The funding will be used to expand into more cities to get more schools, students, and other African countries.
MyPadi founded in 2016 has helped hundreds of students to find their perfect home away from home through its online portal.
Joel Amawh, CEO & Founder, myPadi.ng declined to speak on the exact figure of the fund but said it runs into a “five digits value in US Dollars”.
Amawh in a telephone conversation with Business Insider Sub Sahara Africa said the funding will be used “to accelerate our expansion to more cities to get more schools, access to more students, invest in our team and also improve on our products (technology) to make it more suitable for hostel seekers to find an apartment the easiest way.”
'At the moment we are in 67 students and we are looking at covering more about 150 higher institutions in Nigeria by mid-2019 and probably expand to other African countries.'
Uche Ogboi, Associate Principal at EchoVC Partners said they are excited investing in MyPadi as a solution to off-campus accommodation problem in the country.
She said: “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.”
MyPadi, a marketplace for college students and young professionals to access both on-campus and off-campus local houses and shared rooms in every city across Nigeria,Nigeria, was among the nine selected startups at the inaugural edition of 2018 Techpoint Build Pitch Storm competition held in January 2018.