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Plentywaka has secured $300 000 in investment funding and plans to launch in Nigeria’s capital.
Plentywaka, the transport startup, has raised a $300,000 pre-seed investment led by EMFATO, Microtraction, and Niche Capital. The innovative startup will use the investment to continue to transform the transport system in Nigeria with improved mapping technology.
Plentywaka has secured $300 000 in investment funding and will expand its businesses across Nigeria
The new funding will build on its customer experience with developments to the app’s mapping technology to provide more precise tracking for journeys. In addition to improving its services, users will have access to faster and simpler payment options for the various Plentywaka services aided by new partnerships with fintech platforms.
In addition, the pre-seed funding will be used to help the startup expand its reach into Abuja and other Nigerian states.
Founded in September 2019, the startup has heralded success in its e-hailing bus service in Lagos and will be launching give routes and free travel for a week for users in Abuja.
A reported 70% of people in Nigeria’s capital rely on public transport due to the lack of a robust transport system and Plenywaka has tapped into this gap providing a much-needed and more reliable bus service to users in the city.
Since its inception, the startup up has reportedly gained over 40 000 customers, reaching a milestone of 100 000 rides after a mere six months.
A response to Covid-19 conditions
As a direct response to the challenges of COVID-19, the startup has also launched solution-driven services such as Logistics by Plentywaka and its Staff Bus Solutions. The new company’s success is attributed to solving the issues of movement with a hassle-free alternative that is steered by technology.
Jonny Enagwolor, Managing Director and co-founder of Plentywaka comments on the investment acquired and their business expansion.
“Securing investment and expanding into Abuja within our first year, in the midst of a pandemic speaks volumes of the demand for the service we provide. We are excited to have investment partners on board that see and believe in our vision. An efficient transport system is fundamental to the prosperity of any city and we believe safe, convenient, and comfortable travel should not just be for the few; but for everyone. Plentywaka in Abuja brings us closer to transforming transport in Nigeria, one state at a time.”
With COVID-19 still a concern, commuters can expect all buses to be regularly fumigated, free hand sanitisers stocked on board, and a no-mask, no-entry policy, as part of the safety measures being implemented, in line with government regulations.
Additionally, the Waka Purse, the e-wallet payment feature on the Plentywaka app, removes the need to exchange cash on the buses, further eliminating the risk of transmission.
Dayo Koleowo, Partner at Microtraction explains that as an investment partner, they believe that there is great potential for Plentywaka.
“Plentywaka’s rapid growth since they launched Q3 last year has been tremendous so far. We are glad to be partnering with a very strong team that is passionate about providing convenience, safety, and comfort to everyday commuters. The distressful and uneasy experience by the majority of these commuters, especially in large cities is evident. We are backing the Plentywaka team to change that experience for commuters progressively by creating an efficient transport system”
Searching for partners
Plentywaka is currently looking for partners to bring their vehicles on board to join the Plentywaka Vehicle Partnership scheme.
The startup is looking to work with individuals, corporates, and state governments to expand its technology and fleet to provide better transportation services.
Registering a vehicle on the free platform provides an opportunity to earn extra income, whilst also playing a role in advancing Nigeria’s transport system. To sign up, visit the website via www.plentywaka.com/partner, fill in your contact details, and select your preferred partnership option.
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Featured image: Founders of Plentywaka, (from left to right) Onyeka Akumah, John Shaibu Afolabi Oluseyi and Johnny Enagwolor (Supplied)