Wednesday, March 17, 2021

Nigeria's Plentywaka gets backing from Techstars, plans expansion to Canada

Plentywaka a Nigerian bus-booking platform, today announced that it has been accepted into tech stars toronto accelerator program.

TechCrunch

It will join nine other startups in the class of 2021 and secure funding from the accelerator as it sets its sights on global expansion.

The Lagos-based company, founded by Onyeka Akumah, Johnny Ena, John Shaibu and Afolabi Oluseyi, operates an "Uber-for-buses" model connecting commuters with buses via an app.

Plentywaka launched in September 2019, and in the first two months, moved an average of six people daily, according to CEO Akumah. By its sixth month, this number increased to about 1,500 people daily, and the company completed more than 100,000 rides within that time frame.

Then in March 2020, the pandemic-induced lockdown hit businesses across Lagos and other states within Nigeria. Due to the nature of its business, Plentywaka had to make a slight pivot and began transporting essential services across Lagos, especially food items. It also opened a logistics service.

As the lockdown eased across the city and commuting resumed, the company moved 60% capacity while the operational cost remained the same. Although growth was steady and picking up, the company started seeking external investment. In August it received $300,000 pre-seed from its parent company, EMFATO, and other early-stage investors like Michotraction and Niche Capital.

No comments:

Post a Comment