A startup offering rental management solutions for landlords and tenants recently went through a significant change in leadership. The CEO and co-founder was removed in March 2024 following an audit that revealed financial irregularities.
Investors accused the former CEO of misrepresenting the company’s financial status, mismanaging funds, and misappropriating $1.5 million. Legal actions were taken, and efforts were made to recover the misused funds.
The decision to lay off employees in February 2024 caught investors off guard, as they felt they had been misled about the company’s financial health. The reasons given for the layoffs were related to challenges faced due to rent increases.
The company, founded in 2018, aimed to revolutionize the rental market in Lagos by offering monthly payment options. However, challenges in scaling the business model led to a shift in focus from a marketplace to infrastructure development.
Despite facing setbacks, the company managed to secure funding in various rounds, with notable investments from different entities. The current leadership of the company has also undergone changes, with a new COO taking the helm.
While the recent events have caused a stir, the company remains resilient in a sector that has seen many startups falter. By adapting to market realities and focusing on sustainable growth, Spleet aims to continue its journey with determination.
*Investors in Spleet have ties to various entities in the tech industry.