Plentywaka, a shared mobility startup operating in West
Africa, has secured $1.2 million in seed funding and has acquired Stabus, a
mobility startup operating in Ghana.
In July, Plentywaka finished the Techstars Toronto
accelerator program, and the company has also established a headquarters in
Toronto. Leading this round of funding is a Toronto-based fund, The Xchange,
with participation from Techstars Toronto, SOSV, ShockVentures, Argentil
Capital Partners, ODBA & Co. Ventures as well as angel investors from
Canada, the United States and Africa.
Plentywaka says its acquisition of Stabus furthers its
ambition to become “the largest shared mobility platform on the African
continent, starting with West Africa.”
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Launched in 2019, Plentywaka provides shared rides on demand and
mobile ticketing, with a current inventory of more than 950 vehicles ranging
from buses to car and vans. The company has been operating in Nigeria and now is
expanding into Ghana with the acquisition of Stabus, which will be known as
Plentywaka Ghana.
“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,” says Onyeka Akumah, Plentywaka’s co-founder and CEO.
“In addition to our work in Ghana, we are also really happy
about the progress we’ve made in Nigeria as well to scale our Dailywaka service
that provides bus stop to bus stop transportation service for thousands of
commuters. Today, we have moved close to half a million people. ... With our
Travelwaka service, we have been able to cater for interstate travelers across
21 cities in Nigeria, and we are looking to expand to more cities as new bus
partners sign up with us.”
Akumah says the company intends to
replicate its model across six other African countries within the next two
years.
“We have been most impressed with Plentywaka’s
human-centered approach, putting the drivers as the heroes of the story while
creating an exceptional passenger experience. We are committed to supporting
the vision of Plentywaka, its founders and its journey for many years to come,”
says Todd Finch, founder and managing partner of The Xchange.