Nigerian Blockchain Property Startup, House Africa, Secures $400,000 in Funding – BitcoinKE

by · April 5, 2023

House Africa, a Nigerian real estate technology startup that provides real estate digitization and transparency digital tools to real estate developers and their clients, has secured $400,000 in funding.

The startups are behind Sytemap, a platform that deploys both mapping and blockchain technology to help first-time buyers select, verify and pay for real estate plots online. Sytemap’s proprietary blockchain supports a secure cadastral registry and, together with their map, digitizes site maps for real estate projects.

House Africa says it serves 3 sets of customers:

  • Buyers
  • Agents
  • Real estate companies

For buyers, Sytemap displays the digital layout of a property that they can choose from on the map, including the exact location and status of plots for sale. The buyer selects a plot, displays the details and completes the payment.

“Close to 95 percent of the land does not have verifiable titles exposing genuine retail investors to fraud. Our solution enables buyers to make informed decisions when purchasing land.” said House Africa CEO and Co-Founder, Nnamdi Uba.

The platform enables immediate authentication of land transactions and thus increases property 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 spend $400,000 to further develop its technology, expand its user base and increase its workforce. The startup has received support from a number of investors, including:

  • Africa of the future
  • SSE Angel Network (SSEAN)
  • ARM Labs
  • CV VC (Blockchain-focused VC)
  • Startup boot camp AfriTech
  • Niche capital
  • The seed capital of the rebels

Iyinoluwa Aboyeji of Future Africa previously believed that only public land registries were slow, inefficient and non-transparent. After hearing about a friend’s experience of having to pay two different parties to buy land in a private estate, my perspective changed.

“I am very excited to see how, by helping private landowners and estates digitize their land records, they can begin to help create transparency and values ​​that will hopefully soon inspire state land registries to follow suit,” he said.

See also