Lagos-based property tech start-up saves renters N550m legal, agency fees in 3 years
Rent Small Small, a Nigerian property technology startup, has said that it had helped renters save N550 million on agency and legal fees in three years, as it joins Techstars Toronto Accelerator programme for mentorship.
The Chief Executive Officer, Rent Small Small, Mr Tunde Balogun, made the announcement in a statement on Friday, in Lagos.
According to Balogun, Techstars is an operational investment company that helps founders and early-stage entrepreneurs scale their vision into a thriving business.
He said the Techstars Toronto Accelerator Programme was designed to provide mentorship, funding and access to the Techstars network for life, beginning with the Demo Day at the end of the programme when selected, startups will be able to pitch to a carefully curated group of investors.
Balogun also explained that the 13-week accelerator programme, which selects early-stage companies globally ends with a demo day pitch to investors affiliated with Techstars, providing entrepreneurs with invaluable skills, resources and connection to a wider pool of global talent and investors.
“Since its launch in 2018, Rent Small Small has been leveraging technology to revolutionise the property rental market in Nigeria.
”So far, Rent Small Small has helped renters save N550 million on legal and agency fees and provided over 12,000 monthly stays across 18 locations in Lagos state.
“We have stayed away from institutional investment for the past 3 years because we wanted to figure out a model that truly solves the rental problems, and one that we can scale.
“Now that we have good traction and our solution is loved by both landlords and tenants, we need strong mentorship for our next growth phase.
“We believe that participating in the Techstars Toronto Accelerator at this time is right for us. Its network, skills and resources are what we will be able to leverage as we expand,” he said.
The Managing Director of Techstars Toronto, Mr Sunil Sharma, said that the aim of the programme was to match startups with mentors, to transform early-stage startups into scalable and thriving businesses, capable of attracting investors, talent and capital for additional growth and prosperity.
Speaking on Rent Small Small’s selection into the Techstars Toronto Accelerator programme, Sharma said: “One thing that unites Canada with Africa is the challenge in finding available and affordable rental living in major cities, particularly for people just starting on their professional careers.
“When we met the team at Rent Small Small, we immediately understood the problem that they are solving and even saw the parallels with our own situation here.
“If there is one industry that has captured the attention of Canadians it is real estate, and our belief is that our immediate network of property experts, landlords, tech and real estate investors, will be of great value to the Rent Small Small team looking to make housing available to more people across Africa,” he said. (NAN)