As part of the partnership, Cofundie will crowd finance the development of housing in Appolonia City, Greater Accra’s new city, targeted at low-to-middle-income prospective homeowners. The development will make use of modern building techniques that maximize space and materials, which will reduce the cost of construction and delivery.
The project is aimed at revolutionizing homeownership by bringing crowdfunding to real estate through Cofundie’s platform (www.cofundie.com), making it possible for anyone with an internet connection to participate in reputable real estate projects for as little as US$250 or GH¢1,500.
“We are excited to launch our first deal in collaboration with Appolonia City,” said Chukwuemeka Ndukwe, Co-founder and CEO at Cofundie, whose investors include MEST, the Africa-wide technology entrepreneur training program, internal seed fund, and hub network by Meltwater, the media intelligence company.
Ndukwe continued: “We’ve been working hard on the details to make sure it meets our high standards for transparency and accountability. For the first time, anybody with an internet connection can participate in high-quality real estate deals.”
Jørn Lyseggen, Meltwater’s founder and CEO, who has followed Cofundie’s progress as a fellow entrepreneur, said: “We are proud of Cofundie’s progress since incubating with MEST. We are delighted to be an investor and believe that this company will significantly change the property market in Ghana and across West Africa.”
Appolonia City CEO Bright Owusu-Amofah said, “Our mission is to create accessible housing on a large scale, and our partnership with Cofundie, a home-grown West African e-commerce business, offers an alternative but tested model to real estate financing. We are confident the first phase will be well received, allowing us to scale it up to help more people become homeowners.”
With more than 500 homes completed or under construction, Appolonia City continues to attract new developments and is fast becoming the destination of choice for companies and individuals moving away from Accra’s heavy traffic for a healthy, congestion-free environment.