Spleet Is The First African Startup To Be Accepted Into The MetaProp Accelerator Program
Spleet is the first African startup to be accepted into the MetaProp Accelerator program
Spleet Africa, one of Africa's most promising proptech startups, has been selected for participation in MetaProp's 2021 Accelerator Program. As the first African startup to participate in the Accelerator program, Spleet has made history.
In 2016, MetaProp launched the MetaProp Accelerator, the world's most prestigious proptech accelerator. MetaProp is a New York-based venture capital firm that focuses on the real estate technology industry.
During the accelerator's 22-week coaching and advisory period, Spleet would also be eligible to receive up to $250,000 in funding from the venture capital firm.
According to Adetola Adesanmi, the CEO of Spleet, joining the accelerator is a catalyst for the company's goals and the further development of its value proposition, as well as the creation of new opportunities for the rapidly expanding proptech startup ecosystem in West Africa.
“For the past three years, we at Spleet have been working extremely hard to crack a highly valuable but difficult to penetrate segment of Africa's real estate market. It is our mission to provide hassle-free rentals for both our landlords and tenants, as well as to bridge the trust gap that currently exists between the two parties. We are expanding into Ghana and Kenya, and we are looking into expanding into other African countries as well. All of this hasn't been easy, and it's necessitated utilizing every resource at our fingertips.”
According to the Knight Frank Africa Report 2020-2021, global investments in real estate technology (proptech) reached $12 billion in 2016, up from $20 million in 2008. An estimated $4.6 billion was invested in proptech in the first six months of 2019, according to the report.
Proptech currently account for only 1% of global market share
Proptech companies in Africa currently account for only one percent of global market share, according to the report. However, the continent's technology ecosystem is one of the fastest growing in the world, and proptech startups are capitalizing on this growth to harness the real estate industry.
As a result, MetaProp is putting its money where its mouth is and betting on the company's growth. Zachary Aarons, a cofounder and general partner at the venture capital firm, believes that proptech will most likely be the next big wave after financial technology.
“The Nigerian fintech ecosystem has recently been on fire, and it's only going to get hotter. What do you think usually happens after fintech? It's called proptech. In the last week alone, I've spoken with two high-quality Lagos-based proptech companies,” Aarons explained.
MetaProp's investment team has made over 130 investments in technology companies across the real estate value chain since the company's founding in 2015.
Adesanmi stated that he and his team are excited to begin the MetaProp accelerator program in September and that they intend to make the most of the opportunity.
