Posted on Aug 11, 2020
We are pleased to have advised PlentyWaka (the company) on its US$300,000 pre-seed round investment as it expands its operations to Nigeria’s capital city, Abuja and other states. The pre-seed round investment was led by Niche Capital, Microtraction and EMFATO Holdings.
PlentyWaka, a Nigerian bus-hailing startup was 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.
According to the company, part of the funding will be used to improve its mapping technology on both Android and iOS apps, its customer experience, and to introduce better payment options.
Johnny Enagwolor, Co-founder and Managing Director of PlentyWaka had this to say about the investment and Abuja launch.
“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.”