Nigerian startup Vistafront, a tech platform that allows users to co-fund real estate projects, has raised funding from real estate investment firm Landwey in return for a 25 per cent stake.
Vistafront lists vetted real estate investment opportunities for its users to fund, allowing people to invest in real estate from their mobile phones. Units cost as little as NGN25,000 (US$70) each, with investors able to buy as many as they want and make returns of 12 per cent.
The startup has now raised funding from Landwey Investment, a more traditional real estate investment firm, which will be used to help it grow its user base and list more projects. Landwey, which will also provide support and expertise to the Vistafront team, has taken a 25 per cent share in the business in return for the undisclosed amount of funding.
“This is the start of an amazing partnership with Landwey. We are confident that with this partnership we will be able to feature more real estate projects on our technology platform and make them available for funding,” said Vistafront managing director Segun Ajuwon.
Landwey founder Olawale Ayilara said the investment was a bold move for his company, and a step in the right direction.
“We are always proud when we spot an opportunity for our clients and followers to be further involved in real estate projects that will give them the best returns for their money. We understand that we serve different people in our audience and this move is evidence that we fully support and encourage everyone to fund real estate projects on Vistafront,” Ayilara said.