Plentywaka gets backing from Techstars for global expansion

Nigerian ride-hailing start-up, Plentywaka, has recently secured a significant investment from Techstars, marking a pivotal moment for the company as it sets its sights on global expansion. Co-founder Onyeka Akumah shared in an exclusive CNBC Africa interview that the funding would not only provide a cash injection but also unlock a wealth of opportunities for mentorship and access to a diverse network of industry experts. Akumah revealed that Techstars is investing between $50,000 to $160,000 into the business initially, with plans to raise an additional $1 million in the near future. The strategic partnership with Techstars comes at a time when Plentywaka is rolling out new features to enhance its services, including a city-to-city service that allows commuters to purchase discounted bus tickets through the app. Akumah highlighted that Plentywaka's role as an aggregator of bus operators enables customers to compare prices and book tickets seamlessly. The company's expansion plans extend beyond Africa, with ambitions to launch in North America starting with a pilot in Toronto. While some may view Plentywaka's dual strategy of expanding within Africa and beyond as unconventional, Akumah explained that their focus on public transportation and leveraging partnerships has enabled this multifaceted approach. By collaborating with stakeholders and regulators in various markets, Plentywaka aims to establish a strong presence across multiple continents, driving growth and fostering innovation. Investors have shown keen interest in Plentywaka's unique business model, with the company poised for exponential expansion and poised for success in both local and international markets.