Nigerian mobility startup Plentywaka raises $ 1.2 million seed funding and acquires Ghana stabus

Nigerian shared mobility startup Plentywaka, which offers hassle-free shared rides on demand, has secured US $ 1.2 million in seed funding and announced the acquisition of Ghanaian startup stabus.

Launched in 2019 by Onyeka Akumah, Johnny Ena, John Shaibu and Afolabi Oluseyi, the Lagos-based Plentywaka is a bus calling solution that allows commuters to book and pay for their trips in real time.

The startup has experienced substantial growth over the past year, made nearly 500,000 trips and also launch of a B2C logistics platform. It was accepted into the Techstars Toronto Accelerator Program earlier this year, and has now set aside a $ 1.2 million fundraising round to help it grow further.

Led by The Xchange, a Toronto-based fund, the round also includes Techstars, SOSV, ShockVentures, Argentil Capital Partners and ODBA & Co Ventures, as well as a few angel investors from Canada, the United States (United States) and the United States. Africa.

The funding will be used to help Plentywaka expand further internationally, and to this end it has acquired the Ghanaian startup stabus. Launched in 2019 by Isidore Kpotufe, the bus reservation start-up has moved more than 100,000 people to Accra and is now Plentywaka Ghana, with Kpotufe as country manager.

“Plentywaka’s acquisition of Stabus is a strong statement on our commitment to develop and build the largest shared mobility startup in Africa, one country at a time. Isidore is a brilliant entrepreneur and we are delighted that he and his team are executing our plans for the Ghanaian market as Plentywaka Ghana operations begin, ”said Plentywaka Co-Founder and CEO Onyeka Akumah.

“In addition to our work in Ghana, we are also very pleased with the progress we have made in Nigeria as well as the expansion of our Dailywaka service which provides bus stop transport service to thousands of commuters. Today we have moved nearly half a million people and it is thanks to the efforts of my team, our heroes and our investors who continue to believe and support our growth with their investments.

Todd Finch, Founder and Managing Partner of The Xchange, said he’s excited to help Plentywaka accelerate and expand its impact.

“Given Onyeka’s proven track record, his team’s undeniable thirst for impact and Plentywaka’s impressive growth, we knew this was an opportunity we wanted to invest in,” he said. declared.

“We are delighted to support Onyeka and her team with the resources they need to realize the full potential of their vision to change the transport ecosystem in Africa. We were very impressed with Plentywaka’s human-centered approach, making drivers the heroes of the story while creating an exceptional passenger experience.

About Terry Simmons

Check Also

Hydrogen in Australia – The States of the Game | Insights and Events

Introduction In May, we published a legal update on the recent Australian federal election (here) …