Lagos based totally on-line actual property startup ToLet.com.ng obtained Jumia House Nigeria for an undisclosed quantity. Jumia House is a subsidiary of the continent’s lone tech unicorn — Pan-African e-commerce massive Jumia.com.
ToLet and Jumia House Nigeria will merge platforms beneath the brand new identify PropertyPro.ng.
The $1.2 million Series A startup was once in a position to shop for a part of a $1 billion corporate with the assistance of its lead investor, Frontier Digital Ventures (FDV). While ToLet at the start reported to TechCrunch that FDV served essentially as a facilitator of the deal, each now ascertain FDV helped finance the deal. FDV went just a little additional, and bought 100 p.c pursuits in Jumia House Ghana, and Jumia House Angola, in step with an organization spokesperson.
The new PropertyPro entity will mix ToLet’s and Jumia House NG’s listings to create the biggest on-line actual property listings platform in Nigeria with 65 p.c of the marketplace, in step with ToLet Co-Founder Sulaiman Balogun. The platform will generate revenues essentially from agent subscription charges. PropertyPro will even increase brokers and listings throughout Nigeria and be to be had on an Android app.
Facebook’s New Nigeria Hub
Facebook introduced the 2018 opening of NG_Hub, a Lagos based totally tech house controlled in partnership with CcHub Nigeria. TechCrunch checked in with CcHub CEO Bosun Tijani at the hub’s core main points. “I think the core of it is for Facebook to place a bet on high tech startups…that may not get a chance in Africa―augmented reality, artificial intelligence…data driven ventures―and build a space that can support startups at that level,” he stated.
The exact house can be based totally Yaba, Tijani advised TechCrunch, relating to Lagos’s unofficial IT district.
“There will be a virtual reality lab, a creator lab, and a co-working space within it,” he stated. “The program will not be limited to the space itself,” in step with Tijani, who stated NG_Hub will “run an acceleration program…so other technology hubs from across Nigeria can also support startups through the program.” An reputable opening shall be someday in Q1 of 2018.
Update on Africa’s IPO Landscape
Nigerian fintech company Interswitch—which supplies a lot of Nigeria’s virtual banking and bills infrastructure—will most probably pass public at the LSE in 2019, in step with corporate statements and assets. As reported in TechCrunch in 2016, the Helios Investment Partners sponsored corporate (now past startup segment) was once poised for a list at the London inventory exchanges at a $1 billion valuation. Nearly two years on it hasn’t took place, delaying what would were Africa’s first large record on a foreign currency echange through a VC sponsored tech corporate.
In a September 2017 interview, Interswitch Divisional Chief Executive Officer Akeem Lawal named “unfavorable equity markets” and reaffirmed an IPO, pronouncing “It will happen before the end of 2019.”
TechCrunch checked in with a few Nigerian tech insiders on Interswitch’s potentialities to turn into Africa’s first large IPO — and the likelihood every other project may beat them to it.
Paga CEO Tayo Oviosu named Nigeria’s “macroeconomic situation” and “ volatility of the Naira” as culprits for the extend—noting the Nigerian economic system and Naira stepped forward in 2017. On timing for an Interswitch public record, “They’re gearing themselves up to go back and do an IPO…probably not next year, more likely the year after,” Oviosu advised TechCrunch.
Omobola Johnson — Nigeria’s former Minister of Communication Technology and Senior Partner at TLCom Capital — thinks Interswitch continues to be ripe to head public. “Interswitch as a company…still continues to do well…Interswitch is still growing, it’s still profitable, and it still has significant market share in Nigeria and other African markets…They are still very strong to be the [continent’s] first significant tech IPO,” Johnson stated. She named Andela, Twiga Foods, and Flutterwave as different long run Africa IPO contenders, for a Three-Five yr window.
More Africa Related Stories @TechCrunch
African Tech Around The Net
· MEST Launches Incubator Spaces in Lagos, Cape Town―@VentureBurn
· African Fintech Company JUMO Raises US$24M for Expansion―@ITWebAfrica
· Female-Focused Angel Investment Fund Launched in Africa―@DisruptAfrica
· AFF Disrupt To Herald Nigeria’s First Fintech Accelerator―@TechCabal
· China’s Transsion Dominates Africa Mobile Phone Market―@FT
· Hiring Firm Shortlist Acquires East Africa’s Spire Education―@TechWeez
· Africa Set to Top 1 Billion Mobile Internet Connections In Five Years―@Reuters
· Technology May Help Compensate for Africa’s Lack of Manufacturing―@TheEconomist