chinedu echeruo

Apple acquires Nigerian tech entrepreneur’s startup, HopStop

chinedu echeruo

Apple has acquired online city transit guide, HopStop.com, Bloomberg reports. Founded in 2005, by Nigerian tech entrepreneur, Chinedu Echeruo, HopStop.com makes mobile applications for both iOS and Android that covers over 300 cities and that helps people get directions or find nearby subway stations and bus stops. Terms of the deal have not been disclosed as at the time of this publication.

HopStop has oft been compared to Israel’s Waze which was recently acquired by Google for $1.1 billion. The move is seen as Apple’s plan to bolster its map offering especially given Google’s recent acquisition of Waze.

A serial entrepreneur, Chinedu Echeruo grew up in Eastern Nigeria and attended King’s College, Lagos. He attended Syracuse University and the Harvard Business School in the United States and founded HopStop.com after working for  several years in the Mergers & Acquisitions and Leveraged Finance groups of J.P Morgan Chase where he was involved in a broad range of M&A, Financing and Private Equity transactions. He also worked at AM Investment Partners, a $500 million volatility-driven convertible bond arbitrage hedge fund.

He founded and raised nearly $8 million for his two U.S based internet companies; Hopstop.com and Tripology.com. Tripology.com was acquired in 2010 by American travel and navigation information company, Rand McNally. He was named Black Enterprise Magazine’s Small Business Innovator of the year and listed in the magazine’s Top 40 under 40 and is currently a partner and head of the Principal Investing group at Constant Capital, a West Africa based investment bank.

True to form, Echeruo is working on yet another venture but this time, focused on small businesses in Africa. Check out a video of Chinedu Echeruo below at last year’s TedxIkoyi where he talks about his latest project for small businesses in Africa; “crowd sourced business in a box.”

According to him:

“There is no reason why every entrepreneur should have to reinvent the wheel every single time in all the countries in Africa. My idea is to essentially to have one place where a budding entrepreneur can access a template for starting a business, and then customize it to suit their own situation. Essentially a business-in-a-box.”

Post Author: CPAfrica.com

Every year, CP-Africa attracts millions of unique visitors that want to learn about technology, innovation & the future of business in Africa. To become a contributor, e-mail editor@cp-africa.com. For adverts and sponsorships, e-mail adverts@cp-africa.com

8 thoughts on “Apple acquires Nigerian tech entrepreneur’s startup, HopStop

  • Victor Asemota

    (July 20, 2013 - 5:59 am)

    This is an exit worth shouting on the rooftops

    • CP-Africa.com

      (July 20, 2013 - 8:22 am)

      Agreed!

    • Reginald Bassey

      (July 20, 2013 - 8:28 am)

      Victor do you know how much Tripology was acquired for? The info not so public.

  • dandollars

    (July 20, 2013 - 4:33 pm)

    Nice job. Great to have our own hit the news again with great work. Indeed we are blessed.

  • ifeanyi victor

    (July 20, 2013 - 7:37 pm)

    Brother,ibu odogwu.

  • Chinemere

    (July 21, 2013 - 3:05 pm)

    I went to Syracuse with him, and his vast intellect and drive were apparent then. As a fellow Nigerian, I am very proud of him. He’s a great source of pride for us.

  • Doris Uche

    (July 21, 2013 - 9:38 pm)

    wow am so proud of u!

  • 9jaBrozz

    (August 6, 2013 - 10:45 am)

    A very refreshing news.

    I do not habour a doubt that given the right environment, Nigerians have the ability to excel.

    kudos to 9jaSpirit.

Leave a Reply

Your email address will not be published. Required fields are marked *