Nigeria-based HouseAfrica splits properties into shares, recorded as digital units on a blockchain, thereby empowering previously neglected investors to own property. The company was recently selected for the Startupbootcamp AfriTech accelerator programme. Co-founders Uba Nnamdi and Ikokpu Nidifreke answer our questions.
1. Give us your elevator pitch.
HouseAfrica is a blockchain-based platform that helps Africans own shares in multiple properties and earn returns. We have also developed a land registry on blockchain, which solves land fraud and gives people access to mortgages.
2. How did you finance your startup?
From the beginning, HouseAfrica was privately funded by its founders and later a got pre-seed funding from an angel investor in Barbados. These funds have helped us to finish up the platform, and enter into pilot phase, which is where we are now.
3. If you were given $1 million to invest in your company now, where would it go?
It will go towards building and training our talented team, then scale from there to other African countries like South Africa, Uganda and Tanzania.
4. What risks does your business face?
We understand technology and government regulations can change at any time. As a fintech startup, we will continue to innovate to meet up with the demands of our users as technology is evolving.
5. So far, what has proven to be the most successful form of marketing?
Social media and offline seminars have been helping us a lot.
6. Tell us about your biggest mistake.
Thinking that users will understand our features without proper customer discovery and validation.