Nigerian property management technology company Spleet receives $2.6M from MaC VC to expand its product line.

Apartment searching is an extreme pastime for the typical resident of Lagos, Nigeria's most populated city with over 20 million inhabitants.Rent is expensive, with low- to middle-income accommodation costing between $1,000 and $5,000 year. In addition, renters must pay a year in advance, and perhaps even two before moving in.

Since annual up-front fees lower administrative costs and the likelihood of renters defaulting, landlords in the city, like those in Nigeria, have continued to accept rent in this manner for decades despite the fact that they deem monthly payments to be unsustainable. But in real reality, renters are forced to come up with a big sum for the first year's rent and then set aside some cash from their paycheck for the next year's rent, which puts them in a difficult situation.