Startup raises $3m funding to expand operation

SmallSmall, Nigeria’s leading property tech startup, providing access to flexible living solutions using technology in the country has raised $3 million in funding to expand its operations and roll out new housing solutions.

When it launched in 2018, it set out to confront a housing problem that has impeded quality of living for decades and locked millions of Africans out of economic opportunities.

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According to a report, 780 million Africans are stuck in an outdated rental system while Landlords collect rent one to two years upfront, yet they’re ravaged by high default rate and unfriendly legal systems.

The startup, co-founded by Tunde Balogun, Naomi Olaghere and Pidah Tnadah, now operates in Nigeria’s two biggest cities, Lagos and Abuja, has done over 25,000 monthly stays, has less than seven per cent rent default rate, saved property owners over $1.5m in damages, and saved tenants over $1.2m in brokers fees.

In its first three years, it generated revenue of over $5m and turned a profit in 2021.