Apple Inc. Buys Nigerian Born Chinedu Echeruo’s Hopstop.com For $1 Billion

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Apple has acquired Chinedu Echeruo’s HopStop.com, The Wall Street Journal’s publication, AllThingsDigital reports. Founded in 2005, 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.

Chinedu Echeruo, formerly an analyst at investment banks and hedge funds founded HopStop in 2005. Echeruo is now Chairman of the Board for HopStop.

HopStop has oft been compared to Israel’s Waze which was recently acquired by Google for $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 Kings 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 andTripology.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.”

57 COMMENTS

  1. Great and Wonderful Right on . Thank On&On .an be aware and on guard . More power to Africa Rise Right on . Land Space food and people . All your birth right Stand strong to Stornger

  2. This is the kind of news we want to hear. we need good dreamers like Chinedu in every level of our society. Or leaders should be merciful to sponsor and support students in this new innovation. God Bless you my Brother move on and help our Continent. There is hope for Africans.

  3. There is nothing tribal about it , the main thing is that he is a Nigerian.. There is this guy that bought , I think Gatwick airport, he’s Yoruba.. All I am thinking is good for Nigeria.. All the negative stuff associated with Nigerians is quite over due.. Now,!, now!, this is one of the good guys

  4. Quite frankly, the story about this guy clearly depicts what tribe, and country that he’s from, which is normal when you narrate a story like this..I bet you if this story were to be negative, his ethnic group and country would have been mentioned

  5. This is the kind of breaking news we want to hear. Please brother Chinedu you need to go for an African tour so that you inspire others. Wish you good luck with the management of it. Chay my own must come in name of the Almighty

  6. it’s a wonderful thing to see an African American built and leave legaciesand help his people as every other culture doesjust imagine if all are actors and athletes and rappers and pop singers did the same thing imagine how much more advanced we as a people would be it’s incredible and it’s also doable we need more men like him congratulations brother and I wish you all the success in the world

  7. Chinedu’s intelligence no doubt cannot be questioned coming from a background of erudite scholars (his father) the then Vice-chancellor of Imo state University, Prof. (emeritus) MJC Echeruo who single handed wrote The Igbo-English dictionary as far back as 1998 and his literary works are making waves in the US. A giant stride to the Igbo race, Nigeria, and Africa at large.

  8. Great and Wonderful Right on . Thank On&On .an be aware and on guard . More power to Africa Rise Right on . Land Space food and people . All your birth right Stand strong to Stronger

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