Looks like we have a new recipient in the billionaires club with Apple’s acquisition of Chinedu Echeruo’s HopStop.com.
According to African Leadership magazine via AllThingsDigital reports the Nigerian born serial entrepreneur sold the site for $1 billion.
Terms of the deal have not been disclosed as at the time of this publication.
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.
Chinedu Echeruo, formerly an analyst at investment banks and hedge funds founded HopStop in 2005. Echeruo is now Chairman of the Board for HopStop.
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 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.