseAfrica: Building trust
The company aims to change how estate developers across Nigeria earn the trust of private property buyers while building confidence around every transaction through a digital land registry.
Through its leading product, Sytemap.com, the HouseAfrica allows users to leverage proprietary blockchain and map technology to create a private land registry, digitizing real estate project sitemaps and enabling instant land transaction authentication while growing sales for real estate companies. Sytemap uses satellite maps to help first-time buyers and diasporas easily verify, choose better land, make payments and get digital titles powered by the blockchain and NFTs. The system helps to simplify the building and purchasing of properties. The product is already used by over 100 real estate firms, according to the company.
Bolstering core technology and growing the team
The new funds will be used to strengthen the company’s core technology, increase adoption rates and to grow the team. HouseAfrica has gained the support of a wide range of investors through the funding round, including Future Africa, SSE Angel Network (SSEAN), ARM Labs, CV VC, Startupbootcamp AfriTech, Niche Capital, and Rebel Seed Capital.
“Close to 95 percent 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,” said HouseAfrica CEO and co-founder, Nnamdi Uba.
Iyinoluwa Aboyeji of Future Africa said that he always thought it was only the public land registries that were “slow, inefficient and murky”, until he 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,” he said.
In February, Saudi proptech firm Munjz raised USD 5 million in a funding round. Munj offers a range of household services supported by a money back guarantee.