Venture capital firm invests in Nigerian hostel booking start-up

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Nigeria’s hostel booking platform, MyPadi has attracted funds from EchoVC, a seed and early stage venture capital firm to accelerate expansion into more cities, schools and improve its products.

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Founded in 2016, MyPadi has helped hundreds of students to find their perfect home away from home through its online portal.

Uche Ogboi of EchoVC, said: “We are very excited about our investment in MyPadi and in a market that has been estimated to be worth $20bn per year; The inadequate supply of student hostels in universities across Africa has created a great need for off-campus student accommodation and MyPadi provides an elegantly organized solution to this problem.”

“We see MyPadi as the future go-to platform for all student needs. We believe that the MyPadi team, led by the founder Joel Amawhe, is the right team to execute this vision. We wish them all the best and look forward to working together,” he said.

MyPadi helps students to book hostels & find roommates online.

There are up to 4000 rooms listed on the platform, which cuts across 62 schools in Nigeria.

Formerly Studacom, MyPadi helped hundreds of students to find their perfect home away from home.

Prior to MyPadi , the hostel discovery process was extremely rigorous given the shortage in supply of on-campus accommodation.

Students spent nothing short of 3 weeks calling friends and acquaintances, walking long distances or having to rely on unverified roadside agents who often demand large deposits and are sometimes fraudulent.

Today with MyPadi, this process is streamlined, easy and takes less than 24 hours from start to finish. Source: Africa Global Funds

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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