Rent Small Small Has Become The First African Real Estate Startup To Be Accepted Into Techstars Toronto
Rent Small Small has become the first African real estate startup to be accepted into Techstars Toronto
Techstars Toronto has accepted Rent Small Small, a Nigerian property technology startup, into their prestigious accelerator program, according to the company. It is the first African real estate technology company to be accepted into the accelerator, a development that occurs as the company approaches its third anniversary.
The Techstars Toronto Accelerator Program provides mentorship and funding to early-stage startups from all over the world as part of its mission to accelerate innovation. Additionally, it grants them access to the Techstars Network for the rest of their lives.
With its mission to connect startups with mentors who can assist them in developing into scalable and thriving businesses that can attract investors, talent, and capital for continued growth and prosperity, the Toronto regional startup ecosystem is a vital part of the city's economic development.
The rental industry is changing as a result of technological advancements
Rent Small Small, founded by Tunde Balogun in October 2018, makes it simple for people to find and rent out rental properties, the majority of which are furnished. The startup achieves this by acting as an intermediary, assisting individuals in locating rental properties within 48 hours of their initial contact with the company.
In a city like Lagos, where approximately 20 million people live in an area measuring 1,381 square miles, affordable housing can be extremely difficult to come by. Accommodation seekers are frequently left vulnerable to the exploitative tendencies of landlords and real estate agents as a result of this. Because of this, using a service like this is beneficial.
Rent Small Small, which takes pride in leveraging technology to revolutionize the Nigerian property rental market, provides users with a flexible pay-as-you-stay rental model, which can be paid monthly, quarterly, semiannually, or annually, depending on the duration of their stay. This is in stark contrast to the current trend of landlords requiring tenants to pay one to two years' rent in advance as a condition of renting a property.
Landlords also benefit from the ability to rent out their apartments to tenants who have been thoroughly screened. The reason for this is that prospective tenants are thoroughly vetted by Rent Small Small, which includes checking their identification and references, as well as their employment status and income documentation.
The company also claims to be assisting Nigerians in the elimination of discrimination and the imposition of unnecessary fees during the rental process. It claims to have saved renters N550 million in legal and agency fees, as well as providing over 12,000 monthly stays in 18 locations across Lagos State, according to the company.
Rent Small Small was selected for this year's accelerator program because they are working to solve this problem, which, according to Sunil Sharma, Managing Director of the Toronto regional startup ecosystem, is a challenge in Canada as well. Rent Small Small was selected for this year's accelerator program because they are working to solve this problem.
We believe that our immediate network of property experts, landlords, technology and real estate investors will be invaluable to Tunde and his team as they work to increase housing availability across Africa," Sunil said. "If there is one industry that has captured Canadians' attention, it is real estate," Sunil said.
Tunde Balogun, the founder and CEO of Rent Small Small, explained why it took his company three years to decide to apply for accelerator programs, venture capital, and other forms of assistance. He believes that the time is right for him to join Techstars as the company enters its next phase of growth.
The proptech company has avoided institutional investors for the last three years, according to the CEO, in order to develop a model that truly solves rental problems and can be scaled.
"Once we have gained traction and our solution has been accepted by both landlords and tenants, we will require strong mentorship to propel us forward into our next growth phase. We believe that the time is right for us to participate in the Techstars Toronto Accelerator program. As our company grows, we will be able to take advantage of its network, skills, and resources "He went on to explain.
The accelerator program will begin on October 18th and will run for a total of 13 weeks. It will culminate in a demo day presentation to Techstars investors at the end of the day. Additionally, it provides entrepreneurs with inestimable skills, resources, and connections to a diverse pool of global talent and investors, all of which are invaluable.
