Rent Small Small, a Nigerian property technology startup that is redefining the home rental market, has joined the Techstars Toronto Accelerator Programme starting this October, making it the first African property technology platform selected to join the programme.
Techstars is an operational investment company that helps founders and early-stage entrepreneurs scale their vision into a thriving business. The Techstars Toronto Accelerator Program is designed to provide mentorship, funding and access to the Techstars network for life, beginning with the Demo Day at the end of the program. When selected, startups will be able to pitch to a carefully curated group of investors.
The 13-week accelerator programme, which selects early-stage companies from around the world, began on October 18, 2021 and will end with a demo day pitch to investors affiliated with Techstars. It provides entrepreneurs with invaluable skills, resources and connection to a wide pool of global talent and investors.
Since it launched in 2018, Rent Small Small, which is led by Tunde Balogun, has used technology to revolutionise the property rental market in Nigeria. So far, Rent Small Small has helped renters save N550 million on legal and agency fees and provided over 12,000 monthly stays across 18 locations in Lagos State, Nigeria.
The company is one of the leading advocates for affordable and flexible rental payment across West Africa when it first introduced ‘pay your rent monthly in Lagos.’
Balogun believes that joining Techstars accelerator at this time is right for the next growth phase of the company. “We have stayed away from institutional investment for the past 3 years because we wanted to figure out a model that truly solves the rental problems, and one that we can scale. Now that we have good traction and our solution is loved by both Landlords and Tenants, we need strong mentorship for our next growth phase. We believe that participating in the Techstars Toronto Accelerator at this time is right for us. Its network, skills and resources are what we will be able to leverage as we expand.”
According to recent posts by the CEO, RentSmallSmall has broken-even financially in just three years led by its co-founders including Naomi Olaghere, Pidah Tnadah along with a team of 20 including software engineers, real estate managers and a customer service team.
Toronto regional startup ecosystem, led by Sunil Sharma, Managing Director aims to match startups with mentors that help with transforming early-stage startups into scalable and thriving businesses, capable of attracting investors, talent and capital for additional growth and prosperity.