DEAL: Mobility startup, Plentywaka raises $1.2 million seed funding

Lagos and Toronto-based mobility startup Plentywaka has raised a $1.2 million seed round to scale its operations.

The funding round was led by Canadian-based VC firm The Xchange. Other investors in this round include SOSV, Shock Ventures, Techstars Toronto, Argentil Capital Partners, and ODBA & Co Ventures. Some angel investors from Canada, other parts of Africa, and the U.S also took part in the seed round.

Launched in 2019 by Onyeka Akumah, Johnny Ena, John Shaibu, and Afolabi Oluseyi, Plenywaka connects commuters with buses via an app. The company has over 900 vehicles including cars and vans and provides intrastate travel (via its Dailywaka offering) and interstate travel (via its Travelwaka offering) for its users.

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Plentywaka says it has acquired over 80,000 users while completing up to half a million rides. The platform is building the largest shared mobility startup in Nigeria.

According to TechCrunch, the company says it has fully acquired Ghanaian mobility startup Stabus.

Stabus commenced operations in Ghana a month after Plentywaka’s launch. The startup has since moved over 100,000 people within the country’s capital city, Accra using different vehicles. Some of Stabus’ (now Plentywaka Ghana) customers include multinationals like MTN and GB Foods. Travellers in Accra will begin to use the service when Plentywaka Ghana goes live on September 16.

The new funding will be used to deepen its expansion in Ghana and the next plan after Accra is to replicate the expansion in six other African countries within 24 months.

What they are saying

Onyeka Akumah said “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.”

Sunil Sharma, managing director of Techstars said “We are incredibly excited by our investment in Plentywaka. Techstars is a huge believer in the future of Africa and a proud supporter of African entrepreneurs. Onyeka is a two-time Techstars founder which deepens this relationship further.”

Todd Finch managing partner at The Xchange said, “The Xchange is on a mission to fuel purpose-driven founders with the capital and resources they need to realize the world-changing potential of their ideas. 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.”