Dangote Reportedly Invests $10 Million in Hotels.ng

Image Source: CNN

This came as a surprise but it is a good news so far it is not an April fools stunt. Africa’s richest man through his company, Dangote Industries Group, is rumoured to have invested about $10 million in hotels.ng, an hotel and leisure booking site.

If the news is true, Hotels.ng would have raised a cumulative of about 11.2 million investment capital building up on its series A fund it raised from EchoVC and Omidyar Network.

Aliko Dangote has not been known to invest in Internet technology and or services company. He has stuck with what he knows how to do best. Invest in fast moving consumer goods, construction materials’ mega factories, petroleum refineries and recently, we reported that Dangote was among companies who bid to buy Peugeot Automobile Nigeria, PAN.

Hotels.ng was founded in 2013 by Mark Essien, a Nigerian raised in Germany. He received $75,000 seed funding from Jason Njoku’s Spark to kick start the business in Lagos. The company has over 7,000 local hotels listed on its database. In 2014, Hotels.ng was reported to be making a gross revenue of $40,000 monthly, with an ambitious plan to cover 90% of the Nigerian market.

According to data from Similarweb, at least an average of 90,000 people visited its booking site daily for the past 30 days. The prospect of online booking for hotels and leisure spots is growing faster than imagined as many Nigerians now travel within the country for business and holidays.

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