Nigeria’s myPadi secures EchoVC funding

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Nigerian university accommodation booking platform myPadi.ng has secured seed funding from EchoVC, with the funds set to accelerate the startup’s expansion within the country.

myPadi.ng provides a platform for university and college students to find and book off-campus accommodation, with verified landlords. The platform provides  photographs, virtual tours, pricing, amenities, and reviews.

The startup today announced it has secured seed funding from Lagos-based EchoVC; although the amount of the funding remains undisclosed.

The funding will be used towards myPadi’s expansion into more cities, adding more schools to the platform and improving the product, as well as growing the team.

“We are very excited about our investment in myPadi and in a market that has been estimated to be worth US$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 organized solution to this problem; we see myPadi as the future go-to platform for all student needs,” said Uche Ogboi, associate principal for investments at EchoVC.

Launched in 2016, myPadi.ng previously operated as Studacom, before rebranding.

The platform currently lists over 5,000 vetted rooms for students, linked to over 60 tertiary institutions in Nigeria.

The startup was one of six selected to join the Ventures Platform accelerator in 2017; and went on to become one of eight companies selected to pitch for funding and mentorship at the Nigerian Economic Summit – picked from 263 applicants.

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Inspired and excited by the African tech entrepreneurial scene, Gabriella spends her time travelling around the continent to report on the most innovative tech startups, the most active investors, and the latest trends emerging in the ecosystem.

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