- SmallSmall, a Nigerian proptech startup, has raised $3 million in seed funding — $2 million in equity and $1 million in debt.
- Techstars, Oyster Ventures, Asymmetry Ventures, Vivaz, and Niche Capital are among the investors. Also, individual angels like Chartboost’s Sean Fannan, Universe’s Adam Meghji, Flutterwave’s Jimmy Ku, Esusu’s Samir Goel, Wemimo Abbey, Iroko’s Jason Njoku, and Vendease’s Tunde Kara took part.
- Currently in Lagos, the company plans to use the funds to expand into other Nigerian cities, including Port Harcourt, Enugu, and Jos, by the end of the first quarter of 2023.
Previously RentSmallSmall, Tunde Balogun (CEO) co-founded the company in 2018 with Naomi Olaghere and Pidah Tnadah.
The startup claims to provide renters access to monthly rent payments while providing landlords a way to vet tenants, increase income, and manage properties.
Since 2018, the CEO said the startup has had over 476,000 people register on its platform. While 80,000 people are on the waiting list, the company has only served nearly 1,500 people.
According to Balogun, “That shows how huge demand is, relative to supply, which is very slim.”
In July 2022, RentSmallSmall rebranded to SmallSmall to increase the supply pool and provide customers with more options.