HouseAfrica, a Nigeria-based prop-tech startup, has secured $400,000 in funding and announced the launch of its blockchain-based platform called Sytemap. Marking a significant milestone for the company as it continues to make strides in the African real estate industry. The platform aims to increase transparency in land transactions in Nigeria by providing a secure and accessible database of property ownership information.
Founded in 2015, HouseAfrica has become one of the best startups in Africa, with a mission to reduce land-related issues on the continent.
The proptech firm developed Africa’s first blockchain-based land and property registry, providing a secure and accessible database of property ownership information, which reduces the time spent by lawyers, banks, and other stakeholders in querying and registering land titles. HouseAfrica’s solutions also address issues such as duplicate land titles, low access to mortgages, and illegal sales of landed property.
Furthermore, Sytemap leverages blockchain technology to provide a tamper-proof record of property transactions, which can help reduce the incidence of fraud and disputes over land ownership. The platform also uses machine learning algorithms to analyze property data and provide insights on market trends and property valuations.
HouseAfrica has announced the launch of its flagship product, Sytemap, which leverages proprietary blockchain and map technology to create a private land registry. The product digitizes real estate project sitemaps, increasing transparency and enhancing trust by enabling instant land transaction authentication, which will drive sales for real estate companies.
With over 100 real estate firms already using Sytemap, HouseAfrica plans to expand to other African countries such as Ghana, Kenya, Rwanda, South Africa, Tanzania, and Angola, as it aims to tackle the same land issues that exist across the continent.
Speaking about the funding round, HouseAfrica CEO and Co-founder, Nnamdi Uba, said the funding would enable the startup to deepen its technology and grow its adoption and team. He explained that “close to 95% of lands do not have verifiable titles, which expose genuine retail investors to fraud. Our solution enables buyers to make informed decisions when buying land.”
HouseAfrica’s funding round was led by the Unicorn Group, a Nigerian investment company focused on fintech and proptech startups.
Additionally, leading African and global investors such as Future Africa, SSE Angel Network (SSEAN), ARM Labs, CV VC, Startupbootcamp Afritech, Niche Capital, and Rebel Seed Capital, have supported HouseAfrica over the years.
The company plans to use the latest funding to advance its technology and expand its operations as it continues to make strides in the African prop-tech space.
The launch of Sytemap is a significant milestone for HouseAfrica and the Nigerian real estate industry as a whole. By leveraging blockchain technology to increase transparency and reduce fraud in land transactions, HouseAfrica is helping to build a more secure and efficient property market in Nigeria.
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