Nigeria-based Mobility-as-a-Service platform Treepz (formerly Plentywaka) has raised $1.6 million seed extension. This deal is coming few months after raising $1.2 million seed round bringing its total raise to $2.8 million.
The seed extension had participation from new investors like Japan-based Uncovered Fund, Dubai-based Blanford Capital and Jonomi Capital and Egypt-based Jedar Capital.
The company has also expanded into Uganda, acquiring Ugabus, a bus company. Treepz’s initial step into the East African market will be through this acquisition, which will see Treepz fully acquire all of Ugabus’ operations and personnel.
What you should know about the acquisition
Founded in 2019, Treepz formerly called PlentyWaka connects commuters with buses via an app. The company has over 900 vehicles including cars and vans and provides intrastate travel and interstate travel for its users.
Uganda’s Ugabus is Treepz’s second acquisition of the year after acquiring Ghanaian mobility startup, Stabus. According to Treepz, 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 has also recently acquired funding from Google’s African Investment Fund, which it plans to utilize to aggressively expand its on-demand ride-sharing and intercity bus ticketing services across Africa.
What they are saying
Takuma Terakubo, CEO and General Partner of Uncovered Fund said, “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.”
Onyeka Akumah, Co-Founder & CEO, Treepz Inc said, “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.