RentScore, a proptech startup based in Nairobi, has secured funding from the Pan-African accelerator Baobab Network to advance its mission of transforming Kenya’s residential real estate market. While the exact investment amount remains undisclosed, Baobab Network typically injects $100,000 into early-stage startups. Founded in 2022 by Christabel Ojuok and David Kimani, RentScore aims to redefine homeownership and property investment opportunities in Kenya.

RentScore's Mission: Addressing Kenya’s Housing Challenges

RentScore focuses on addressing the affordability crisis in Kenyan homeownership, particularly in urban areas. With Kenya’s mortgage-to-GDP ratio at just 2.2%, significantly lower than countries like South Africa (23.3%) and Namibia (25.5%), RentScore is positioned to help bridge this gap by enabling middle-income earners to invest in rental properties and eventually own homes. Its approach offers accessible real estate investment opportunities, empowering urban residents burdened by expensive or unattractive mortgage options.

Why Baobab Network Backed RentScore

Baobab Network’s decision to invest in RentScore stems from several key factors. The first is the exceptional market knowledge and experience of its co-founders, Christabel Ojuok and David Kimani, who together have over 15 years of expertise in real estate, asset management, and technology. This strong founder-market fit, combined with a deep understanding of Kenya’s residential real estate sector, convinced Baobab that RentScore is well-positioned to drive change in the industry.

Empowering Homeownership for Kenya's Urban Population

Over 80% of urban residents in Kenya rent their homes, underscoring the need for affordable homeownership solutions. RentScore’s platform provides a pathway to property ownership through technology-driven real estate investments. Users can invest in rental properties and access resources that support their journey to becoming homeowners. By addressing affordability and offering solutions tailored to middle-income earners, RentScore aims to reduce barriers to homeownership.

A Strategic Partnership with Baobab Network

Baobab Network’s investment in RentScore is a strategic move aimed at supporting the startup's expansion and growth. The accelerator has a proven track record of backing early-stage startups across Africa, providing not only capital but also mentorship and access to a wide network of resources. RentScore’s inclusion in Baobab’s portfolio further validates its business model and the potential for significant impact within Kenya’s real estate sector.

Through this partnership, RentScore will have access to Baobab’s vast experience in scaling startups, which will be instrumental in accelerating its growth. The funding will be used to enhance the platform’s technology, expand its offerings, and reach more users across Kenya. With Baobab’s backing, RentScore is set to play a pivotal role in addressing the country’s housing challenges and making homeownership more attainable for urban residents.

RentScore’s recent investment from Baobab Network underscores the growing demand for innovative solutions to Kenya’s housing challenges. By focusing on the under-indexed mortgage market and the growing urban middle-income demographic, RentScore is positioned to revolutionize homeownership in the country. With the support of Baobab Network, the startup is poised for significant growth, as it works to empower more Kenyans to invest in rental properties and achieve their dreams of owning a home.