Nigerian mobility company, Treepz, formerly Plentywaka, has acquired Ugandan-based bus company, Ugabus.
Prior to its recent $1,500,000 funding round, Treepz had raised $1,300,000 in August 2021, which was used for expansion and the acquisition of Ghana-based Stabus, totalling the company’s raised funds to $2,800,000 in the last three months.
The seed round included new investors such as Japan-based Uncovered Fund, Dubai-based Blanford Capital and Jonomi Capital and Egypt-based Jedar Capital.
Leveraging the $1,500,000, which was an extension of the company’s previous seed round, Ugabus was acquired by Treepz to accelerate the extent of its reach across East Africa.
Through the acquisition, Treepz will take over the staff and operations of Ugabus. From the first day of December, the company will be renamed Treepz Uganda.
Ugabus currently has 70% of all the country’s bus operators on its platform and this includes about 50,000 customers who utilise its service to travel between cities in Uganda.
Treepz will take advantage of the ease of travel across East African countries, and seeks to expand into Tanzania and Burundi next year, with interests in Ethiopia and greater reach in sub-Saharan Africa.
Takuma Terakubo, CEO and general partner, Uncovered Fund Inc, expressed the company’s delight in Treepz, saying they were impressed by its 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 urbanisation 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 the investment, Founding General Partner, Jedar Capital, Sherif Nessim commented; “I am happy to be supporting Onyeka and treepz team on their mission to modernise 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 depend 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”.
Added to Treepz’s achievements is its recent funds received from Google’s African Investment Fund, which will be used for further expansion across Africa.
The company had previously outlined plans to expand as far as Toronto, where Treepz has backing after being accepted into Techstars Toronto, but is focusing instead on helping digitise and modernise the African transportation ecosystem.