With a resolute plan to achieve operational profitability by 2024, foremost online car rental firm, Treepz has announced the finalisation of its Board of Directors, a strategic initiative aimed at fostering increased shareholder value and sustainable expansion.
In Q4 2022, Treepz embarked on a transformative journey to reshape its business, prioritising financial sustainability. Since then, the company has achieved remarkable milestones, including an impressive 80% reduction in monthly operating expenses, a notable 77% quarter-on-quarter increase in revenue, and a remarkable 98% growth in gross margin since Q1 2023.
The appointment of the new Board of Directors marks a pivotal juncture for Treepz as it positions itself for accelerated growth in the months ahead. The board is poised to play a critical role in shaping the company’s strategic direction and ensuring alignment with its core mission of optimising the utilisation of Africa’s 26 million automobiles within the continent.
Among the new board members are, Ebenezer Arthur, a distinguished figure, who, as the Managing Partner of Wangara Capital Partners, contributes a wealth of 18 years’ experience in sales, transportation, and technology. He also serves as the Managing Director of Wangara Green Ventures, an impact-focused investment firm concentrating on renewable energy, waste management, climate-resilient agriculture, and energy efficiency in Ghana. Ebenezer’s deep insights into impact investing and business acceleration will be instrumental in Treepz’s evolutionary trajectory.
Adejare Rasheed Olaoluwa, also a Board Member, brings a sterling track record from the banking and financial services sector. Rasheed Olaoluwa previously held the mantle of Managing Director/CEO at the Bank of Industry, Nigeria’s foremost and pioneering Development Bank. His adeptness in strategic management and investment will significantly contribute to Treepz’s sustainable expansion and financial accomplishments.
Laura Venasse was appointed Board Secretary while Jane Egerton-Idehen becomes Board Chair. Laura was a Partner at LaBarge Weinstein, a distinguished Canadian business law firm excelling in financial services, mergers and acquisitions, and IPOs. Laura’s acumen in law and business administration will furnish essential legal guidance and governance oversight to the board.
A seasoned Fortune 500 technology Executive, Angel Investor, and strategic consultant, Jane Egerton-Idehen previously held the position of Head of Sales for the Middle East and Africa at Meta (Facebook). Drawing from her extensive background in the telecommunications sector and leadership stints at Avanti, Ericsson, and Nokia Siemens Networks, Jane’s insights will invigorate Treepz’s strategic trajectory.
Treepz remains steadfast in its commitment to fostering a sustainable and lucrative future. Empowered by the guidance of its newly minted Board of Directors and a clearly delineated roadmap, the company is primed to revolutionize car-sharing across Africa, propelling value for its stakeholders, clientele, and collaborators.
With great enthusiasm, Treepz eagerly anticipates a future marked by continuous growth, innovation, and triumph within the dynamic and perpetually evolving car-sharing landscape of Africa.
Treepz stands as the preeminent online car rental marketplace in Africa, with operations spanning Nigeria, Ghana, Uganda, and Kenya. The platform seamlessly connects car owners with consumers and enterprises through a user-friendly mobile application and website, delivering an accessible and cost-effective transportation solution. Rooted in a foundation of sustainability and innovation, Treepz is propelling Africa’s 26 million vehicles toward more purposeful usage across the continent, one rental at a time.