Nigerian bus sharing platform raises pre-seed investment
Plentywaka, a Nigerian bus sharing platform, has secured a $300,000 pre-seed investment led by Emfato, Microtraction and Niche Capital.
The investment will be used in continuing Plentywaka’s mission of transforming the Nigerian transportation industry with improved mapping technology and will usher in Plentywaka’s expansion to many other states, including the nation’s capital Abuja. It will also go into improving customer experience by providing more accurate and precise tracking for journeys and facilitating faster and simpler payment options for all of Plentywaka’s services through partnerships with fintech platforms.
Since its launch in September 2019, Plentywaka has grown from being a newly introduced ride-hailing service to serving a customer base of over 40,000+ users, with 41,000+ downloads on its mobile app and achieving a milestone of 145,000 rides in just eleven months of launch.
Managing director and co-founder of Plentywaka, 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 transportation in Nigeria, one state at a time.”
Dayo Koleowo, partner at Microtraction, said, “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.”
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