Plentywaka raises $300k pre-seed funding; expands to Abuja
Plentywaka, a Nigerian bus-hailing startup has raised a pre-seed capital of $300,000.
August 05, 2020: Plentywaka, a Nigerian bus-hailing startup has raised a pre-seed capital of $300,000. It is also expanding to Abuja.
The pre-seed round investment was led by Niche Capital, Microtraction and EMFATO Holdings.
Until last week, Plentywaka was a portfolio company under CrowdyVest Holdings. The holding company has undergone a reshuffling process and is now operating under a new name EMFATO Holdings.
Plentywaka, Farmcrowdy, and Crowdyvest are all subsidiaries of the newly-formed holding company.
Plentywaka launched 'Logistics By Plentywaka' (LBP), an expansion to the company's bus transportation network in the city. In a direct response to the city-wide lockdown and restriction of movement, the Lagos-based business-to-consumer delivery service will provide its customers with same-day service and range of logistical vehicles from cooling vans, trucks and bikes that can be easily selected depending on the requirements.
Plentywaka launched in Nigeria’s largest city, Lagos, in September 2019. Since then, it has gone on to do over 100,000 rides across 7 routes in the commercial city. It has also secured over 40,000 customers in the process.
In Abuja, most professionals rely on taxis to get to their destinations and this can be expensive. Plentywaka is positioning itself as a solution by identifying a significant gap in the city’s public transport space.
Johnny Enagwolor, co-founder and managing director of the startup 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. Plentywaka in Abuja brings us closer to transforming transport in Nigeria, one state at a time.”
According to the company, it will launch with five routes and customers will get free travel for a week. Also, routes will include Lugbe, a suburban area in Abuja to Area 1, Garki.