Nigerian Entrepreneur Raises N1.14 Billion from Foreign Investors, as it Expands Business to Uganda
- Nigeria startup, Treepz, is in the news after raising over $2.8 million from foreign investors in less than four months
- Treepz, a Mobility-as-a-Service platform raised $2 million in two tranches, $1.2 million in August and the latest is $1.6 million
- Founded in 2019, Treepz formerly called PlentyWaka connects commuters with buses via an app
Treepz has announced a major breakthrough in its bid to expand its product offerings to other African countries.
On Monday, 22 November, investors from Japan-based Uncovered Fund, Dubai-based Blanford Capital and Jonomi Capital, and Egypt-based Jedar Capital provided a seed funding of $1.6 million (N655.8m) to add to the $1.2 million (N491.85bn) the company raised in August 2021.
The funds have helped Treepz acquire Ugabus, a Ugandan bus company that aggregates inter-city bus operators. The deal will also see Treepz fully acquire all of Ugabus’ operations and personnel.
Source: Facebook
Reacting to the acquisition Onyeka Akumah, co-founder & CEO, Treepz Inc said:
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“Everyone at Treepz is excited to welcome the team at Ugabus to the Treepz family. This has been in the works for some time, along with our deal that happened in Ghana a few months ago, and so we are really happy about closing the deal successfully.
"Akumah noted that East Africa is an exciting target for Treepz and from Uganda, Treepz would work with the new team led by Hakiza in Uganda to explore their growth plans across the neighbouring countries as they aim towards building the largest shared mobility platform in Sub-Saharan Africa."
Akumah also revealed that Ugabus, which will be rebranded Treepz Uganda on December 1, presently has 70% of the country’s bus operators on its platform, with over 50,000 clients using the service to travel between Ugandan cities.
Treepz’s business model
Treepz’s business model consists of three verticals. The main service, “Daily Treepz,” is like Uber for minivans and buses.
The app offer riders in a city fixed daily routes from bus stop to bus stop, allowing them to reserve seats using the app and pay via a digital wallet system.
Expressing his delight Takuma Terakubo, CEO and general partner of Uncovered Fund, one of the investors said in a statement:
“Treepz is building the most important mobility infrastructure in Africa’s megacities. The development of public transportation is essential in African countries where urbanization is advancing.”
Three Nigerians, Ikenna, Chidi, Oghenetega Get N197.7m
Meanwhile, three young Nigerians recently won nearly half a million dollars from Chinese billionaire, Jack Ma.
Legit.ng reported that the funds were given to startups across Africa that set out to solve major problems within their countries.
Among the 10 finalists listed, Nigeria's Ikenna Nzewi came 2nd as Jack Ma foundation disclosed over 12,000 applications were submitted.
Source: Legit.ng
