Episode 35, Racing to market, executing and getting it right. Fikayo Ogundipe, CEO at ToLet.com.ng

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.

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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

Selected Links

Selected book

Zero to One – Peter Thiel


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Episode 35