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Nigerian Blockchain Property Startup, House Africa, Secures $400,000 in Funding
House Africa, a Nigerian property technology startup that offers digital tools for real estate digitization and transparency to property developers and their clients, has secured $400,000 in funding.
The startups is behind Sytemap, a platform that deploys both map and blockchain technology to help first-time buyers select, verify, and pay for estate plots online. Sytemap’s proprietary blockchain supports a secure land registry, and together with their map, digitizes sitemaps for real estate projects.
House Africa says it serves 3 sets of clients:
For buyers, Sytemap displays the digital layout of an estate for them to choose from on the map including the exact location and status of plots for sale. The buyer selects a plot, view its details, and completes payment.
“Close to 95 per cent of lands do not have verifiable titles which exposes genuine retail investors to fraud. Our solution enables buyers to make informed decisions when buying lands,” said House Africa CEO and Co-founder, Nnamdi Uba.
The platform makes possible immediate authentication of land transactions thus increasing in real estate sales. According to the company, Sytemap streamlines the buying and payment processes for properties making it easier for people to become digital real estate agents with over 100 real estate companies already using the platform.
House Africa plans to use the $400,000 funding to further develop its technology, expand its user base, and increase its workforce. The startup has received support from a range of investors, including:
Iyinoluwa Aboyeji of Future Africa previously believed that only public land registries were slow, inefficient, and opaque. However, after hearing about a friend’s experience of having to pay two different parties to purchase land within a private estate, his perspective shifted.
“I’m super excited about how, by helping private landowners and estates digitise their land records, they can start to help create transparency and value that should hopefully soon inspire government land registries to follow suit,” he said.
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