Proptech’s growth over the last seven years has slowed, as funding in the sector has sharply declined. Globally, VCs disbursed $1.8 billion among Europe’s proptech startups in 2022; the following year, that amount dropped to $478 million. In Africa, for the last two years, proptech has failed to attract up to one percent of VC funding.
The most funded African proptech startups have raised over $40 million collectively. Chart by Stephen Agwaibor, TC Insights
Unsurprisingly, startups in the sector have had to scale down operations or go quiet. In February, Spleet, a property tech startup that raised $2.6 million in 2022 laid off workers due to “macroeconomic conditions”. Fibre, a Nigerian proptech startup which raised $790,000 in funding, has since closed shop. MyPadi, an Echo Vc funded startup that helped students to get accommodation, also sunset its operations in 2018, two years after its founding. Other startups like Muster, HutBay and Kwaba have slowly faded to the background, failing to revolutionise Nigeria’s…
Joseph Olaoluwa
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https://techcabal.com/2024/04/29/housing-startups-must-evolve/
