ToLet.com.ng, Nigeria’s leading online property classifieds portal, in conjunction with their existing investors, Frontier Digital Ventures, has acquired Jumia House Nigeria, a competing property portal, for an undisclosed fee.
“The acquisition of Jumia House Nigeria has placed us in prime position to better serve the growing real estate market in the country. Our combined businesses, ToLet.com.ng and Jumia House Nigeria, have the scale and the resources to transform the online property sector for the benefit of property developers, real estate agents and property seekers alike,” said Fikayo Ogundipe, CEO and Co-Founder of ToLet.com.ng.
ToLet.com.ng will now merge the two platforms over the coming months, under the new name of PropertyPro.ng, creating Nigeria’s property listings market leader in the online property classifieds space, with 65 percent share of the online real estate market.
“As we transition to PropertyPro, consolidating listings from ToLet.com.ng and Jumia House Nigeria, there is a brilliant opportunity to ensure Nigeria’s fluid and vibrant property market is underpinned by a robust, innovative technology. which PropertyPro.ng promises to offer,” he added.
The online company currently has around 60,000 listings on its platform, whilst Jumia House Nigeria has about 22,000, the vast majority of which are property listings for sale. In 2016, the company secured Series A investment of $1.2m, led by Frontier Digital Ventures [FDV], to expand its operations.
The announcement also sees FDV strengthening its portfolio in Angola and Ghana.
The company has recorded 15 percent m-o-m growth across all key metrics, including number of listings, traffic and subscribing agents and the 60-strong team now works with thousands of businesses across all 36 States in Nigeria to empower real estate agents with technology back-end tools that are helping to grow their businesses, manage leads and close deals.