Nigerian shared mobility startup Plentywaka, which provides 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-hailing solution that allows commuters to book and pay for trips in real-time.
The startup has seen substantial growth over the last year, completed almost 500,000 rides and also launching a B2C logistics platform. It was accepted into the Techstars Toronto accelerator programme earlier this year, and has now banked a US$1.2 million funding round to help it further expand.
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 couple of angel investors from Canada, the United States (US) and Africa.
The funding will be used to help Plentywaka expand further internationally, and to that end it has acquired Ghanaian startup stabus. Launched in 2019 by Isidore Kpotufe, the bus-booking startup has moved over 100,000 people in Accra, and now becomes Plentywaka Ghana, with Kpotufe as country manager.
“Plentywaka’s acquisition of Stabus is a firm statement about our commitment to grow and build the largest shared mobility startup in Africa, one country at a time. Isidore is a brilliant entrepreneur and we are excited about having him and his team execute our plans for the Ghanaian market as Plentywaka Ghana’s operations commences,” said Plentywaka’s co-founder and chief executive officer (CEO) Onyeka Akumah said.
“In addition to our work in Ghana, we are also really happy about the progress we’ve made in Nigeria as well to scale our Dailywaka service that provides bus-stop to bus-stop transportation service for thousands of commuters. Today, we have moved close to half a million people and that’s a credit to the effort 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 was excited to help Plentywaka accelerate and scale its impact.
“Given Onyeka’s proven track record, his team’s undeniable thirst for making an impact, and Plentywaka’s impressive growth, we knew this was an opportunity we wanted to invest in,” he said.
“We are excited to support Onyeka and the team with the resources they need to realise the full potential of their vision to change the African transport ecosystem. We have been most impressed with Plentywaka’s human centered approach, putting the drivers as the heroes of the story while creating an exceptional passenger experience.”
