Nigeria-Born Tope Awotona Poured His Life Savings Into Calendly. Now He’s One Of America’s Wealthiest Immigrants

Tope Awotona, the 40-year-old founder and chief executive of Calendly, leans back in his chair and lets loose a loud guffaw.

“You call it on message, I call it the truth,” he says, slapping his hands on the table. The truth, as Awotona has it, is that everyone needs Calendly, his scheduling software, to lead better, more productive, happier work lives.

Nine years ago, Awotona started Calendly, pouring his life savings of $200,000 into it and later quitting his job selling software for EMC. Today, the company has 10 million users and counts Lyft, Ancestry.com, Indiana University and La-Z-Boy among its customers. Revenue last year passed $100 million, double what it booked the previous year. It could double again this year.

The company, which was founded in Atlanta but no longer has any physical offices, has been profitable since 2016. Last year it raised $350 million in funding from OpenView Venture Partners and Iconiq Capital at a price that values the business at $3 billion. That means Awotona’s majority stake is worth at least $1.4 billion, after the 10% discount that Forbes applies to shares of all private companies. Awotona is one of just two Black tech billionaires in the United States, along with David Steward, the 70-year-old founder of Missouri-based IT provider World Wide Technology. “Tope could be the most successful African-American tech entrepreneur of his generation,” says David Cummings, founder of Atlanta Ventures, which led a $550,000 seed investment in Calendly seven years ago.

Calendly doesn’t have the scheduling business to itself. Square, Microsoft and Zurich-based Doodle offer competing products. But Calendly has gained traction with its sleek, consumer-friendly design and its freemium model that lets it gain paying customers with no marketing.

“In my life, I’ve benefited from not taking the conventional wisdom,” Awotona says. “It’s benefited me personally, and I think it has benefited the business.”

Awotona was born in Lagos, Nigeria, into a middle-class family. His father was a microbiologist and entrepreneur; his mother worked at the central bank. Lagos, a city of 15 million, is economically vibrant but dangerous. When Awotona was 12 he witnessed his father get shot and killed in a carjacking. “There was a part of me, from a very early age, that wanted to redeem him,” he once said.

In 1996, when he was 15, he moved with his family to Atlanta. He studied computer science at the University of Georgia, then switched to business and management information. “I loved coding, but it was too monotonous,” he says. “I’m probably too extroverted to be a coder.”

Tope Awotona company Calendly is now valued at $3bn.

That means Awotona’s majority stake is worth at least $1.4 billion

Tope Awotona & David Steward are the ONLY two Black tech billionaires in the United States

Calendly currently has 10 million users

“Tope could be the most successful African-American tech entrepreneur of his generation,” says David Cummings

MrMaestro:
Wonderful development. When people say Yorubas aren’t in a class of their own when it comes to business, continue to show them people like this guy. There are even more other tribes from Nigeria in America, yet a Yoruba is the wealthiest Nigerian immigrant. Soon he will pass every other black american. Only entertainers and Robert Smith are ahead of him. If this company goes public he might pass Dangote. Thank God almighty that the Yorubas are blessed.

jneutron4000:
when it comes to bussiness Yoruba are the top, they do not make noise and brag about it.

TheComicGuy:
Yourba amaka

sinkhole:
Igbo amonka

Nigerialabalaba:
E try o but still na money wey no reach wetin same Nigerians dey make for Naija. Remita by systemspecs alone go buy am.

trutharena:


I think you are drunk.

Is Remitta worth $3billion?

Be like say you no know wetin dem dey call $3billion.

Below is major bank market value, you can see Calendly is even worth more than any Nigeria bank let alone that small Remitta.

MrMaestro:
Wonderful development. When people say Yorubas aren’t in a class of their own when it comes to business, continue to show them people like this guy. There are even more other tribes from Nigeria in America, yet a Yoruba is the wealthiest Nigerian immigrant. Soon he will pass every other black american. Only entertainers and Robert Smith are ahead of him. If this company goes public he might pass Dangote. Thank God almighty that the Yorubas are blessed.

Nigerialabalaba:

u no dey house wen dem dey share sense. olodo, na inferior complex dey worry u. All dat yeye bloated software coy valuations na hin u dey compare with coys wey get real money and systemspec wey dey move billions daily.
I don see say u be one of d native people like u wey neva achieve anytin for life go dey share chart upandan. Shiorr.

trutharena:


If you get sense you go know say the billions Remitta or other banks are moving daily is not their money so how does that come into this discussion?

We are talking about market value, this one is saying nonsense. Bring Remitta market value cap or keep shut. This discussion is above what your brain can comprehend.

So because you are a bank or payment agency, any money of your customer is suddenly your money? I know before that IPOB terrorists no get sense but you just validated my assertions.

By the way Calendly is based in USA, if Forbes acknowledged it as one of the most successful black business why should I waste time with a NOBODY like you from Upper Iweka?

Nigerialabalaba:


Olodo, if u dey move money daily,na dat money dem dey collect commission on. Dat na value wey dey fetch money per second and no be yeye valuation of software company
U be native inferior black man wey be say if u hia America like dis, u go dey foam for mouth and dey smell ur mouth armpit for body odour.
Na because of dis yeye valuation na hin dey make warren buffet no dey buy dem. Valuation no be d koko until u dey fetch real cash.

LikeAking:
SO?

wHO IM EPP?

trutharena:


Now ask yourself how much is the commission daily and now compare it to the subscription fees Calendly collect daily also and use that to infer the worth.

IPOB terrorists lack thinking. So because bank collect commissions daily that means they must be the richest business in the world? Why is no bank listed in the top 10 companies with the biggest worth in the world? You see your lame logic?

Just as Remitta collect commission on money is as Calendly collect subscription fees daily. Calendly has over 10million active users paying subscription in $$. Use your brain for once Shinedu.

What is Remitta market cap value? Paste him here to save us from his lame back and forth argument.

Nigerialabalaba:

olodo, u tink say I dey say d guy no try. I just dey school u say no be by valuation.

if 10 million dey pay $20 monthly for calendly,dat na $200m monthly and dat na $2.4 billion revenue alone from subscription fees. abeg use ur brain for once, which company go dey make $2.4 billion yearly and still dey raise money from investors every time.

U need sense aswear2gud. Business no be for by valuation o, na by real cash and cashflow wey dey flow like river. If dat company get dat money, e no go dey do series funding upandan, in fact, equity funding no go enter dem eyes especially for $3 b valuation.

AustineE1:
This is how Forbes was hyping Invictus Obi that year,I just hope tomorrow we won't see his name on FBI most wanted list.
Anyway congrats to the gentleman.

trutharena: