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Nigerian mobility startup Plentywaka acquires Ghana’s Stabus, announces $1.2Million seed round

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Nigerian mobility startup, Plentywaka, which provides hassle-free shared rides on-demand, announced that it has fully acquired Stabus, one of Ghana’s leading mobility startups. This is a step to further Plentywaka’s ambition of building the largest shared mobility platform on the African continent, starting with West Africa.

Following up on the acquisition deal announced today, Stabus will now be known as Plentywaka Ghana with the mobility platform offering a range of low-cost and premium vehicles which includes cars, mini-vans, and buses for public transportation. Isidore Kpotufe will become the Country Manager of Plentywaka Ghana and will be joined by the current team of Stabus.

“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. Today, we have moved close to half a million people and that’s a credit to the effort of my team, our heroes (a term used to describe Plentywaka drivers), and our investors who continue to believe and support our growth with their investments.

Plentywaka’s Co-Founder & CEO, Onyeka Akumah said,

Plentywaka’s acquisition of Stabus comes in the wake of announcing its seed round of $1.2M, only two months after successfully ending the Techstars Toronto Accelerator Program in July 2021. This investment in Plentywaka attracted a wide range of investors from Canada, the United States, China, and Nigeria.

The Xchange, a Toronto-based fund, led this seed round, while Techstars followed on their previous investment in Plentywaka to participate in the round as well. Other investors include SOSV, the most active VC globally in the angel/seed deal type, and ShockVentures, a VC from the United States. Nigerian investment firms who participated in the round include Argentil Capital Partners and ODBA & Co Ventures, an early-stage investor in Kuda Bank.

A couple of angel investors from Canada, the US, and Africa also participated in the seed round to give Plentywaka the much-needed boost to continue its impressive growth.

Despite suspending its operations for 5 months in 2020 as a result of the global pandemic, Plentywaka has still been able to get 960 vehicles registered on its platform and help its riders commute more than 480,000 times in less than 2 years.

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