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Plentywaka acquires Ghanaian-based Stabus, secures $1,200,000 seed round

Writer: Joan Aimuengheuwa

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Plentywaka
Plentywaka and Stabus’ teammates

Led by Canadian Venture Capitalist, The Xchange, Plentywaka has received $1.2 million in a seed round to thrive even more beyond its current reach and has acquired Stabus, a Ghanaian transportation services platform.

Other investors that took part in the seed round included SOSV and Shock Ventures, a follow-on investment from Techstars Toronto and angel investors from Canada, the United States and several African countries.

Nigerian firms that also participated in the round included Argentil Capital Partners and ODBA & Co Ventures.

Following Plentywaka’s acquisition of the Ghanaian mobility platform, Stabus will become Plentywaka, Ghana. Its co-founder, Isidore Kpotufe, has been appointed as the new Country Manager of Plentywaka Ghana and its current workers will team up with Plentywaka to help achieve the company’s goal.

Providing safe and affordable transportation services from Lagos and Toronto, Plentywaka creates an easy way to purchase tickets for commuters across the country.

Through its travelwaka service, users can book bus trips directly on the Plentywaka mobile app, giving them the option to choose from a wide range of travel companies from the comfort of their homes.

Onyeka Akumah, Johnny Ena, John Shaibu and Afolabi Oluseyi, founded Plentywaka in 2019 with a goal to create better operations in the mobility sector. The company operates an “Uber-for-buses” model and affirms to have garnered over 80,000 users since launch.

The acquisition came as a result of Stabus’ admiration for Plentywaka and its desire to scale. Rather than competing, the two mobility startups decided to come together to build on a common goal. Its services across Ghana will go live on Thursday, September 16, 2021.

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Also launched in 2019 by Isidore Kpotufe, Stabus asserts to have over 100,000 customers in its database, in Accra, of which MTN Ghana and GB Foods are among its clientele.

The startup provides a daily bus-stop to bus-stop transportation, providing staff bus solutions for its users.

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