Naija Diaspora
Chinedu Echeruo: Apple Acquired This Young Nigerian’s App For $1Billion
In 1995, at age 16, Chinedu Echeruo traveled from Nigeria to New York.
He graduated with a B.Sc. at Syracuse University and later proceeded to Harvard Business School to receive an M.B.A.
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After graduating from college, he worked for J.P. Morgan Chase’s M&A and Leveraged Finance teams for several years on a variety of financing, mergers and acquisitions, and private equity operations.
Working with the company and the experience there helped him hone his craft.
Chinedu Echeruo would later evolve into a serial entrepreneur.
One of his numerous start-up companies developed a piece of software called HopStop. The app aided millions of people to navigate public transportation in major cities all around the globe.
The company, founded in 2005, was named one of the top 100 fastest growing software companies in the United States in 2011.
In 2013, Apple acquired HopStop for an estimated $1 billion.
How It All Started
It was challenging for Chinedu Echeruo to get around the city when he first arrived in New York in 1995. And anybody who had lately moved to a new city shared this valid worry.
This motivated Chinedu to start working on a solution, and a few years later, he created HopStop to do just that.
Five million people per month were using the app at its peak of development. Due to their rapid expansion and excellent acceptance rate, they now operate in 600 cities.
HopStop
HopStop provided precise, real-time directions for biking, taking public transportation, taking a taxi, taking a train, and strolling in 600 locations throughout the world.
In 2007, the HopStop app was named the Small Business Innovator of the Year by Black Enterprise. Later, it was listed among the top 100 software businesses in the US with the quickest growth.
This service provided by Echeruo’s app saw a 250 percent rise in revenue by 2010, going from $574,268 to $2 million, and then to roughly $5 million in 2012.
It is hardly surprising that Apple Inc. saw it and acquired HopStop for an estimated $1 billion.
After its acquisition much of its features has been subsequently included in Apple Maps.
Due to its rapid expansion and excellent acceptance rate, HopStop operated in 600 cities.
Chinedu Echeruo became a principal of Constant Capital Partners Ltd. after the sale of HopStop.
Prior to joining Constant Capital Partners, Echeruo founded Gigameet in 2009, a “cause-driven” social media network now known as Mindmeet.
The platform was a recipient of the 2019 “World’s Most Innovative Company” award.
Other Acquisitions
HopStop wasn’t the only company built by Echeruo that was acquired.
He co-founded Tripology.com, an online platform that links customers with knowledgeable travel advisors. Rand McNally, an American travel and navigation company, acquired the business.
Later, he created MindMeet, a networking site based on the passion economy where people can sell their knowledge and counsel in exchange for cash and a promise to support the expert’s preferred charity.
According to Forbes magazine, Chinedu Echeruo is one of Africa’s top ten most powerful persons
At the moment, Chinedu runs his Love & Magic Company, a start-up studio that collaborates with creative groups to develop new businesses..
