Nigerian home financing startup Bongalow has announced it has raised an extra undisclosed seed fund in a seed funding round from Africa-focused Japanese venture firm UNCOVERED FUND.
Bongalow is a mobile-powered home financing marketplace created by Kelechi Nwokocha. The startup enables users to shop for the best home loan to purchase their desired property through its mobile. The startup’s platform also enables aspiring homeowners to make down payments on their desired houses and saves towards completing the payment.
The undisclosed fund is part of a wider seed round that also includes Future Africa, Kepple Africa Ventures, ARM, Magic Fund, a bank CEO in Nigeria, and a host of other angel investors. The startup intends to use the capital to further solidify Bongalow’s presence in the market.
“We are happy to receive significant interest from Asian investors in our round and welcome UNCOVERED FUND on board our journey to create what we believe will be the go-to-platform for aspiring homeowners in Africa,” said Kelechi Nwokocha, Bongalow’s CEO.
Takuma Terakubo, the CEO of UNCOVERED FUND, speaking on the funding said he was excited to partner with Bongalow.
“We are thrilled by the quality and dexterity of the management team and the measurable success achieved so far.
“We have witnessed the transformative impact of homeownership on Asian families and believe Bongalow is well-positioned to replicate the same on the African continent. The investment in Bongalow further solidifies our presence on the continent and diversifies our exposure to proptech, which is an emerging frontier on the continent”.