Nigerian Home Financing Startup, Bongalow, Adds To Seed Round With UNCOVERED FUND Investment

May 24, 2021
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Nigerian home financing startup Bongalow has added it its seed round with capital from Africa-focused Japanese venture firm UNCOVERED FUND.

Bongalow is a mobile-powered home financing marketplace that enables Africans at home and abroad shop for the best home loan to purchase their desired property. The startup’s mobile-powered home financing platform enables aspiring homeowners to save towards a down payment, shop for a home loan, and access Bongalow’s rent-to-own financing facilities.

The undisclosed investment from UNCOVERED 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 full size of the round is yet to be confirmed, but all capital is being used 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 onboard 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, CEO of UNCOVERED FUND, said he was excited to partner with Bongalow at a pivotal point in its journey.

“We are thrilled by the quality and dexterity of the management team and the measurable success achieved so far,” he said.

“We have witnessed the transformative impact of home ownership 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.”

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