Plentywaka Raises $300,000 Pre-seed Fund to Expand its Operations into Abuja
Bus-hailing startup, Plentywaka has raised a $300,000 pre-seed investment (N116.32 Million) to improved mapping technology and expand its operations into Abuja and other Nigerian states.
The investment was led by popular startup investor Microtraction, EMFATO, and Niche Capital. The Pre-seed funding is the first investment raised by the startup since it launched in 2019.
Speaking on the investment, Plentywaka Managing Director and Co-Founder, Johnny Enagwolor said that raising funds and expanding in only its first year speaks volumes about how high demand is for the services provided by the startup.
“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
Plentywaka’s Abuja Expansion
Earlier in the week, Plentywaka revealed that it is ready to launch operations into Nigeria’s capital territory, Abuja. It added that it has started inspecting buses and drivers that would pilot them. Reiterating the impending expansion, the startup revealed that it is launching in Abuja with five routes and free travel for a week.
It added that the busy Lugbe to Area 1 will be one of the first routes the Plentywaka branded vehicles will service.
Expressing the startup’s commitment to providing Nigerians safe, convenient and comfortable travel, the company’s managing director said that the Abuja launch brings them closer to transforming transportation in Nigeria.
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.”Johnny Enagwolor, Managing Director and Co-Founder Plentywaka
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.
Following the rapid success of its e-hailing bus service in Lagos, the startup is expanding operations into its second state. Dayo Koleowo, Partner at Microtraction, while speaking on the investment noted that Plentywaka has been tremendous since its launch.
“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.”Dayo Koleowo, Partner at Microtraction
The new funding will help the startup build on its customer experience with developments to the app’s mapping technology to provide more precise tracking for journeys.
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.
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.
With the new funding, Plentywaka is poised to ease the distressful and uneasy experience of commuters in Lagos and now Abuja.
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