Nigeria’s Plentywaka acquires Ghana’s Stabus after $1.2m raiser. 1 other thing and a trivia
This line-up of stories will help you discover the latest happenings around the tech world, today.
1. Nigeria’s Plentywaka acquires Ghana’s Stabus after $1.2m raiser
Plentywaka, Nigerian mobility startup, has completed the acquisition of a Ghanaian mobility startup, Stabus.
The acquisition comes after the startup raised US$1.2 million seed funding.
The two year old startup was founded by Onyeka Akumah, Johnny Ena, John Shaibu and Afolabi Oluseyi.
The Lagos-based Plentywaka operates as a bus-hailing solution that allows commuters book and pay for trips in real-time.
According to local sources, the startup has seen substantial growth over the last year, completed almost 500,000 rides and also launching a B2C logistics platform.
The new raiser was led by The Xchange, a Toronto-based fund, with participation from VC including Techstars, SOSV, ShockVentures, Argentil Capital Partners and ODBA & Co Ventures.
Tech Trivia: Which of these tech companies was founded in a one-car garage in Palo Alto, California?
B. Hewlett Packard
Answer: See end of post
2. Kenyan tech startup, CashBackApp, raises $475 000
CashBackApp, a Nairobi-based tech startup, has announced raising a $475K in a pre-seed funding round.
The round was led by Lofty Inc, and saw the participation of Sherpa Ventures and Loyal VC.
READ ALSO: Nigeria’s Cash2Cash joins Catalyst Fund fintech accelerator. 2 other things and a trivia
According to local sources, the round was invested into by several angel investors from the US, UK, Nigeria and Kenya.
Simon Githinji Ngigi, CEO and founder of CashBackApp provides insight into the goals planned for the tech startup.
He said: “The app plans to reach 1M+ shoppers by December 2022 and to help them save up to 15% of their shopping budget.”
Longer-term growth plans include offering the solution in the informal market, expand the use case from grocery shopping to other forms of shopping, and expanding into other high potential geographies.”
Founded in 2019 and based in the capital of Kenya, CashBackApp helps users save on their shopping costs by rewarding them with cash back rewards via m-pesa.
Trivia Answer: Hewlett Packard
The company was founded in a one-car garage in Palo Alto, California by Bill Hewlett and David Packard, and initially produced a line of electronic test and measurement equipment. The HP Garage at 367 Addison Avenue is now designated an official California Historical Landmark and is marked with a plaque calling it the “Birthplace of ‘Silicon Valley’”.
The company got its first big contract in 1938, providing its test and measurement instruments for production of Walt Disney Pictures’ hugely successful animated film Fantasia. This success led Bill Hewlett and Dave Packard to formally establish their Hewlett-Packard Company on 1 January 1939. The company grew into a multinational corporation widely respected for its products, and its management style and culture known as the HP Way which was adopted by other businesses worldwide. HP was the world’s leading PC manufacturer from 2007 to Q2 2013.
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