If you’ve ever lived in Lagos, there’s no rite of passage as difficult as renting a house. It’s a system controlled by real estate agents looking to make a quick buck and cynical landlords who are wary of bad tenants.
There have been attempts to solve the problem of home renting by taking it online, but if you’re trying to find a house online, you’re likely not going to avoid any of the troubles.
That is unless you use one of the newer proptech startups in Lagos; Fibre, Spleet, or Muster. These startups cater to the young and upwardly mobile Lagosians who want to avoid the stress of real estate agents and also want the convenience of paying rent monthly.
Although the pricing of these startups means that they’re playing in a niche market, they often talk about their long waiting list as evidence that the market is not as small as it might look.
Now, one of these startups, Spleet, is expanding to Ghana and then Rwanda later this year. It would seem that the thinking is to test out their business model in other African cities that face the same housing problems as Lagos.
Funding an expansion
Although Spleet began by bootstrapping, it raised a $265,000 pre-seed round in 2019 and the startup has reportedly been profitable for two quarters. Per its expansion dreams, Spleet will now be looking to raise a seed round.