Spleet’s growth has courted investors’ attention. This March, the company announced a pre-seed investment of $625,000. Then in July, it became the first African startup to join New York’s MetaProp Accelerator. Now it is announcing the completion of its $2.6 million seed funding led by Los Angeles–based early-stage VC firm MaC Venture Capital.
The investment will see Spleet scale its products: the flagship residential rent management and rent financing solution. The rent financing solution, dubbed Rent Now, Pay Later, gives renters access to no-collateral loans up to ₦3 million (~$6,000) with an interest of about 3.5% monthly to finance rent payments.
Spleet is also expanding its residential rent management offerings to include Collect, a service that automatically receives rent payments on behalf of landlords and verify, a tool that enables landlords and real estate agents to vet and carry out adequate background checks on tenants before offering lease agreements.
The proptech has processed over $3.5 million in rent since its inception and onboarded over 35 individual and corporate landlords; the latter lists multiple housing units at once. Spleet has also housed over 1,000 tenants, and while that might seem small, it’s worth noting that their average lifetime value is 26 months.
As Spleet prepares to test out new markets early next year, MaC Venture Capital managing general partner Marlon Nichols said his firm is proud to partner with the proptech company as it continues to bring forward a comprehensive solution that effectively serves both sides of the housing market and makes true deposits to combating homelessness in Africa.