Transport startup secures pre-seed funding and expands into Nigeria’s capital
Plentywaka, the transport startup, has raised a $300,000 pre-seed investment led by EMFATO, Microtraction and Niche Capital. Plentywaka will use the investment to continue to transform the transport system in Nigeria with improved mapping technology and expand into Abuja and other Nigerian states.
Following the rapid success of its e-hailing bus service in Lagos, the startup is launching in Abuja with five routes and free travel for a week. With 70% of people in Nigeria’s capital relying on public transport and in the absence of a robust transport system, Plentywaka has identified a significant gap for more reliable and efficient bus service in the city. Routes for the Plentywaka branded vehicles will include the busy Lugbe to Area 1.
Since their launch in September 2019, Plentywaka has built a platform of over 40,000 customers, reaching a milestone of 100,000 rides after just 6 months. 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.
Discussing the investment and launch, Plentywaka’s Managing Director and Co-Founder, Johnny Enagwolor said:
“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.”
The easy-to-use Plentywaka app, available on Google Playstore and IOS App store, requires just a two-step process to schedule a journey and book a seat for convenient movement around the city. The new funding will build on its customer experience with developments to the app’s mapping technology to provide more precise tracking for journeys. As well as this, faster and simpler payment options will be introduced to pay for the various Plentywaka services aided by new partnerships with fintech platforms.
With COVID-19 still a concern, commuters can expect all buses to be regularly fumigated, freehand 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.
Speaking on the investment, Dayo Koleowo, Partner at Microtraction, says,
“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 a transport system that is efficient.”
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.
Featured Image Source: @PlentywakaNG – Twitter
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