Nigeria’s Treepz closes $2.8m seed spherical, broaden to Uganda with Ugabus acquisition
Nigerian shared mobility startup Treepz has closed out its seed spherical at US$2.8 million and expanded to Uganda with the acquisition of bus firm Ugabus.
Based in 2019 and generally known as Plentywaka till its September rebrand, Treepz operates a digital platform permitting passengers to guide each day rides alongside mounted routes. It additionally serves as an aggregator for bus journey corporations throughout 21 cities in Nigeria, permitting transport operators to interchange handbook servicing and ticketing with digitalized choices and providers.
The startup earlier this yr secured US$1.2 million in seed funding and introduced the acquisition of Ghanaian startup stabus because it started its pan-African enlargement, constructing on an already-impressive yr during which it was additionally accepted into the Techstars Toronto accelerator programme.
It has now raised an extra US$1.6 million in funding, closing its seed spherical at US$2.8 million, with further funding coming from the Google for Startups Black Founders Fund Africa, Japanese VC agency Uncovered Fund and Dubai-based VCs together with Blanford Capital and Jonomi Capital. Egypt-based fund Jedar Capital additionally participated within the spherical with follow-on investments from earlier traders.
Onyeka Akumah, chief government officer (CEO) and co-founder of Treepz, mentioned the startup would use the funds to aggressively broaden its on-demand ride-sharing and intercity bus ticketing providers in Africa. It is a course of that’s already going down, with Uganda’s Ugabus changing into its second acquisition of the yr.
Launched in 2016, Ugabus at the moment has 70 per cent of all bus operators within the East African nation on its platform, with in-built cell cash expertise for simple funds. The precise phrases of the deal weren’t disclosed, however Ugabus will now be renamed as Treepz Uganda and the startup’s CEO Ronald Hakiza will change into Uganda nation supervisor for Treepz.
“Everybody at Treepz is happy to welcome the group at Ugabus to the Treepz household. This has been within the works for someday, together with our deal that occurred in Ghana a number of months in the past, and so we’re actually completely happy about closing the deal efficiently. East Africa is an thrilling goal for Treepz and from Uganda, we’d work with this new group led by Hakiza in Uganda to discover our development plans throughout the neighbouring nations as we purpose in direction of constructing the most important shared mobility platform in Sub-Saharan Africa,” Akumah mentioned.
Takuma Terakubo, CEO and basic companion of Uncovered Fund, mentioned Treepz had impressed his group with its “outstanding traction” within the latter a part of the yr, and mentioned the startup was poised for even additional enlargement.
“Treepz is constructing an important mobility infrastructure in Africa’s megacities. The event of public transportation is crucial in African nations the place urbanisation is advancing. We stay up for their constructing the infrastructure for individuals’s mobility by means of digital worth. As a Japanese VC who locations significance on the mobility business, we want to present lots of worth to them,” he mentioned.