Treepz: A Rising Star in the African Mobility Scene
Treepz, Africa’s largest car-sharing and rental marketplace, has been making waves in the African mobility scene with its innovative and sustainable solutions. The startup has recently achieved two major milestones that showcase its growth and potential: being selected for the 2023 VC4A Venture Showcase Africa and appointing new board members who will steer the company to new heights.
The 2023 VC4A Venture Showcase Africa is a prestigious program that celebrates and promotes exceptional startups that exhibit innovation, scalability, and potential for substantial impact on the continent. Treepz was chosen from a competitive pool of nearly 1,000 applicants, making it one of the top 12 startups to participate in the showcase. The selected startups will receive mentorship, coaching, and exposure to a network of leading investors, corporates, and media partners.
According to Onyeka Akumah, Founder and CEO of Treepz, this recognition reaffirms the company’s dedication to providing convenient and eco-friendly mobility solutions across the African continent. He also expressed his excitement to leverage the program, forging valuable partnerships and attracting world-leading investors to raise series A-funding, which will enable the company to continue investing in technologies and people to make car rentals a convenient and enjoyable experience in Africa, one rental at a time.
In conjunction with this remarkable achievement, Treepz is pleased to announce the appointment of new board members who will play a pivotal role in guiding the company toward sustained financial growth and innovation. The newly appointed board members bring a wealth of expertise in various fields, including technology, transportation, and business development. Their insights will be instrumental in shaping Treepz’s strategic direction as it continues to evolve and expand.
The new board members are:
- Jane Egerton-Idehen – Chair, Treepz Board of Directors
- John Obaro – Non-Executive Director
- Olumide Soyombo – Non-Executive Director
- Kola Aina – Non-Executive Director
Jane Egerton-Idehen is an accomplished Fortune 500 technology Executive and Angel Investor. She most recently was the Head of Meta’s (Facebook) Sales Division across Africa & the Middle East. Her extensive experience in the telecommunications industry and leadership roles at Avanti, Ericsson, and Nokia Siemens Networks make her a valuable addition to the board. As the new Chair of the Treepz Board of Directors, Jane will take on the responsibility to oversee the governance and strategic direction of the company.
John Obaro is a seasoned entrepreneur and software engineer with over three decades of experience in developing innovative solutions for various sectors. He is the founder and CEO of SystemSpecs, a leading provider of financial technology solutions in Nigeria. He is also a mentor and advisor to several startups and organizations. John will bring his technical expertise and entrepreneurial acumen to the board as a Non-Executive Director.
Olumide Soyombo is one of Africa’s most prolific and active early-stage investors in tech startups. He is the founder of Voltron Capital, a Pan-African venture firm that focuses on pre-seed & seed stage investments across multiple sectors. He has backed over 30 startups across Africa, including Paystack, PiggyVest, Mono, Termii, Bamboo, and Eversend. Olumide will join the board as a Non-Executive Director and provide strategic guidance on fundraising, scaling, and partnerships.
Kola Aina is a serial entrepreneur, investor, and ecosystem builder with a passion for supporting African innovation. He is the founder and CEO of Ventures Platform, an early-stage fund that supports entrepreneurs with capital and capacity building. He is also the co-founder of Ventures Park, a network of co-working spaces across Nigeria. Kola will serve as a Non-Executive Director on the board and offer his insights on building a strong culture, team, and brand.
In late 2022, Treepz set out on a mission to enhance its financial sustainability. The company knew that achieving operational profitability was crucial for its long-term success and the delivery of value to its shareholders, partners, and customers. It made some bold moves, and the results have been truly remarkable.
Since then, Treepz has seen its revenues grow by an impressive 77% quarter-over-quarter while reducing its operating expenses by more than 50% within this time. It has also achieved a phenomenal 98% increase in gross margin since the beginning of 2023 while 60% of all its markets have reached adjusted EBITDA breakeven in two consecutive quarters of 2023. These achievements are a testament to the dedication and hard work of its incredible team.
Treepz is proud of what it has accomplished so far, but it is not resting on its laurels. It is constantly looking for ways to improve its service, expand its reach, and delight its customers. It is confident that with the support of its new board members, its amazing staff, and its loyal community, it will continue to grow and thrive as Africa’s leading car-sharing and rental marketplace.