Plentywaka Acquires Stabus, Raises $1.2M Seed To Scale Operations

Mobility startup Plentywaka has raised the sum of $1.2 million in a just-concluded seed round and plans to use the funds to handle the growing amount of work, as well as increase and improve its services and its general business operations. The funding round was led by Canadian-based VC firm The Xchange. Other participants in the seed round included SOSV and Shock Ventures, Nigerian firms – Argentil Capital Partners and ODBA & Co Ventures, and Techstars Toronto which made a follow-on investment. The round also witnessed the participation of some angel investors from Canada, other parts of Africa, and the U.S.

Plentywaka is primarily a bus-booking platform that boasts of over 900 vehicles, ranging from cars to vans to buses, and since its launch in September 2019, it has acquired over 80,000 users and has completed over 350,000 rides. The company provides intrastate travel through its Dailywaka offering and interstate travel through its Travelwaka offering, which it recently launched. Plentywaka creates ease of ticket purchase for travel commuters across the country and its Travelwaka service offers commuters the luxury of booking bus trips directly on the Plentywaka mobile app, while also giving users comparison options from a wide range of travel companies in a single search. This enables users the opportunity to plan their entire journey without having to leave the comfort of their homes or stand in long queues. Plentywaka was founded by Onyeka Akumah, Enagwolor Johnny, John Shaibu and Afolabi Oluseyi.

Speaking about the decision to invest in Plentywaka, Todd Finch, the Managing Partner at lead investor The Xchange said that “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.

Apart from the funding round, Lagos and Toronto-based Plentywaka revealed that it has fully acquired Ghanian mobility startup Stabus. It however did not reveal the acquisition price.

Stabus is a Ghanian mobility platform that offers multi-modal transportation and logistics services. Since its launch, the startup has transported over 100,000 people within the country’s capital city Accra using different vehicles according to Isidore Kpotufe, a co-founder and the CEO of Stabus.

In April this year, discussions on Plentywaka’s expansion to Ghana began. This was ignited by Stabus CEO as the discussion between both CEOs of Plentywaka and Stabus started as talks on Plentywaka’s expansion to Ghana but ended as a deal for both companies to merge.

Stabus, now Plentywaka Ghana, boasts of customers such as multinationals like MTN and GB Foods.

“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,” Onyeaka Akumah, Plentywaka CEO, said in a statement.

PlentyWaka Ghana is expected to launch on September 16 and travelers in Accra will be able to use the service.