Investment
Nigeria’s Plentywaka gets Backing from Techstars, Plans Expansion to Canada By Tage Kene-Okafor PLENTYWAKA, A NIGERIAN BUS-BOOKING platform, announced that it has been accepted into the Techstars Toronto accelerator program. It will join nine other startups in the class of 2021 and secure funding from the accelerator as it sets its sights on global expansion. The Lagos-based company, founded by Onyeka Akumah, Johnny Ena, John Shaibu and Afolabi Oluseyi, operates an ‘Uber-for-buses’ model connecting commuters with buses via an app. Plentywaka launched in September 2019, and in the first two months, moved an average of six people daily, according to CEO Akumah. By its sixth month, this number increased to about 1,500 daily, and the company completed more than 100,000 rides within that timeframe. Then in March 2020, the pandemic-induced lockdown hit businesses across Lagos and other states within Nigeria. Due to the nature of its business, Plentywaka had to make a slight pivot and began transporting essential services across Lagos, especially food items. It also opened a logistics service. As the lockdown eased across the city and commuting resumed, the company moved 60% capacity while the operational cost remained the same. Although growth was steady and picking up, the company started seeking external investment. It received $300,000 pre-seed from its parent company, EMFATO and other early-stage investors like Microtraction and Niche Capital in August. Backed with the new funding, Plentywaka has since doubled down on its core offering — transporting people via buses. The logistics arm that it launched, as well as a car service, have since been shuttered. Akumah says the focus on a primary offering has paid a dividend. The company has expanded its
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intrastate services into two other cities in Nigeria including the country’s capital city, Abuja and has moved about 300,000 people. Following this announcement though, there are immediate plans to launch an interstate service across different cities in Nigeria. This service will see Plentywaka partner with some major bus travel companies, which collectively have more than 2,000 buses and ply over 100 routes in the country. Plentywaka acts as an aggregator, and commuters can see options of various transport companies, compare fares, and book on its platform. “Plentywaka is getting to a point where we’re now becoming more like an aggregator as we
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