Plentywaka, the bus-hailing startup which launched in September 2019 in Lagos, promising users assurance of safety, comfort and convenience while transporting them to their destination, raised a $300,000 pre-seed fund to extend its operation to Abuja.
In less than a year of operation, Plentywaka has built a platform of over 40,000 customers, reaching a milestone of 100,000 rides after just 6 months.
“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.” – Johnny Enagwolor, Managing Director and Co-Founder Plentywaka.
The investment was led by popular startup investor Microtraction, EMFATO, and Niche Capital. Until last week, Plentywaka was a portfolio company under CrowdyVest Holdings. The holding company has undergone a reshuffling process and is now operating under a new name, EMFATO Holdings.
According to Dayo Koleowo, Partner at Microtraction:
“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 pre-seed capital will not only be used for expansion to Abuja. According to the company, part of the funding will be used to improve its customer experience by providing more precise tracking for journeys through its mapping technology on both Android and iOS apps. It will also develop faster and simpler payment options that will be introduced for the various Plentywaka services aided by new partnerships with fintech platforms.
“An efficient transportation 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 transportation in Nigeria, one state at a time.”, said Johnny Enagwolor.
The secret to Plentywaka’s success lies in providing an efficient transportation alternative that is steered by technology and also creating innovative solutions to challenges in the transportation market. Despite the COVID- 19 pandemic, Plentywaka has ensured the provision of excellent service by introducing services like Logistics by Plentywaka and the Staff Bus to serve commuters better.