myPadi.NG Raises Seed Funding From EchoVC To Fund Student Accommodation
Joel Amawhe is a software developer based in faraway Ozoro, Delta State.
About two years ago, he decided to create an online real estate solution targeting higher education students in Nigeria.
Initially, he called the solution Studacom, and then HostelsVilla, before settling for myPadi.ng.
At myPadi, students hoping to live off campus discover accommodation listings from verified landlords, through photographs and virtual tours.
They also get to see the pricing, amenities and reviews of other users through the platform.
Student accommodation is estimated at $20 billion dollars annually. So, when my myPadi came up with the solution, investors did not fail to notice.
In 2016, myPadi got noticed in Port Harcourt after emerging Pitch winner at the second edition of StartupSouth, by a venture capital firm, Ventures Platform, VP.
VP later invited myPadi to join its second acceleration programme.
myPadi received its first initial funding from them at the end of the forum.
The startup has gone on to win best e-housing startup of the year, 2017 by National Information Technology Development Agency, NITDA.
It has represented Nigeria at Gulf Information Technology Exhibition, GITEX 2017 in Dubai and received $5,000 in grant funding plus 3 months business advisory service from Accenture Nigeria, courtesy of the National Economic Summit 2017.
And over the past 3 years, it has listed over 5,000 vetted rooms for students in over 60 tertiary institutions across Nigeria.
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Now, it has received another seed round of funding from EchoVC Partners, a seed and early-stage venture capital firm focusing on Sub-Saharan Africa and North America.
myPadi told Bounce News it would use the funding to accelerate its expansion into more cities, serving more schools, growing the team, and improving its product. It did not disclose the exact sum raised.
Speaking on the investment, EchoVC’s Associate Principal, Investments, Uche Ogboi said: “We are very excited about our investment in myPadi and in a market that has been estimated to be worth $20 billion 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 organised 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.”
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