Proptech will deliver Africa’s next wave of tech disruption

By Fox Street Communications, 02 October 2019

Proptech will deliver Africa’s next wave of tech disruption
  • We are pleased to announce that Fox Street Communications is a partner of PropTech Africa, a new association that seeks to help proptech startups across the continent connect and collaborate. We will be assisting PropTech Africa with their PR and communications efforts.

PRESS RELEASE

JOHANNESBURG, SOUTH AFRICA 2 OCTOBER 2019 — Africa’s fast-growing property sector is expected to benefit dramatically in years to come from the emergence of a vibrant proptech startup ecosystem.

This is the view of the founders of PropTech Africa, the first continent-wide association of its kind that was officially launched in Rosebank, Johannesburg on Tuesday 1 October 2019.

Proptech involves the use of technology to develop new ways of doing things in the property industry, often increasing efficiency, access, diversity and impact. Proptech is to property what fintech is to the finance industry, and an estimated $4.6bn is said to have been invested in proptechs across the globe in 2018.

The launch of PropTech Africa is intended to connect the proptech ecosystem in order to create meaningful interactions and relationships. At the same time, PropTech Africa will promote the proptech sector to the property industry and related stakeholders as a whole in order to raise awareness and drive growth on the continent.

“Similar to the surging adoption of mobile phones across Africa and the rise of mobile money, proptech will deliver another major wave of tech innovation across the continent - especially at a time when more institutional-led investments are flowing into Africa’s real-estate sector,” says Kevin Teeroovengadum, one of the founders of PropTech Africa and an expert in the property sector with over 20 years experience.

PropTech Africa’s two other founders include Sean Godoy and Wayne Berger, who launched the SA PropTech Association earlier this year.

Godoy - who is founder and director of property-focused advisory and training solutions company Divercity Property Solutions - says: “We are looking forward to linking up SA PropTech to PropTech Africa. I had the privilege recently of participating as a panel speaker at the African Real Estate Conference and Awards (AFRECA) in Lagos, Nigeria where I met a number of young, up-and-coming startups. There’s no doubt that we can expect to see lots to come from Africa’s proptech scene.”

Berger - who is Managing Director of iShack Ventures, a Venture Builder developing disruptive technologies in the real estate, fintech and edutech sectors - says: “What’s inspiring about proptech is that it encourages an outsiders’ perspective, which is shaking up what has traditionally been a rather static bricks-and-mortar industry.”

Berger has helped create innovative proptech businesses in South Africa, such as big data-enabled proptech management and communication platform SmartBuilding as well as leading independent commercial property portal Instant Property.

There is a myriad of other exciting African proptech startups. These include the likes of Cape Town-based monthly parking bay rental startup ParkUpp, Kenyan student hostel booking app Roometo and Botswana’s 3D architectural portal ‘Vision 3D’, to name but a few.

The emergence of proptechs comes when Sub-Saharan Africa is forecast to have the fastest-growing construction industry among all major regions in the world from 2018 to 2022, according to GlobalData. To date, construction booms are already underway in markets such as East Africa.

Future Proptech Africa events

The launch of PropTech Africa has also happened at the African Proptech Forum, an event held in partnership between African Property Investment (API) Summit and WeWork Rosebank on 1 October 2019.

Over the next year, PropTech Africa will host its own events in places such as Nairobi, Lagos and Mauritius.

“We are seeing incredible proptech ideas being conceived by the younger generation across the continent. We’re excited to see what’s happening on the ground and to help support Africa’s future tech giants,” says Teeroovengadum.

For anybody who wants to find out more about PropTech Africa, you can visit the website or even download the PropTech Africa mobile app for iOS or Android.

ENDS

About PropTech Africa

PropTech Africa is a non-profit that connects the proptech ecosystem in Africa in order to create meaningful interactions and relationships. At the same time, we promote the proptech sector to the property industry and related stakeholders as a whole in order to raise awareness and drive growth on the continent. PropTech Africa is purely funded by its founders.

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