In addition to expanding into new markets and building the largest shared mobility in Africa, Treepz announced Monday that is has raised an additional $1.6 million USD in seed funding with new investors coming on board.
The company has now successfully closed its oversubscribed seed round after raising a total of $2.8 million USD in the last three months starting in August 2021 when their seed round was announced with $1.2 million in investment.
The impressive growth at Treepz has also attracted attention of the team at Google with extra funding from the Google Africa Black Innovation Funds announced in October 2021. According to Treepz CEO, Onyeka Akuma, the 2-year-old startup will be using all of these funds to aggressively expand its on-demand ride-sharing and intercity bus ticketing services in Africa.
The new investors joining the round include Japanese VC, Uncovered Fund, along with Dubai based venture capitalists, Blanford Capital and Jonomi Capital. Also, Egypt-based Fund, Jedar Capital participated in the round with follow-on investments from previous investors.
According to CEO & General Partner of Uncovered Fund Inc, Takuma Terakubo, while discussing the firm’s investment, said: “Treepz has impressed us with their remarkable traction in the latter part of the year and are poised for even further expansion, particularly through strategic partnerships. 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. We look forward to their building the infrastructure for people’s mobility through digital value. As a Japanese VC who places importance on the mobility industry, we would like to provide a lot of value to them.”
Also speaking on investing, Founding General Partner, Jedar Capital, Sherif Nessim asserted: “I am happy to be supporting Onyeka and treepz team on their mission to modernize daily transportation for African people.
Onyeka’s reputation as an award winning entrepreneur and ex co-founder of successful startups as well as the strong team brought me to a strong conviction that this a team focused on executing a great vision to become the largest mobility and transportation provider in Africa, supporting in-country and intra-countries travel for Africans where many depends on travelling to neighbouring countries for work every day, this round will help them boost and fuel their expansion plan in West and East Africa and I am sure they will continue to grow across these regions the coming 12-18 months”.
Treepz is now one of the leading mobility startups in Africa in the just two years since launching in Nigeria focused on powering public transportation systems starting with buses. With its presence in Nigeria, Ghana and now Uganda, the startup is leveraging local expertise, its technology-focused solutions, a strong leadership team and well-managed government relationships across Africa to digitize the transportation space one country at a time.