Leadership Shakeup: Spleet CEO Adetola Adesanmi Removed Over Financial Misconduct
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| Spleet's CEO Ousted Amid Financial Misconduct Allegations: A Deep Dive into the Proptech Startup's Future Image credit: Micdee |
In March 2024, Spleet, a startup specializing in rental management solutions for landlords and tenants, removed its co-founder and CEO, Adetola Adesanmi, following an internal audit of the company's finances.
The audit revealed allegations that Adesanmi misrepresented the company’s financial health and misappropriated $1.5 million. The findings were reported to law enforcement as the company began efforts to recover the misappropriated funds.
Investors and Employees Blindsided by Sudden Layoffs
In February 2024, Spleet surprised investors and employees alike with unexpected layoffs. According to a source with direct knowledge of the situation, investors felt misled about the company’s financial status in monthly updates. The layoffs came just two months after a round of new hires in December 2023, leaving employees shocked and uncertain about the company's future.
Adesanmi explained the layoffs in February, attributing them to rising rent costs that many tenants could no longer afford, forcing the company to reduce staff to stay afloat. However, this rationale did little to ease the concerns of investors and employees who were left in the dark about the true state of the company’s finances.
Spleet's Journey: From Monthly Rental Solutions to Proptech Infrastructure
Spleet, co-founded by Adesanmi in 2018, aimed to revolutionize the rental market in Lagos by offering monthly payment options instead of the traditional annual rent. However, the business model proved challenging to scale due to the slow growth in landlord participation. Recognizing this, the company pivoted from being a mere marketplace to building a more robust rental infrastructure.
Despite the challenges, Spleet secured significant funding over the years. The company raised $260,000 in a family and friends round in 2019, followed by a $625,000 pre-seed round in 2021 from investors including MaC Ventures, Ajim Capital, and Daba Finance. In 2022, Spleet secured a $2.6 million seed round led by MaC Ventures, further bolstering its financial position.
New Leadership and the Future of Spleet
Following Adesanmi’s departure, Daniela Ajala, who joined Spleet as a business development lead in 2019 and became Chief Operating Officer (COO) in 2020, has stepped in as the new CEO and has also been named a co-founder.
Ajala now leads Spleet through this challenging period, with many close to the company believing that the leadership change is merely a bump in the road.
The Proptech Landscape: Spleet's Unique Position
Spleet stands out as one of the few surviving proptech startups that emerged in Lagos around 2015. Unlike others that struggled and eventually shut down, Spleet adapted by understanding that convincing landlords to change their traditional rental practices was a losing battle. Instead, the company focused on creating infrastructure that could work within the existing system.
As Spleet navigates its current challenges, those close to the company remain optimistic about its future, viewing the leadership change as a minor obstacle on a long and promising journey in the proptech industry.
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