PropTech company that enables people to buy shares in multiple properties across Africa and earn returns, HouseAfrica has announced the closing of a $400,000 fund to deepen its technology and grow adoption.
Speaking on the recent funds raised, the startup CEO Nnamdi Uba disclosed that the funding would assist the startup in deepening its technology and growing adoption and its team. He added that close to 95% of lands do not have verifiable titles, which expose genuine retail investors to fraud, hence, the startup solution will enable buyers to make informed decisions when buying land.
Also speaking on HouseAfrica’s remarkable offering is the co-founder of Andela Iyinoluwa Aboyeji who said, “HouseAfrica is helping to create and digitize private land registries. I always thought it was only the public land registries that were slow, inefficient and murky until I heard about the experience of a friend who had to pay two different sets of people to buy land within a private estate. I’m super excited about how by helping private landowners and estates digitize their land records they can start to help create transparency and value that should hopefully soon inspire government land registries to follow suit.”
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Founded in 2018, HouseAfrica leverages blockchain & NFT in helping real estate companies issue verifiable certificates of land allocation with ease. In a bid to tackle problems around land ownership that lead to duplicate land titles and illegal sales, as well as low access to mortgages, HouseAfrica provides an immutable ledger alongside a visual map reference, ensuring the integrity of land titles and increasing access to credit.
The startup, which took part in last year’s Startupbootcamp AfriTech accelerator in Cape Town and was also one of the winners at AfricArena, has partnered the Nigerian Mortgage Refinancing Company to give it the opportunity to exclusively service 100,000 land titles across six states in the country.
Designed to be easy to use via a slick web app, HouseAfrica’s business model is based on fees for land title validations and commission on mortgage payments. The platform enables end users to buy, sell, rent, and manage properties and ultimately pay rent and utility bills.
Also, developers can use the platform to manage the construction supply chain from yard to development site. International investors will also have access to the growing African real estate market through the HouseAfrica platform property portfolio, and they’ll also be able to buy, sell and manage properties from anywhere in the world.
HouseAfrica’s transparent ecosystem fosters trust between sellers, buyers, renters and landlords with verified information. The startup easy-to-use, easy-to-handle platform is built for growth, ready and able to serve a diverse array of real estate projects.
Bridging the huge housing gap for over 100M people in the continent living in temporary structures, HouseAfrica offers what may well be the future model for the entire industry, effectively creating a whole new category of real estate investment and renting services.
