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Science/TechnologyMeet The Nigerian Entrepreneur Who Just Raised $20.5 Million To Help Truck Drive by Ecoplexus(op): 5:14pm On Dec 16, 2020
CloudTrucks, a platform helping truck drivers find work and organize their business announced today that it has raised $20.5 million in a Series A round led by Caffeinated Capital with participation from Craft Ventures, Khosla Ventures, SciFi VC, Kindred Ventures, Abstract Ventures, and Better Tomorrow Ventures.

Cofounder and CEO Tobenna Arodiogbu said that the problem they were trying to solve was basically helping truck drivers manage their business better.

“We noticed that more and more drivers wanted to take control of their schedule and become entrepreneurs, and needed a lot more help with managing everything: from revenue, cash flow as well as minimizing their costs,” Arodiogbu says.

CloudTrucks has built a mobile app where drivers can see loads coming from many different shippers across the country, and the company has an algorithm (called Schedule Optimizer) which helps drivers make better decisions on which loads to take to increase their revenue.

Along with the announcement of the funding round, CloudTrucks has rolled out a payment product called CT Cash.

“It helps users get paid faster so they don't have to worry about getting paid in 30 or 45 days, or tracking which jobs they are paid or not paid for,” Arodiogbu says. “We take over all of that stuff so they can run their businesses with fewer headaches.”
Platform

According to Arodiogbu, CloudTrucks is lowering the bar of becoming independent for truck drivers.

“The full process after they sign up to the app is that they find all the leads and book them instantly, they have a calendar to manage their schedule, they have CT Cash to manage their payments, and everything is simplified.”

The way CloudTrucks generates revenue is by taking a flat rate of 13-15% percent of what the driver is generating on the platform.

The company, which launched in May of this year, has grown to $1.8M in freight transactions over the past 6 months and the company is growing 40% month over month, doing over 300 deliveries on a monthly basis.

Arodiogbu, who is originally from Nigeria and earned degrees from Penn State and Johns Hopkins, previously cofounded a company called Scotty Labs, which had raised $6 million and was acquired by DoorDash in 2019.

Arodiogbu met his cofounder Jin Shieh (who was born in Taiwan and serves as CTO) at Zenefits, where Shieh he was director of engineering, and Arodiogbu was a product manager. George Ezenna (who is also from Nigeria) and Arodiogbu worked together at Scotty Labs.

Ray Tonsing, founder and managing director at Caffeinated Capital, who led the Series A investment says that the company aims try to empower small trucking firms and individual truck drivers with modern tools.

“The cofounders are really trying to create a consumer experience to modernize the business in a box toolkit for truck drivers,” Tonsing says. “Looking at it long term, the company is going to be about how it can help these drivers earn more money and optimize their time.”

CloudTrucks, which currently employs 13 people and is headquartered in San Francisco, previously raised $6.1 million in a seed round. With the $20.5 million Series A the total amount of equity funding in the company has grown to $26.6 million.

cc lalasticlala



https://www.forbes.com/sites/igorbosilkovski/2020/12/16/meet-the-nigerian-entrepreneur-who-just-raised-205-million-to-help-truck-drivers-manage-their-business/?sh=5d2c5fda7e80
PoliticsRe: Governor Zulum Recommends the Use of Mercenaries to Defeat Boko Haram. by Ecoplexus: 6:13pm On Nov 30, 2020
The government can fight all they want, but if youth unemployment is not checkmated, there will always be idle minds and willing fighters for Boko Haram.
Governance is not for jokers.
InvestmentRe: Us Stocks Pick Alert by Ecoplexus: 5:46pm On Jul 15, 2020
OakPearl:
Good job. You are a great addition to the bright and resourceful minds here.
Thanks. Keep up the good work too.
InvestmentRe: Us Stocks Pick Alert by Ecoplexus: 5:41pm On Jul 15, 2020
I created a custom search for stock price history. Just input the company name and it will show all their yearly stock price chart since history.

http://cse.google.com/cse?cx=004567717726689792196:py_lvxhwj5m
HealthNIH Halts Hydroxychloroquine Study; Says 'unlikely' To Help COVID-19 Patients by Ecoplexus(op): 10:34pm On Jun 20, 2020
Senate Minority Leader Chuck Schumer, D-N.Y., holds a bottle of hydroxychloroquine while raising concerns about its use.

The National Institutes of Health has halted its study of hydroxychloroquine, a drug President Donald Trump has promoted as a possible treatment for COVID-19 and once claimed to be taking himself.

In a statement issued on Saturday, the agency said that although it did not appear hydroxychloroquine caused harm to patients in the study, it was also "very unlikely to be beneficial."

"The data from this study indicate that this drug provided no additional benefit compared to placebo control for the treatment of COVID-19 in hospitalized patients," according to the NIH.

The announcement could represent the final judgement in the effort to determine whether the drug can be used to treat patients hospitalized with COVID-19, an illness that has infected more than 2.2 million Americans and which has claimed nearly 120,000 lives in the United States.

The Food and Drug Administration issued an emergency use authorization for the drug in March, a move that cleared the way for it to be tested as a possible treatment for the coronavirus. But the FDA revoked that authorization on Monday, saying it was "no longer reasonable to believe that oral formulations of [hydroxychloroquine] and [chloroquine] may be effective in treating COVID-19, nor is it reasonable to believe that the known and potential benefits of these products outweigh their known and potential risks."

On Wednesday, the World Health Organization followed suit, ending its trial of the drug as well.

The NIH launched its clinical trial of hydroxychloroquine in April at Vanderbilt University Medical Center in Nashville. It aimed to study a total of 500 patients, but the trial was stopped after 470 had been enrolled.

The drug has long been used to treat malaria and conditions such as arthritis and lupus. Early in the pandemic, researchers believed it carried the potential to also be effective against COVID-19. Laboratory tests showed the drug interfered with the ability of the coronavirus to enter cells, but those results came from relatively small tests that could never be replicated on a large scale.

https://www.npr.org/sections/coronavirus-live-updates/2020/06/20/881260031/nih-halts-hydroxychloroquine-study-says-unlikely-to-help-covid-19-patients?utm_medium=RSS&utm_campaign=health
FoodRe: Strange And Ugly Animal Killed Today By A Nairalander. (pics) by Ecoplexus: 7:32pm On May 30, 2020
It is either a mink or mongoose.
PoliticsOil Price Apocalpyse Will Bankrupt Nigeria, Africa’s Richest Nation by Ecoplexus(op): 6:30pm On Apr 21, 2020
Nigeria may have one of the worst governments in the world. Even in good times, the country was in poor shape. But now, with oil prices falling to all-time lows, Nigeria is about to go the way of Venezuela and Zimbabwe with total economic collapse.

The Nigerian government depends on oil for 60% of its revenue and 90% of its foreign exchange. But with prices for several oil benchmarks falling below zero, Nigeria is generating massive losses for every barrel it produces. Add this to a rising debt load, bad economic policies, and political instability, and you have a recipe for disaster.

Where did Nigeria’s Oil Money Go?

There are many proposed explanations for Nigeria’s situation. Some blame corruption, while others blame colonialism. But the real problem has been disastrous government policy. Like Venezuela, Nigeria allowed its central government to exert outsized control over its economy, which led to inefficiency and stagnation.

Until recently, Nigeria’s Federal government was responsible for practically all oil refining through its state-owned Nigerian National Petroleum Corporation (NNPC). But because its poorly-managed refineries fell into disrepair, the government relied on imports to meet its populations’ demand for fuel.

Put simply, Nigeria produces crude oil which it sells to the United States, China, and the European Union, only to re-import gasoline at a higher price, subsidize that gasoline, and sell it to consumers at a massive loss.

According to Bloomberg, Nigeria spent four times as much money subsidizing fuel as it spent building schools, health centers, and science labs in 2019. This has led to mass emigration and widespread poverty in the country. Now, with oil prices at unprecedented lows, the country is about to collapse in a Venezuela-like catastrophe.
Nigeria Has The Highest Break-Even Oil Price in the World

According to the Fitch Rating Agency, Nigeria’s break-even oil price is $133, the highest in the world. This is because of an inflated government budget that includes, among other things, Senator salaries in the range of $37,000 a month.

The country’s cost of producing oil is $15-17 per barrel, but with crude prices falling near or below zero, this won’t be enough to avert a sovereign debt crisis.

Nigeria’s benchmark Bonnie Light crude hasn’t hit zero yet. But with millions of barrels sitting unsold, Nigeria may start paying customers to take delivery due to its lack of onshore storage facilities. According to some sources, Nigeria is losing an average of $35 million a day in accruable revenue. And its currency, the Naira, maybe on the verge of a Zimbabwe-like devaluation because oil is the only source of the foreign exchange needed to prop it up.

The Next Sovereign Debt Crisis


Drunk on cheap debt from China, domestic lenders, and high-interest rate Eurobonds, Nigeria is on the cusp of a massive sovereign debt crisis.

The country’s total debt stands at an estimated $84 billion, with up to 80% of its bilateral debt owed to China. According to Forbes, debt servicing eats up a full 2/3rds of all government revenue. And China is reluctant to forgive these debts — especially as it attempts to revive its own struggling economy.
Paradoxically, Nigeria’s President Muhammadu Buhari has decided to pile on even more debt recently, approving an additional $23 billion loan request from international lenders.

To address these challenges, Nigeria has discontinued its insane fuel subsidy and is considering reducing its 2020 budget by around $4.9 billion. According to the country’s finance minister Zainab Ahmed, the new budget assumes crude oil production of 2.1 million a day at an average price of $30 a barrel. But with oil prices falling below zero, this new budget won’t stop Nigeria’s slide towards insolvency.

It is also important to note that Nigerian senators will still enjoy their $37,500 monthly salaries under the new budget cut.

https://www.ccn.com/oil-price-apocalpyse-will-bankrupt-nigeria-africas-richest-nation/

cc Lalasticlala
HealthRe: Public Health Advisory To Nigerians On Coronavirus Disease by Ecoplexus: 8:38pm On Mar 17, 2020
sexylassie2:
for small goods - yes but for large order -no

you have to meet the suppliers, to see product quality and also negotiate
The suppliers also have email addresses and contacts to reach them. Most business men dont travel frequently to order goods (its only done in the initial phase). Once they have a business relationship and trust with the supplier, business can be done online without being physically present.
HealthRe: Public Health Advisory To Nigerians On Coronavirus Disease by Ecoplexus: 8:30pm On Mar 17, 2020
sexylassie2:
But foreign expatriate who brings knowledge to run factories and foreign investors with money comes through air,

Business men and women who go to source for goods in other countries go by air but their goods by seaport.
They can share their knowledge and order for goods through the internet (eg skype and alibaba). They dont have to be here physically. The world has gone digital.
HealthRe: Public Health Advisory To Nigerians On Coronavirus Disease by Ecoplexus: 8:12pm On Mar 17, 2020
sexylassie2:
The only stuff, govt can do is to open border and put preventive measures.

Many companies in Nigeria depend on imported finished goods to survive.

Don't forget, they also employ people.
We dont import through air but through the seaports. Our airspace should be closed because we dont have the capacity to handle a Corona epidemic.
CrimeRe: EFCC Denies Port-Harcourt Office Picture Of People Packed by Ecoplexus: 9:39am On Feb 11, 2020
abes:
Search EFCC Port Harcourt on Google map, for a start, observe the roof colour and compare it with the one on the alleged pictures. Don't believe everything you see on the internet.
It bears some similarities with this marked building in their compound.

CelebritiesRe: Simi Esiri & Dr Sid's Marriage Crashes. Simi Confirms The End Of Her Marriage by Ecoplexus: 2:37pm On Jan 26, 2020
More like..

PoliticsRe: President Buhari Leaves For London With Governors Okezie Ikpeazu & Inuwa Yahaya by Ecoplexus: 8:57pm On Jan 17, 2020

PoliticsRe: The President, Major Gen. Muhammadu Buhari (retd.) Travels To London. PICX by Ecoplexus: 8:06pm On Jan 17, 2020
The situation of Nigeria's budget due to excessive travel...

HealthRe: A Friend Needs A Help On His Leg Challenge (Graphics Photos) by Ecoplexus: 1:14pm On Nov 28, 2019
Google about Pyoderma gangrenosum.
PhonesRe: Banks To Charge You For Recharging Via USSD As From October 21 by Ecoplexus: 2:18pm On Oct 20, 2019
Sai Baba!

Welcome to "Next Level"

PoliticsRe: State Of Imo State: The Bad, The Worse And The Hope (My Personal Experience) by Ecoplexus: 6:39pm On Oct 19, 2019
Rochas should be chilling in kirikiri, but this is Nigeria, where anything goes.

PropertiesRe: Man's House In Jakande, Lekki Flooded (Photo) by Ecoplexus: 6:54pm On Oct 12, 2019
Poor drainage, mediocre leaders and gutless citizens are the signs of a shithole country.

PoliticsRe: Buhari To Upgrade Presidential Aircraft With N1.5bn by Ecoplexus: 6:46pm On Oct 12, 2019
Waste of public funds. Shithole Country!

FoodRe: What Happened To La Casera? by Ecoplexus: 11:28am On Oct 11, 2019
Recession

Foreign AffairsRe: Abiy Ahmed, Wins 2019 Nobel Peace Prize by Ecoplexus: 10:52am On Oct 11, 2019
A commendable effort. Our leaders should learn from this.
PoliticsRe: Budget 2020: Buhari "I Have Cold Because I'm Working Hard" by Ecoplexus: 3:15pm On Oct 08, 2019
Clown in chief

PoliticsRe: Increment Of VAT To 7.2%: Nigerians Slam FG by Ecoplexus: 3:33pm On Sep 12, 2019
Nigeria is governed by dunderheads. You dont increase tax in a slow economy, as it will deter foreign investments and contract growth.
They should actually be doing the reverse.
PoliticsRe: Ivara Esu Commissions One Solar Traffic Light In Cross River State by Ecoplexus: 4:36pm On May 22, 2019
77up:
Just imagine he's apc governor now , this thread ll be on page 50, those stupid idiot are very quick to judge others now we can't see them to judge themselves.


SE is in big trouble but their minions don't know that , only interested in other region....hence the reason for their bitterness.



One stupid governor was spotted Sharing kerosene during the election and I thought have seen it all untill this idiot dressed street light like bride for commission .
When did Cross-River become a SE state?
You guys just like to look for excuses to spew bigotry.
Jobs/VacanciesRe: NNPC Is Recruiting 2019!: GT And Experienced by Ecoplexus: 7:45pm On Mar 13, 2019
dave00733:
Thanks boss. I was having a torrid time with the passport upload on Chrome. This worked for me.
Your welcome.
Try to skip the professional certification part when you reach that section to prevent your application from hanging.
Jobs/VacanciesRe: Apply For 2019 NNPC Graduate Trainee And Experience Hire by Ecoplexus: 7:29pm On Mar 13, 2019
uniqUN:
Some help here please. I keep seeing this each time. Showing "loading" since 8am. Have used Chrome and UCbrowser on phone and laptop. But it keeps showing me this page once I login.
Restart the application with another email and skip the "professional certification". It is what is hindering your application.
Jobs/VacanciesRe: NNPC Is Recruiting 2019!: GT And Experienced by Ecoplexus: 7:20pm On Mar 13, 2019
Cuteamigo1:
I have done everything but only uploading my passport is giving me problems. I have tried 3 different passport but still no success. If you know a way around this please help me.
Use UC browser to upload the passport. It worked for me.
PoliticsRe: Outcome Results Of The 36 States With The Federal Capital by Ecoplexus: 11:20pm On Feb 26, 2019
Knockout

PoliticsRe: This Is What Buhari's Victory Means by Ecoplexus: 11:17pm On Feb 26, 2019
"You either die a hero or live long enough to see yourself become the villain."
Buhari will be completely demystified before 2023. Those praising him now will be his greatest critics at that time. Bookmark this post for the future.
PoliticsRe: It's All Over.....Baba Leading By 3 Million Votes by Ecoplexus: 11:07pm On Feb 26, 2019
Atiku was totally disgraced by the north. Lets see what the future holds.

TravelCanada Rejects 70.7% Of Nigerian Asylum Seekers Who Crossed Borders by Ecoplexus(op): 9:25am On Nov 17, 2018
A recent Reuters report revealed that about 56% of refugee claims finalised between January and September 2018 were accepted, but the acceptance rates are lower for border-crossers, with Nigerians and Haitians forming the largest groups.

Nigerians make up a sizeable majority of thousands of people who have walked into Canada from the United States to file refugee claims since January 2017.
The acceptance rate of Nigerian border crossers stands at 29.3% as 9,898.


Generally, CBC News reported in February that Nigeria surpassed China as the country with the most refugee claim decisions in Canada in 2017. Many of the claims relate to sexual orientation and gender persecution, most notably domestic violence claims from women as well as the practice of female genital mutilation.


The trend of illegal border crossers from Nigeria worried the Canadian government so much that two officials were sent to Lagos earlier this year to work directly with their counterparts in the U.S. visa office to collaborate on

This was because many of the Nigerian border crossers were observed to have arrived in Canada bearing valid U.S. visas after having spent very little time in the States.

Between June 2017 and May 2018, Canadian authorities intercepted more than 7,600 Nigerian asylum seekers with 81% of them having valid U.S. non-immigrant visas in their possession.

Over the past few months, the Canadian government has implemented measures to protect its borders against the influx of asylum seekers, with many of it affecting Nigerians.

The Canadian Association of Refugee Lawyers (CARL) dragged the Canadian government to court over a recent court ruling that would make it harder for Nigerians » to be granted asylum. The association was displeased with the IRB's decision to establish as a legal precedent its ruling to deny a Nigerian woman's asylum request.

The unnamed Nigerian woman was denied asylum even though she claimed she fled Nigeria to escape the practice of female genital mutilation. The court ruled that she could have sought refuge away from her rural family home in any of Nigeria's large cities of Ibadan or Port Harcourt, and not necessarily run all the way to Canada.

The IRB seized on the ruling to designate it as a "jurisprudential guide" or legal precedent in considering all future Nigerian asylum cases.

CARL noted that the decision meant Nigerians would likely face a higher bar to gain asylum status than they did in the past with their acceptance rate (33% at the time) already below the average (47% as of June 2018) for all those who crossed the border illegally, according to data from the IRB.

More recently, the Canadian government adopted a new stringent policy to deal with asylum seekers who illegally cross » into the country from the U.S.

The Canada Border Services Agency (CBSA), the agency responsible for deportations, disclosed to Reuters that it now classifies border-crossers with criminals as a top deportation priority.

This means quicker processing and deportation of people who cross the border unlike in the past when claimants could live in Canada for years while their applications were processed.

Six lawyers told Reuters that the new policy had already led to accelerated hearings, scheduled in blocs, with a focus on cases involving claimants of Nigerian and Haitian origins.
https://pulse.ng/news/local/canada-rejects-70-7-of-nigerian-refugees-who-crossed-borders-id9114216.html

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