Tech in Africa
Sugar, an LA-based proptech runs an all-in-one solution that eases living within an apartment. Several investors took part in the financing round among them MetaProp, Concrete Rose, Agya Ventures, Debut Capital, Consonance Capital, The Community Fund, Lightspeed Scout Fund, and Jason Calacanis’ LAUNCH syndicate. Noteworthy participants in the round were Ben Zises, Jonathan Wasserstrum, Oleksiy Ignatyev, Diran Otegbade, and Claire Cormier Thielke.
Sugar was founded in 2020 by Mali-born Fatima Dicko at a time when people quarantined over the Covid-19 pandemic. She partnered with real estate apartments and property management companies to build an app for apartment residents and communities feeling isolated from their neighbors. Residents can communicate through the app, unlock their doors without keys, and several other features.
Prior to the seed round, the app has recorded MoM growth including a 6-figure ARR just for months after launch. Today the firm manages 655 properties with 120,000 doors in 22 states.
Sugar offers a property management portal and resident application that helps property managers increase lease activity, reduce churn rate, and operate lower costs. Today the app boasts several; clients among them hotels, real estate investment groups, Airbnb rentals, and other residential properties.
Source: TechCrunch
