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Treepz expands to Kenya with $1.2m investment boost
Treepz, a Nigerian-based mobility start-up, has announced the successful launch of its Kenyan operations, just over a year after entering the markets in Uganda and Ghana.
With strategic investment deals that have raised an additional $1.2 million over the last 12 months, Treepz is expanding its innovative vehicle rental services for businesses and commuting solutions across East Africa, with a strong focus on Kenya.
The investment deals were led by GIIG Africa Fund, MoAngels, Roselake VC, Unpopular VC, Goodwater Capital, and BKR Capital, among others, and included follow-on investments from current investors, such as ShockVentures, Winston Limited, Aston Investments, and Novum Actus.
Treepz’s Kenyan service is based in Nairobi and Mombasa, and the company has signed up a couple of high-profile companies to provide commuting services for their employees and students, such as Twiga Foods, Abacus Schools, OAK House School, and Diamond Trust Bank. Under the leadership of new country manager, Samar Patel, who brings 18 years of sales, transportation, and technology experience, Treepz Kenya is expected to grow and innovate in the region.
Commenting on the announcement, co-founder and chief executive of Treepz, Onyeka Akumah, expressed excitement about the addition of Samar to the team and the launch of Treepz Kenya.
He said that the company’s efforts are focused on building a centralised solution across the four countries they operate in and providing Africans with excellent mobility services for their personal and business needs. He added that the company hopes Kenyans will enjoy their service and that Treepz is building a world-class mobility business for Africans and the rest of the world.
According to the latest Africa Tech Venture Capital report by Partech, mobility tech accounted for $195 million (or 4%) of total funding for African start-ups in 2022. This figure is expected to grow as demand for transportation increases amid Africa’s booming population growth and rising rates of urbanization.
Trans-national developments such as the African Continental Free Trade Area will also result in a significant increase in the movement of people, goods, and services.
Investors, such as GIIG Africa Fund, see mobility-tech as a key enabling factor for Africa’s socio-economic growth. Jo Griffiths, co-founder of GIIG Africa, said the fund is excited to be working with the Treepz team because mobility-tech will be essential for Africa’s growth.
She added that the African Startup Awards are now open for applications, with innovators from across the continent encouraged to apply before Sunday, 26 February 2023 for their chance to receive funding from the GIIG Africa Fund.
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