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Plentywaka Acquires Ghana’s Mobility Startup Stabus And Secures A $1.2 Million Seed Raise

Startups

Aug. 23, 2021, 3:56 p.m.

Toronto-headquartered shared mobility startup, Plentywaka, has acquired Stabus, one of Ghana’s leading mobility startups. The acquisition is a step to accelerate Plenywaka’s ambition of building the largest shared mobility platform on the African continent, starting with West Africa.

Plentywaka was founded in 2019 by Onyeka Akumah, Johnny Ena, John Shaibu, and Afolabi Oluseyi. The startup provides hassle-free shared rides on-demand in two folds; Travelwaka— for inter-state travel, and Dailywaka — for intra-state travel — via its app.

Stabus, on the other hand, commenced operations in Ghana a month after Plentywaka’s launch. Its co-founder and CEO, Isidore Kpotufe, shared that the startup has since moved over 100,000 people within the country’s capital city Accra using different vehicles.

Its services include daily bus-stop to bus-stop transportation and providing staff bus solutions for multinationals like MTN Ghana and GB Foods. The company’s vision is similar to Plentywaka’s, solving one of Africa’s biggest transportation challenges, traffic congestion.

Plentywaka's Co-Founder & CEO, Onyeka Akumah said, "Plentywaka's acquisition of Stabus is a firm statement about our commitment to grow and build the largest shared mobility startup in Africa, one country at a time. Isidore is a brilliant entrepreneur, and we are excited about having him and his team execute our plans for the Ghanaian market as Plentywaka Ghana's operations commence on the 16th of September in Accra. In addition to our work in Ghana, we are also really happy about the progress we've made in Nigeria to scale our Dailywaka service that provides bus-stop to bus-stop transportation service for thousands of commuters. Today, we have moved close to half a million people, and that's a credit to my team's effort, our heroes (a term used to describe Plentywaka drivers) and our investors who continue to believe and support our growth with their investments. With our Travelwaka service, we have been able to cater for interstate travellers across 21 cities in Nigeria, and we are looking to expand to more cities as new bus partners sign up with us."

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Additionally, Plentywaka revealed it has secured a $1.2 million seed raise a month after completing the Techstars Toronto Accelerator program in July 2021.

The round was led by Toronto-based VC, The Xchange. Other participants include China-based VC, SOSV; US-based VC, Shock Ventures; Nigeria-based Argentil Capital Ventures; and Nigeria-based ODBA & Co Ventures. Techstars Toronto also made a follow-on investment. Rounding off the list are several angel investors from Canada, the US, and Africa.

“We are incredibly excited by our investment in Plentywaka. Techstars is a huge believer in the future of Africa and a proud supporter of African entrepreneurs. Onyeka is a two-time Techstars founder which deepens this relationship further,” managing director of Techstars Sunil Sharma said in a statement.

Speaking on the seed round, managing partner at lead investor The Xchange, Todd Finch said, “The Xchange is on a mission to fuel purpose-driven founders with the capital and resources they need to realize the world-changing potential of their ideas. Given Onyeka’s proven track record, his team’s undeniable thirst for making an impact, and Plentywaka’s impressive growth, we knew this was an opportunity we wanted to invest in.”

The startup plans to use the funding to scale its operations.

tag: Transportation, Startup,

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Verny Joy Author

Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.

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