Plentywaka raises $300,000 pre-seed, expands to Abuja after launching its logistics platform
Bus-hailing startup, Plentywaka, has secured a $300,000 pre-seed investment in a round led by EMFATO, Microtraction and Niche Capital. In addition to the fund raised, the company is expanding to Nigeria’s capital Abuja and other states in the country. To start with, the startup is kickstarting its service in Abuja with five routes and free travel for a week.
Launch in September 2019, Plentywaka says it has built a platform of over 40,000 customers, reaching a milestone of 100,000 rides after just 6 months.
Hello Abuja, The wait is over.
WE ARE HERE!
Download our app to enjoy free rides on these routes;
Nyanya – Berger
Berger – Nyanya
Kubwa – Area 1
Area 1 – Kubwa
Lugbe – Area 1
Area 1 – Lugbe
— Treepz (@TreepzHQ) August 4, 2020
“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,” said Johnny Enagwolor, Plentywaka’s Managing Director and Co-Founder concerning the investment and launch.
Dayo Koleowo, a partner at Microtraction, says they are glad to collaborate with Plentywaka and also fascinated by the company’s growth since it launched in Q3 2019. “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 noted.
So far, the e-hailing startup has gained traction in Lagos and during the peak period of the pandemic, it launched its ‘Staff Bus Solution’ without exposing customers to the coronavirus pandemic, to ensure a safer commute of its staff customers.
In July, Plentywaka also delved into the Nigerian logistics industry with the debut of its ‘Logistics by Plentywaka‘ (LBP) solution. The business-to-consumer delivery provides its customers with same-day service and a range of logistical vehicles.
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