Lagos-based transport startup Plentywaka has raised US$300,000 in pre-seed funding to expand to the capital Abuja as well as other Nigerian states.
Plentywaka launched its services in the second half of last year, and since then has built a platform of over 40,000 customers that has seen substantial growth since the beginning of 2020. It also recently launched a B2C logistics platform.
The startup has now raised US$300,000 in pre-seed investment from EMFATO, Microtraction and Niche Capital, which it will use 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, where it has facilitated more than 100,000 rides, Plentywaka is launching in Abuja with five routes and free travel for a week.
“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,” said Plentywaka’s managing director and co-founder Johnny Enagwolor.
“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.”
Dayo Koleowo, partner at Microtraction, said Plentywaka’s growth had 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,” he said.
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.