The Curious Case of ToLet

During 2015, I have barely been in Nigeria. Probably nothing more than 30% of my time this year has been in our Lagos office. There are many things happening internally at iROKO this year, around organisational design and focus. So beyond limited conversations with founders I have spent little to no time with Spark portfolio companies. Hotels — haven’t seen their new offices, Drinks — been to their new digs once this year. ToLet, after 6 months at their new location, I finally managed to make a visit.
Wasn’t I in for a surprise? They have just launched their new website, with a new business model to boot!
All of my advice over the first 2 years as an investor had been quietly and firmly ignored. And the results have been nothing beyond stunning. The initial model we discussed all those years ago in Anthony Village was focused around in-house agents and infrastructure to support them. Very similar to the traditional lettings model pioneered by Foxtons in the UK and Redfin in the US...

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