Nigerian Bus-hailing application company, Plentywaka has raised $1.2 million in seed funding leading to the acquisition of Ghana’s Stabus.
Nigerian mobility startup, Plentywaka has raised $1.2 million in seed funding after successfully completing the Techstars Toronto Accelerator Program in July 2021. Stabus, a Ghanaian mobility startup, was also fully acquired by the startup.
Isidore Kpotufe founded PlentyWaka in 2019 as a bus-hailing solution that allows commuters to book and pay for trips in real-time.
The round is led by The Xchange, a Toronto-based fund, and includes Techstars, SOSV, ShockVentures, Argentil Capital Partners, and ODBA & Co Ventures, as well as several angel investors from Canada, the United States (US), and Africa.
The funds will be used to help Plentywaka expand internationally, and it has already acquired Ghanaian startup stabus to that end. The bus-booking startup, founded in 2019 by Isidore Kpotufe, has moved over 100,000 people in Accra and is now known as Plentywaka Ghana, with Kpotufe serving 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 commence,” 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-centred approach, putting the drivers as the heroes of the story while creating an exceptional passenger experience.”