Fikayo Ogundipe is the CEO and co-founder of ToLet, a real estate company he founded with his friends while in the university.
ToLet is a web-based platform for property, rentals, and sales.
The founders all made a monthly contribution of N20,000 to start the business. Interestingly, they had to hit the ground running as there was a competitor they needed to beat to the market.
Starting out involved a lot of groundwork such as reaching out and getting landlords/agents listed on their platform.
In 2016, they raised $1.2million from Frontier Digital Ventures. A year later, they acquired Jumia House Nigeria in a bold and unexpected move.
In this episode, you’ll learn:
- Their inspiration for running a business together. How have they managed to keep the team together? What are the dynamics involved?
- The importance of having startup capital no matter how little. Fikayo and his co-founders all committed to contributing N20,000 every month to their business. They did this for a while before joined Spark Incubators and later raised $250,000
- The importance of business models and how to find one that suits your business. What was ToLet’s previous business model? What were the challenges?
- What competition validated their market? How did they validate the market and why did ToLet accelerate their market launch.
- How they raised $1.2million. How many investors did they reach out to? How many got back to them?
- Why ToLet acquire JumiaHouse? What is the proposed outcome of this acquisition? And how has it helped them so far?
- Despite raising close to $1.5million, Fikayo says they are still not profitable. Why is this so?
- And more
Zero to One – Peter Thiel