<article>Malaysian investor <a style="color: #000080;" href="http://frontierdv.com/" target="_blank">Frontier Digital Ventures</a> has put in $1.2 million in a Series A funding round of Nigerian real estate classifieds start-up <a style="color: #000080;" href="https://www.tolet.com.ng/" target="_blank">ToLet.com.ng</a>.</article>

Malaysian investor <a style="color: #000080;" href="http://frontierdv.com/" target="_blank">Frontier Digital Ventures</a> has put in $1.2 million in a Series A funding round of Nigerian real estate classifieds start-up <a style="color: #000080;" href="https://www.tolet.com.ng/" target="_blank">ToLet.com.ng</a>.
The investment from Frontier Digital Ventures follows last year&#8217;s $500,000 in Ghana&#8217;s real estate classifieds start-up MeQasa. Frontier Digital, that is known to invest in leading classifieds companies in emerging markets, has invested in Panama’s Encuentra24.com and Pakistan-based property website Zameen.
&#8220;The funds raised will be used to improve the platform’s technology offering to both property seekers as well as that used by listing agents,” To Let’s CEO Fikayo Ogundipe said in a press statement.
The Lagos-based startup will utilise the remaining funds to spruce up  marketing efforts and expand across Nigeria over the next 12-18 months.
Founded in 2012 as Estanode.com with a collective personal savings of $400 from four Obafemi Awolowo University fresh graduates –Fikayo Ogundipe, Sulaiman Balogun, Dapo Eludire and Seyi Ayeni – it received a $230,000 seed fund from Jason Njoku’s Tech company accelerator Spark.ng in 2013. It was later re-branded to ToLet.com.ng.
Quietly growing into one of the leading and recognisable online property portals in Nigeria, ToLet.com.ng has facilitated over $8 million in transactions value and has about 20,000 listings online from a growing number of just over 3,500 real-estate agents.
&#8220;Our Agents are much happier to stick with us because, unlike competitors who use subscription models, we collect commissions, which essentially makes our service a performance-based one and ensures ‘we don’t get paid unless our agents get paid,’ said co-founder Sulaiman Balogun.
The commission fee is the model locally operated among Nigerian real estate agents.
Despite a recession being officially declared in the country, the real estate services in the second quarter of 2016 grew by 2.12 per cent. The sector&#8217;s contribution to nominal GDP in the quarter was 8.64 per cent.
“We look forward to the consolidation of their (To Let&#8217;s) position as the Number One property classifieds portal in Nigeria,” said Shaun Di Gregorio founder and CEO of Frontal Digital Ventures.
Also Read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/vietnam-indochina-capital-teams-up-with-japans-kajima-in-1b-jv-53503/" target="_blank">Vietnam: Indochina Capital, Japan’s Kajima form $1b real estate JV</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/50515-50515/" target="_blank">Exclusive: After aggressively investing in India, HK-based Swastika turns to Africa</a>

Malaysian investor Frontier Digital Ventures has put in $1.2 million in a Series A funding round of Nigerian real estate classifieds start-up ToLet.com.ng.

Malaysia's Frontier Digital Ventures invests $1.2m in Nigerian realty listings site

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Malaysia's Frontier Digital Ventures invests $1.2m in Nigerian realty listings site

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief